WEDNESDAY, FEB. 29: Two advisory committees have been appointed to encourage new business and sustain existing business in Bermuda.

The Bermuda Development Committee (BDC) and the Bermuda Sustainability Committee (BSC) are designed to work in tandem to promote the island’s business interests.

Yesterday Wayne Furbert, Minister of Business Development likened the new committees to ‘Navy Seals’.

He said: “We consider ourselves Navy Seals acting quickly and with precision.

“We are putting together two advisory committees to work with the business community.

“We expect them to be nimble and act and re-act quickly.”

The BDC will be made up of a number of heads of business in Bermuda and chaired by PWC partner Caroline Foulger.

It will be tasked with getting new business into Bermuda.

While the BSC will consist of members of the Association of Bermuda International Companies and the Association of Bermuda Insurers and Reinsurers.

And its job will be to sustain and develop the current business there is on the island.

Mr Furbert told a press conference his Ministry would purse fund managers to re-locate in Bermuda.

And he said the plan was to target ‘high network individuals’ that would make a difference to the island.