The fact is that there clearly are people taking notice of Bermuda, the diversion of attention around politics in the past clearly made people nervous. But with the changes that have taken place recently, you have three people who can change that. One, the Premier, who is a businessman and knows how to run a successful business; two, you have the Minister of Finance who’s working very hard behind the scenes. His reputation is helping this country from a regulatory point of view in dealing with people overseas. Then you’ve got the Minister of Education and Economic Development who’s a bright capable person who understands industry.


We’ve all seen the Spending and Government Efficiency (SAGE) report and their recommendations and some of them are tough. Whether it’s one particular party or another, there will be a lot of people who don’t like the changes proposed, and that’s what we have to manage through better communication as to why the changes are necessary. All of us in business have to communicate better so everybody in this country understands.


The fact is that some very good things are happening; the West End of Hamilton is buzzing. We need a working population of about 40,000 people in this country, 24,000 residents and 16,000 expats, to really make this country work. Technology is forcing change, but we’ve got to get the employment numbers up for that’s what will make a difference. But to be fair and honest we now have a government that’s willing to listen, willing to work with all sectors and find ways that we can get the business to come to our shores. I’m certainly more positive than I was six or eight months ago.


Wojciechowski: It’s important to look at the domestic pressures we have on the economy, but one of the healthier things we’ve seen is that there’s been a recalibration of thought processes and a realisation of what’s happening locally. I like to use the phrase ‘we need to see the forest through the trees’—the domestic side are the trees that we collectively as local businesspeople have to work on and fix.


We shouldn’t discount the strong brand that Bermuda has internationally, that it has maintained through difficult times. As we all know, there is increasing external pressure on the geographical segment which we occupy, and Bermuda has done a great job making sure it rises above the clamour and stays at the top. Having those fundamental strengths in place really positions us well for global recovery.


We need to be cognisant that economic recovery locally is going to be tied to broader global economic recovery. We’re going to actually benefit when that starts to accelerate; now we’re seeing that start to


68 Bermuda Finance | 2014


“There’s still going to be a little bit more pain before we start to climb the slope back up again.” Ross Webber


happen globally, but it’s slow. What I’m trying to do personally as a local businessman is be very cognisant of what’s going on locally, and be very sympathetic to that, do everything that we can in our organisation to help accelerate domestic development.


Bell: We’re almost at the stage now where all of the elements are in place for Bermuda and the Bermuda brand to come back in vogue, a bit like the reinvention of Burberry. For a period of time, other jurisdictions were able to position themselves in particular ways occasionally to our disadvantage, suggesting, sometimes incorrectly, that they were cheaper or quicker.


Bermuda’s reputation for being conservative, for quality, for stability— they were not the most important criteria for a while. Now that reputation for being well regulated and stable is essential and that is where we have a solid market advantage. To continue with the analogy, our international business clients want a jurisdiction that they can rely on, not only to look good but to keep them ‘dry’ during these uncertain times. Our blue chip reputation in the offshore world is absolutely one of our biggest assets, so if we can tie that with innovation and new products, there’s really no limit to the success we can achieve.


Collier: We have all gone through huge regulatory changes globally. The IMF is going to be here next year and I think everyone is conscious of that. It’s too bad that we weren’t in a position to have the IMF here in 2007, when Bermuda was in a really good position. With the IMF coming here and us having all our ducks in a row in all of our business sectors, they in fact can walk away with a solid report of Bermuda that will get the attention of others.


What do you see as the key levers that government and private business can pull to accelerate recovery?


Webber: A couple of things have happened over the last 18 months. The first is instilling confidence in the business community because it had waned. A series of governmental policies again have reinforced that commitment to the business community. The work permit regime in particular and the amendments made to that are clear indicators that the government is committed to ensuring a conducive environment for the business community.


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