Vexed Bermoothes

After a frenzied few months of signing TIEAs, Bermuda has been moved onto the OECD “whitelist” of law abiding citizens.  That’s very good news.

Government is rightfully thrilled to have dodged the bullet – the Premier sagely pointing out that our economy is important to our livelihoods, and promising that this is not the end of the process.

Let’s hope he’s sincere:  you can guarantee that the bar will be raised – not only on the issue of tax agreements but also on overall good governance.  Bermuda would be well advised to work on its overall frameworks for transparency, accountability, and anti-corruption.

I am glad to see the PLP finally, after ten years in power, acknowledging that international business is key to Bermuda’s future.  It has been slighted and ignore for too long.

Larry Burchall makes some good points in his Sun editorial today: Air tourism brings in about 17 percent of our foreign exchange, cruise arrivals about 3 percent , and international business a staggering 80 percent.

Based on this, our investments and priorities have been skewed.  Too much time and money on the cruise segment, with the main tourism product drifting while international business has been neglected.