- The following statement was issued in response to the Budget Statement for 2018-2019, by Ross Webber, CEO of the Bermuda Business Development Agency (BDA)
The Bermuda Business Development Agency congratulates the Government on a Budget that is prudent and enterprising.
As the Premier noted, the theme throughout is growth, something our agency dedicates effort here and abroad to achieving in our economy.
We welcome the fact that payroll tax is not increased; for Bermuda’s international companies, it means they aren’t penalized for having a physical presence and keeping in mind and management on the ground here – something that distinguishes our market.
Prudential and careful amendment to the policy relating to 60:40 ownership and control may well prove to be enlightened. This ought to spur greater investment. The Budget’s emphasis on deficit reduction is of course important for the whole country.
We are pleased the government has earmarked an additional $1 million for the BDA. I echo the Premier’s comments on achieving a better balance in the ratio of government to private-sector funding to the BDA.
We certainly encourage Bermuda’s corporate stakeholders to help fund the agency we can further our programmes to retain and grow on the island.
The BDA is very grateful to our existing stakeholders who support the BDA financially, and also give so much of their time and expertise to our programmes. We are always keen to attract more.
Funding is critical to our success in regenerating Bermuda’s economy – which every one of us have a stake in. We urge new corporate stakeholders to start contributing to BDA, and existing companies to increase their financial support.
The BDA also looks forward to reviewing the details of a PwC study we commissioned recently to measure and explain our agency’s impact on the Bermuda economy.
The study will look to articulate the value of our jurisdictional promotion activities here and overseas, as well as the financial contribution equivalence of the time and work provided to the BDA by our many corporate stakeholders across industry sectors.