The next PLP government will form an Economic Diversification Unit to create not only a third pillar of our economy, but a fourth and a fifth pillar. This permanent organisation will consist of a small number of persons with a proven history of developing economies. The mission of this organisation will be to identify new opportunities for economic diversification, outside of financial services, and to subject them to structured analysis and research.
As a small island, we cannot be all things to all people, but we can develop focused centres of excellence that leverage our location, reputation, and regulation to find sectors that can thrive in Bermuda. This unit will complement the work of the BDA whose mandate is primarily focused on protecting, growing and diversifying the international business sector.
Once areas have been identified and agreed upon, the unit will seek partners and investment to develop the new local industry to bring jobs to Bermuda.
The Economic Diversification Unit’s goal will be simple: to create one new primary industry that directly provides at least 5% of our GDP and at least two new secondary industries that each directly provide at least 2% of our GDP by the year 2025.