Tourism investment will create new jobs

Welcome to the regular Q&A to keep you up-to-date on developments at the Bermuda Tourism Authority (BTA). This week we will look at the role of our new Investment Division. 

The Investment Division will be responsible for attracting investment to the island, encouraging focused investment in existing and new product and ensuring that allocated funding is deployed effectively, both in the building of new and the improvement of existing infrastructure. 

The Division will communicate the new vision of Bermuda to the global investment community including international and private equity ventures, hospitality funds and high net worth individuals. Its purpose will be to attract new funding to the Island and to maximize financial return for the island and most importantly, create new jobs.

We need help

Bermuda’s current tourism product needs significant help! We need new investors, new hotels and new infrastructure, as well as improvements and updates to existing products that are currently available to our visitors.

Bermuda must create an environment that meets, indeed exceeds, the expectations of both new and returning visitors. The division will identify, conceive and market new feasible tourism investment opportunities that will generate momentum in attracting capital for new products, experiences and real estate opportunities.

The BTA plan has outlined various activities needed to achieve its goals. These activities are varied but will improve the overall tourism economy and thus benefit every resident on the Island.

One of the activities, for instance, will include the identification of different developable sites and renovation opportunities available in Bermuda. Once these sites and opportunities have been identified, they can be marketed to potential investors. All of the investment opportunities in Bermuda will be clearly catalogued providing easy reference for both potential investors and the general public.

In order to help manage investor relations, the Investment Division will attend investor and tourism conferences. 

New relationships

Through the attendance of these conferences, the BTA will build on existing relationships, create new ones and learn from the experiences of other countries.

The Investment Division will also assist foreign investors as an “investment concierge” to navigate local rules, regulations and available incentives provided by the Bermuda Government. It will roll out the red carpet, make investors feel welcome and make it easy to do business with Bermuda.

As investment in Bermuda’s tourism industry increases, Bermudians and residents will begin to see and experience the benefits. 

One of the main benefits will include the introduction of new jobs in the industry, as well as an increase in revenue for both the Bermuda tourism industry and Bermuda as a whole. 

The Bermuda Tourism Authority looks forward to working with you, the people of Bermuda, in succeeding in the goals as outlined in the National Tourism Plan. 

Bill Hanbury is CEO of the Bermuda Tourism Authority