Good Morning Mr. Speaker,
As the Minister of the new Economy and Labour Ministry, I rise today to update this Honourable House on the Government’s Economic Recovery Plan (ERP).
Mr. Speaker,
Covid-19 has taken a heavy toll on the island. The loss of lives, the loss of livelihoods, the negative effects of the global supply chain shortfalls have combined to result in a significant decline in Economic activity. As we transition to the new normal where we live alongside Covid-19, we now need to adjust our short and long term planning horizons. The actions we must now take require boldness, determination, courage and rigorous execution.
Mr. Speaker,
This Economic Recovery Plan (ERP) is a response to the urgency of the situation. It aims to combine fiscal responsibility with a clear path to growth, employment and greater economic equity. The proposed policies in the ERP have been prioritized to focus on investment and implementation capacity in areas with the highest impact for Bermuda’s medium-term economic growth and employment. The consisted of 81 policy initiatives, of which 31 have been identified as highest priority.
Mr. Speaker,
Members of this Honourable House will recall that KPMG was engaged to further refine the framework for the Economic Recovery Plan, to assist in the establishment of the Project Management Office (PMO), and to deliver an action plan setting out key milestones, timelines and actions. KPMG have identifying four critical initiatives deemed mostly likely to generate a significant socio-economic impact in the short and medium term, along with the important enablers required to advance these initiatives. The four priorities in the ERP must produce jobs, increase GDP and lead us to a sustainable future.
Mr. Speaker,
The Government’s four priority initiatives focus on a strategy of economic diversification, reducing socio-economic disparities and leveraging our natural resources and geographic advantages. These lead initiatives include:
1. the rehabilitation of the Tyne’s Bay infrastructure;
2. the development of Uptown Northeast Hamilton;
3. the development of a Casino industry;
4. the development of Vertical Farming.
The four lead initiatives if effectively executed will meet the Government objectives of higher GDP, an increase in jobs, increased investment and improved public finances. I am pleased to inform this Honourable House that aggressive steps are being taken to advance them.
Mr. Speaker,
The Tyne’s Bay Waste Treatment Facility
The Tyne’s Bay plant refurbishment is already underway. A cross-Ministry team is set to accelerate the replacement of key assets and components within the facility, with the ultimate goal of a repurposed facility within the next three to four years. As of February 2022, stabilization works have commenced for the burner systems and will progress throughout the remainder of the year.
Uptown Development Authority in North East Hamilton
A draft North Hamilton Local Plan has been developed to facilitate new economic investment in the area. The intention of the plan is to make North East Hamilton a more appealing place to reside, establish a business and visit.
The Bermuda Economic Development Corporation and the Economic Development Department have been facilitating discussions with developers and an online portal has been finalized.
Mr. Speaker,
Launch of the Casino Industry
The Bermuda Gaming Commission’s regulatory unit and casino regulatory framework have been developed. The necessary statutes, funding mechanisms and appointments to permit the industry to launch have been concluded, with the first approval for a license to operate anticipated in due course.
Vertical Farming Facility
The vertical farming facility is being acted upon, with a potential location for a large-scale vertical farming facility under review and financial details in development. Construction of the facility will commence once these matters are finalized.
Mr. Speaker,
The other high priority initiatives will be led bythe respective Ministries and execution of these initiative will be ongoing. Several of the high priority initiatives have been completed or are already underway, demonstrating their impact on the economy. A general overview of key highlights and status updates regarding the implementation of Bermuda’s Economic Recovery Plan can be found on the Government of Bermuda webpage (https://www.gov.bm/economicrecovery-updates).
This revised framework of articulating lead initiatives alongside the remaining high priority initiatives will allow us to better focus, provide resources and manage the implementation of these significant projects. Sound project governance, operational reporting and strong Ministerial sponsorship of the various projects are some of the critical factors that will allow us to be successful.
Mr. Speaker,
Co-ordination and monitoring of the ERP will now be the responsibility of the Ministry of Economy and Labour. The Ministry will build upon the work already accomplished by all of the Departments which have contributed to various aspects of the Economic Recovery Plan.
Thank you Mr. Speaker.