Trade & Industry

Bermuda, a small island with limited arable land and little industrial activity except construction, has long focused on the two sectors in which it can garner a competitive edge: financial services for international companies, which are attracted to Bermuda because of its business-friendly policies, exceptional infrastructure, and reliable regulatory environment, and tourism, building on the island’s great natural beauty and proximity to the United States.

Key market for United States exports

Services account for around 80 percent of the country’s GDP, with industry’s contribution around 10 percent and agriculture one percent.

Bermuda’s economy is closely linked with that of the United States, which is the country’s main source of imports as well as its primary tourism market. Bermuda must import most equipment and food, and imported over USD 660 million from the United States last year, or 25 percent of the country’s total imports. In return, Bermuda’s exports to the United States totaled USD 23.7 million in 2007.

Today, like other countries throughout the world, Bermuda is looking for ways to cope with the global financial crisis, particularly since any problems in the United States economy tend to impact Bermuda quickly.

Premier Ewart Brown recently commented on the challenges the crisis is creating for Bermuda, yet he expressed strong optimism that the island’s economy will weather the current storm.

Speed to market is a key reason for Bermuda’s competitive edge

The Association of Bermuda International Companies (ABIC) represents international businesses with operations in Bermuda; international companies now account for more than 70 percent of Bermuda’s revenues.

ABIC’s mission is to promote a sound business environment for Bermuda’s international business community by influencing and driving change through partnerships with regulatory, government and professional organizations.

ABIC also supports a significant education initiative to help local students study abroad; its scholarship program, which awards USD 600,000 in scholarships each year, is the biggest in Bermuda.

David Ezekiel, President, explains, “Speed to market is a key reason for Bermuda’s competitive edge,” both for companies establishing operations and for firms launching new products.

ABIC member companies can count on significant benefits, including ABIC’s commitment to helping to preserve the conditions that attracted the companies to Bermuda, including taxation levels and ease in acquiring work permits. “We work closely with the Ministry of Labor and Immigration, because employment is a major issue for international companies, and we also work with the Ministry of Finance concerning taxation,” Ezekiel explains.

Ezekiel is very positive about Bermuda’s future as a base for international business. He says, “We have all the ingredients to continue to be one of the world’s most successful off-shore domiciles.

The Bermuda Press

“We are very big in the ‘on demand’ side of printing.”

Paget Wharton, Managing Director

The Bermuda Press, part of the Bermuda Press Holdings group, offers high-quality printing services to a diverse range of clients. “We print for everybody. Our main clients are the government, international companies here in Bermuda, and the local community. We provide world-class printing of magazines and all types of documents,” says Paget Wharton, Managing Director.

The Bermuda Press aims to continue to maintain its high standards of quality and hopes to serve even more international companies in the future. “We believe in trickle-down economics; what we are doing benefits Bermuda. We will continue to focus on best practices. We are proud of what we do,” Wharton says.

Wharton praises Bermuda as a base for business and says that his company is committed to helping to bring even more international companies to the island. “Bermuda has superior infrastructure and superior business services,” he points out. International companies operating in Bermuda can count on The Bermuda Press to provide everything they need in printing services.

The Bermuda Press has a staff of 43 and contributes around 20 percent to 25 percent of Bermuda Press Holding group’s annual turnover of USD 35-40 million. Technology is a key focus for the company, which focuses on staying at the cutting edge of technological developments in its field. As Wharton explains, “Printers are technological animals. We invest in all areas to keep our technology on top.”

The Bermuda Press’s competitive edge compared to other printers is that it provides “more services and products and we are very big in the ‘on demand’ side of printing. Our specialized equipment allows us to provide services that other printers cannot offer,” Wharton says. He welcomes international companies in Bermuda to contact The Bermuda Press for their printing needs.

BCM McAlpine

“We have the ability to fast-track projects here.”

Alan Burland, CEO

BCM McAlpine, one of Bermuda’s biggest contractors and construction-management firms, is playing a major role in boosting Bermuda’s tourism industry.

BCM, founded in Bermuda in 1926, forged a partnership in 1996 with leading UK construction firm Sir Robert McAlpine Ltd. to combine McAlpine’s international expertise with BCM’s local market knowledge and skills.

Today, BCM McAlpine serves as a partner for investors in tourism-related projects in Bermuda and specializes in providing world-class service that will bring projects to completion in record time. As CEO Alan Burland explains, BCM McAlpine “helped build the new Marriott here on short notice when another company failed to do the job. We are very adaptable and we have a passion for providing excellent service.”

BCM McAlpine previously served the Caribbean market but decided to focus on Bermuda because of the island’s exceptional potential. Burland says, “Bermuda has a temperate climate, special people, unique history and culture, and natural beauty. However, it has only half the hotel beds it once had, after years of focusing on international business services rather than tourism. We see great potential in repositioning Bermuda as a leading island resort, and we have the ability to fast-track projects here.”

Burland praises Bermuda’s international business sector, including the performance of the reinsurance sector after September 11, and notes that the government is very business-friendly. He urges tourism-industry investors as well as travelers to visit Bermuda to see everything it can offer. He concludes, “Bermuda is an extraordinary gem, with national treasures that everyone can enjoy as well as a unique integrated community. We are bringing people together in great ways. There are things New Yorkers can learn from us. As for BCM, we focus on top-quality service, honesty and transparency. We want to develop long-term relationships with our clients.”