Business confidence in Bermuda has fallen dramatically over the last two years, a survey has found
The results were revealed yesterday to an audience at the headquarters of survey sponsors HSBC Bermuda, and sparked calls from business leaders for Bermuda to change its approach to immigration in order to attract more working-age people to the island in the interests of economic sustainability. Survey respondents identified immigration and an improvement in work permit processes as the number one change that could positively impact the economy.
John Wight, president of the Bermuda Chamber of Commerce, said in a panel discussion that the island’s population had declined by thousands of people in recent years, and this had a tremendous impact on businesses, economy and the tax base and caused strain on the system from an ageing population. Attracting more people was critical to Bermuda’s future he claimed.
“We need to have more people in Bermuda. End of story.”
John Wight, President of the Bermuda Chamber of Commerce
Erica Smith, executive director of the Bermuda Economic Development Corporation, agreed that an increase in immigration would be positive for the budding small businesses she works with. She argued that the issue had to be approached more openly and realistically and argued for the need for an eclectic society made up of people with different perspectives which could then foster innovation and growth.
It was recognised that immigration is an emotive issue, but with its ageing population, Bermuda does not have enough people to sustain its economy. Other jurisdictions such as Canada, which brings in about 250,000 immigrants every year to counter the economic impact of its ageing population, were cited as examples of positive and effective immigration action.
