Economic Development & Diversification

It is important for Bermuda to continue its focus on economic diversification, bringing new industries to our shores that will create jobs. Since last elected, we have laid the groundwork and made progress on many economic development and diversification initiatives, including keeping our promise to create a Government Department focused on economic development and diversification. 

Your next PLP Government will:

  • Accelerate the development of Bermuda’s FinTech industry that in only two years has already created 60 jobs. We will continue to modernise our well-regulated environment for FinTech businesses, while providing enhanced FinTech education and training opportunities to allow Bermudian entrepreneurs to get connected with this growing global industry at this early stage. 
  • Following the extensive consultation process, Bermuda’s new cannabis industry will soon take shape. We will structure the regulation of cannabis to protect our children and create economic opportunity, and will ensure that the additional revenue that is generated is used to invest in marginalised communities. We will keep true to our pledge that Bermudians who have been negatively impacted by cannabis prohibition will be the first persons to have access to any of the classes of business licences.
  • Create a Food Cooperative that will support the use of technology, such as vertical farming and aquaponics, to boost domestic food production. One of the first projects will be a large-scale vertical farming facility, partially powered by renewable energy, that will produce 35% of Bermuda’s demand for annual leafy vegetables..
  • Invest in the Blue Economy by completing the Shoreside Facility to process fish caught in Bermuda, while supporting a cooperative purchase of larger shipping vessels to increase the domestic capture of fish, reducing imports and providing the option for exporting fish.
  • Begin to develop an ecosystem for technology companies by forming partnerships with venture capital firms who will work with the Government to place early stage technology companies in a Bermuda-based technology incubator. 
  • Introduce comprehensive cooperative legislation to strengthen the development of cooperatives in Bermuda to facilitate a more equitable distribution of benefits and combat social exclusion.
  • Modernise Bermuda’s intellectual property legislation to better protect the rights of local entrepreneurs while growing Bermuda’s international business profile in this space.
  • Implement the National Space Strategy, developed over the last two (2) years, to establish Bermuda as a global hub for the rapidly growing global space industry.