Foreword
WORKING TOGETHER
Positive industry partnerships are essential to Bermuda’s success, says Premier The Hon. Michael Dunkley.
And since becoming Premier I have shared the message with all of Bermuda that it is my personal goal to work towards laying the foundation for a future that benefits everyone who calls our Island home.
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Our vision as a government is of a country working together shoulder to shoulder with our local and global industry partners to ensure that Bermuda continues to thrive and be successful.
While there will always be challenges to face, we are optimistic about the exciting signs of recovery that we are seeing in our economy, which includes an expanding international business sector and new hotel development in our tourism industry.
We understand that in this competitive, global environment, the countries which are aggressive, bold and innovative are the ones that will succeed. So for Bermuda to maintain its success as a premier offshore jurisdiction, we must be aggressive in our continuous quest to entice business to our shores.
Attracting foreign direct investment is essential for our economy, and we have taken the necessary steps to facilitate such investment, in part by establishing an Economic Development Committee (EDC).
The EDC comprises the Premier and other key government ministers. Our mandate is to encourage foreign direct investment into the Island to stimulate our economy, and be efficient and expedient in processing the necessary approvals for those businesses who wish to invest here. We
ince becoming the government in 2012, our vision has been to move Bermuda forward socially, economically and legislatively—and we have worked extremely hard towards achieving those goals.
are encouraged by the success thus far achieved and view an increase in company formations as an offshoot of the efforts of the EDC. In fact, Bermuda closed out 2013 with a significant number of new insurance company registrations, ending the year on a particularly high note.
We have also had significant success with accelerating the approvals required for work permits, planning approvals and company formations, to name a few such developments.
The end result not only serves to reinforce the message that Bermuda is ‘Open for Business’, but it increases Bermuda’s competitiveness as an offshore jurisdiction. These elements serve to stimulate our economy, which in turn facilitates job creation—and ultimately this ensures a successful Bermuda for all.
From a global perspective, Bermuda continues to be actively engaged in the appropriate places, forums and manner to share the Bermuda story. This is important for the preservation of existing jobs and as the platform upon which to build new jobs in the future.
Positive industry partnerships are, and will continue to be, vital to our overall success, and the Bermuda government recognises the importance of nurturing and protecting our business and professional relationships with industry partners.
The Bermuda government will continue to collaborate with you and take the necessary actions to promote the fact that Bermuda is open for business, to ensure that everyone who calls Bermuda home benefits.
The Hon. Michael Dunkley, JP, MP Premier of Bermuda, Minister of National Security
7 Bermuda Finance | 2014
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