BUILDING A STRONGER TOURISM INDUSTRY IN WEAK ECONOMIC TIMES
The Premier of Bermuda outlines how new legislation will continue to sustain Bermuda’s reputation as a thriving tourist destination in the global economic recession.
Premier Dr Ewart F. Brown, JP, MP, in
Hamilton Mr Brown was first appointed Minister of Transport following the general election of November 1998. After the general election in July 2003, he was returned to government as the Minister of Transport and was also appointed as the Deputy Premier of Bermuda. In 2006, he was sworn in as the Party's third Premier.
It has been a tough year for the economy across the globe. The financial crisis has affected all countries big and small and it seems that no government has escaped the harmful effects. In Bermuda, the retailers, hotel operators and insurance companies have certainly felt the pinch. The economy in Bermuda is buoyed by two main pillars – international business and tourism. The international business sector represents 40 per cent of the country’s GDP and employs about 4,500 people.
Bringing in the tourists The tourism industry in Bermuda employs even more people – about 4,800 – albeit it at a lesser rate of pay than international business. It is the second biggest sector in our economy, an area for which I have Ministerial responsibility.
2 | The Parliamentarian | 2009: Issue One - Bermuda
Over the past few years the government has worked non-stop to expanding the tourism industry, the thinking being that having two
Premier Dr Ewart F. Brown
strong economic pillars are better than one. It is also a smart contingency plan for the country as we recognize that it only takes one law change in the United States to dramatically transform the Bermuda
economy as we know it today. Forward-thinking in our bicameral legislative system has been critical in the effort to ignite resurgence in Bermuda’s tourism. The Hotel Concessions Act implemented in 2000 paved the way for new hotel developers to invest in Bermuda and receive concessions on customs duty, taxes, etc. The same offer of concessions was afforded to current hoteliers who made commitments to reinvest in their products. The Hotel Concession Act has met its objective over the past eight years to: (1) benefit the tourism industry and the economy generally, (2) create employment and entrepreneurial opportunities for Bermudians, and
(3) encourage local investment. After nearly three decades of