If Bermuda is to create long-term economic growth, we need to use every tool at our disposal to invest in and generate economic activity in Bermuda. There is a high level of investment expertise in Bermuda, and the next PLP government will take advantage of this expertise by creating a “Bermuda Fund”. This fund, will allow Bermuda to tap into the investment expertise on the island, while providing an additional outlet for local investment funds to invest more of their monies in Bermuda-based equity investments.
The Bermuda Fund will be listed on the Bermuda Stock Exchange to allow Bermudians to invest and contribute to the development of Bermuda.
This fund will have strict governance controls so that it will not be subject to political whims, and will be run for the specific purpose of generating positive returns while investing in the development of Bermuda-based businesses. The fund could invest in industries identified by the Economic Development Unit to diversify the economy. The Bermuda Fund could also be used to attract job creators to our shores while we invest in emerging global industries, such as cyber-security, FinTech, InsurTech and mobile application development.
The Bermuda Fund is not exclusively the PLP’s idea. It is one of many ideas recommended by respected members of the local business community. Similar plans in both Singapore and Ireland have delivered positive results for their economies and the PLP will advance this initiative to create jobs in Bermuda.