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Look at Mulitple ways to Strenghten the Economy

From "Suggestions to stimulate economic recovery for Bermudians once Shelter in Place ends"

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  1. Look at the prime economic pillars and keep them going. International Business continue to grow it and encourage it and provide incentives. Construction Industry - Keep that moving by fast tracking permits and encouraging people to build and renovate if they can.
  2. Look at other International business opportunities. Call centers, IT. What about promoting health care tourism.
  3. Bermuda needs outside investments and people. People to our shores to work. They will spend money on the island, rent homes, buy groceries, buy gas etc. People coming to the island will require people to keep apartments up to date and repair and maintained and spend money in the retail sector and at our restaurants. We need to encourage outside investment in properties. People that have money will bring other people that have money and flow this into the economy.
  4. We need to get people building and doing construction. Construction is another key business sector to promote. Look at what is holding up Building Permits and encourage construction. Refine the approval process for smaller projects.
  5. Create new business ideas for people that want to start their own businesses and help them get started.
  6. Look at duty rates and immediately lower them to help bring cost of living down. Look at payroll taxes and bring them down to help put money immediately in people's pockets so they can then reinsert it in the economy.
  7. Encourage spending. Everyone was affected but we need spend money in the economy to get it moving again and support each other.
  8. Decrease un necessary government spending.
  9. Open businesses back up with more stringent protocols

We have to look at every sector - have focus groups in each sector and get ideas from business people in all these areas.

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proposed