Immigration is central to Bermuda’s need to prosper through economic and job growth, the island’s business community has been told.

In the interim, Bermudians are flourishing in international business, locally and abroad.

During the annual meeting of the Association of Bermuda International Companies, chairman Christian Dunleavy, observed that global competition was rising in a time of rapid and unpredictable change.

He warned: “We are in a perpetual race to enhance our value proposition and competitiveness, while safeguarding our reputation, particularly with a diminished tax advantage.”

The Aspen Group president and Aspen Bermuda Ltd chief executive said: “In today’s world, capital and people are incredibly mobile. Standing still is falling behind. It’s OK to look backwards, just don’t stare. We need to continue to move Bermuda to the future.”

Mr Dunleavy highlighted Bermuda’s strengths and challenges.

“Our unique relationship between industry, government and the BMA remains strong,” he said. “This open and constructive dialogue, which Abic remains committed to, is a key differentiator. Our size is an advantage over larger, slower-moving competitor countries and we should continue to leverage it.

“It is increasingly clear, however, that housing availability and affordability is at the core of Bermuda’s challenges for locals and businesses alike. This housing challenge is compounded by our demographic challenge. Bermuda’s ageing population means that immigration will be key to continuing to drive economic and job growth while maintaining our standard of living.”

“Corporate income tax credits designed to reward on-island employment are welcome and the right approach but we must also solve the housing challenge to support that further economic growth.”

Mr Dunleavy also highlighted the amazing transformation of Bermuda from the tourism-focused economy of 40 years ago to the international business powerhouse of today, and the associated career success stories for Bermudians.

“The success of Bermudians in IB should be judged not solely by how many senior IB roles in Bermuda are filled by Bermudians, but importantly by what proportion of IB jobs Bermudians fill globally,” he said. “And the answer to that question, per capita, is a lot.

“Bermudians are very well represented, if not one of the most well represented demographics in global financial services, particularly insurance and reinsurance at all levels with more taking on ever more senior roles every year, which I hope and expect to continue unabated.

“As I travel around the world, my colleagues and customers are often surprised when they ask me where I’m from, and I say I’m Bermudian. They’re even more shocked when I start pointing out to them their peers in Bermuda, London and New York who are also Bermudian.

“This, coupled with the drive and quality of our young Bermudians studying and working overseas in IB, who will look to return home in the coming years, is a great story yet to be told.

“Bermudians are doing well in IB — let’s acknowledge and build on that foundation and continue to welcome those coming to Bermuda to live and work.

“This is not a zero-sum game but a mutually beneficial relationship.”

The AGM also heard from economist Nathan Kowalski about the state of Bermuda economy.