5/1/2008 Bermuda is at a crossroads.
We now have some critical decisions to make in order to choose which direction we go, and many believe that the stakes have never been higher in choosing the correct path.
The signs of a thoroughly robust economy are all around us, with gleaming towers of domiciled head offices, shiny new cars and boats, world leading per capita incomes, and general champagne wishes and caviar dreams. The driver of that is unquestionably International Business. Local Business, which can be demonstrably argued as mostly owned by Bermudians, is heavily dependent on International Business. All indications are that local business, as a whole, is two stepping along with International Business (the US recession and its continued affect on us notwithstanding). However, the ongoing success of what my predecessor Peter Everson called “Bermuda Inc.” is, like any big company, continually under threat both from without, and from within.
Threats from without are obviously adverse US legislative action targeting offshore business centres such as Bermuda, as well as fellow offshore centres competing with us for a bigger piece of the pie. Threats from within include rampant property and rental inflation, questions of sustainable development and of preserving Bermuda for its future generations, the education of our population to have the minimum critical standard to participate in our increasingly technical financial based economy, ever spiraling criminal and anti-social behaviours which directly affects our quality of life, and of course the continued global fight for knowledge workers.
The Chamber of Commerce’s mandate as THE Voice of Business in Bermuda is to focus on those threats that we can have the biggest effect and impact on the success and future viability of business in Bermuda. Our focus therefore falls to those threats identified as coming from within, as it is something the Chamber can spearhead collective effort on, with the goal of achieving outcomes that hopefully balance what is best for business, as well as what is best for Bermuda. To that end, we have directed much of the Executive Board’s attention of 2007/08 to crime, education, and Immigration; with Term Limits and its adverse effect on the business climate in Bermuda now topping the lists of concerns of our Divisions.
There are some in our community who say that the warnings we give of skittish International Business firms polishing off their “Plan B” booklets, makes the Chamber like Chicken Little threatening that the sky is falling. However, like in times of boom past, whether that be privateering, wrecking, Bermuda onion exporting and most recently Tourism, we believe that we are more the canary in the coal mine, warning how businesses that we all hitch our wagons to are highly mobile and can pick up in a moment’s notice and go elsewhere, leaving their fabulous buildings like so many Inca temples.
Embarking on its second century of existence, the Chamber is at a crossroads too, and we must collectively decide the way forward. With the members continued direction, we will remain doggedly determined to voice your concerns and continue working with the relevant governmental and policy setting bodies to ensure that business in Bermuda continues to grow in a measured and sustainable way, with Meritocratic opportunities for all Bermudians.
Your Executive is willing to speak and act for business in Bermuda; however we cannot achieve our goals without YOU, both physically and monetarily. Please give of your time in attending Divisional meetings, and give us the financial support both through membership dues and sponsorships. We will stand up and carry the banner, but YOU must provide it for us.
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