Economic Recovery Plan Status as of 18 April 2024

This page provides a general overview of the Government of Bermuda’s Economic Recovery Plan. It includes a priority list of the initiatives focusing on areas with the highest impact on Bermuda’s medium-term economic growth and employment. The initiatives are broadly grouped into seven core themes and included is an update on the current status of each initiative.

Theme 1: Economic Diversification

Launch Casino Industry

The Government is committed to ensuring a properly Bermuda’s gaming industry is appropriately regulated and has advanced its legislation and planning to introduce gaming. The overall goal is to diversify both Bermuda’s economy and tourism product.

The Gaming Commission remains prepared to regulate the local Gaming industry. The Commission is in the process of advancing legislative reforms aimed at making the regulatory process more outcomes based.

Medical Tourism Facility

The Government aims to work with the private sector to construct a medical tourism facility to create jobs and year-round visitors to Bermuda.

The PMO met with Minister Furbert who is leading this outside of Cabinet. He is facilitating progress as an associate of the principal Investors. The PMO is advised that the overseas project sponsors are building a project plan for advancing the initiative.

Vertical Farming Facility

Food security and lowering food costs for Bermuda is a priority of the Government. As such, the goal is to create a Food Cooperative that will support the use of technology, such as vertical farming and aquaponics, to boost domestic food production. One of the first projects to meet this goal will be a large-scale vertical farming facility, partially powered by renewable energy that will produce 35% of Bermuda’s demand for annual leafy vegetables.

Awaiting the due diligence assessment of Growy from BEDC's lawyers at Appleby to discuss at BEDC Board meeting of September 26th. Growy is prepped to visit Bermuda immediately subject to a positive decision to proceed.

No further progress from the previous update. Still conducting due diligence on the company. The BEDC is awaiting documents from Growy which is a US based compny considering local opportunities to engage in the business.

Online Single Market Economy (SME) Marketplace

An online SME marketplace will allow entrepreneurs easy access to sell their goods and services online without dealing with costly individual setups, hefty monthly fees and merchant account complexities.

The online platform, aptly named byBermuda, is a local marketplace where people come together to sell and buy unique Bermudian products and experiences. It’s a community of local entrepreneurs, highlighting the best of Bermuda’s innovative products and services while allowing connections to local consumers and those beyond Bermuda’s shores. With byBermuda, there’s no warehouse – just Bermuda’s entrepreneurs selling the things they love. The BEDC makes the whole process easy, removing the expensive cost and hassle of an online presence for businesses while helping consumers connect directly with makers to find or experience something extraordinary through a convenient and central Bermuda-branded hub.

Virtual market,, established and ERP project achieved.

Platform is launched and up and running well. Vendors are onboarding, both retail and service businesses. Currently 12 vendors (businesses) are listed on the site.

Transactions and sales are taking place and BEDC is reconciling and paying vendors their sales weekly. Categories of businesses, products, and services are accessories; health & fitness; face painting; beauty & personal care; art; and business & training services. 80 products and services are currently on the site.

Lookie Lookie has been contracted to onboard more businesses and aggressive marketing and onboarding is taking place in Q1 of 2024.

Residential Developments in Bermuda’s Economic Empowerment Zones

The Government aims to support the construction of residential developments in Bermuda’s Economic Empowerment Zones to increase the supply of quality, affordable residential accommodation, driving down rental costs.

The Government seeks to stimulate growth in Bermuda’s economy, particularly within the island’s 3 Economic Empowerment Zones (EEZs – Northeast Hamilton, Somerset, and St. George’s), by widening the scope of potential investments providing for the creation and support of Residential Approved Schemes. Notwithstanding the rich histories within these three zones, it is evident that additional investment is needed for the areas to reach their full potential economically, physically, and socially. As such, the Residential Approved Scheme initiative provides a mechanism by which the Government, the EEZ stakeholders, and the country can achieve this goal. Restrictions on land ownership have been removed – incentivizing a broadening of potential investments in the EEZs, and in doing so, further diversifying the potential demand for residential developments, bringing economic growth to these locations.

The goal is development without displacement, where Bermudian EEZ landowners must be incorporated in every approved scheme. As such, a scheme will only be approved if the existing property owner is involved in a tangible and impactful way. Every approved scheme will also create new jobs for Bermudians. For continued investment within the economic empowerment zones, land license fees associated with purchasing the residential units will go into an EEZ community development and investment fund to assist with investing in the people and the programmes in the Zones.

BEDC and UDA continue to work on identifying and readying potential sites within NE Hamilton for redevelopment and promote these opportunities with local and overseas investors and developers to see if there is any interest.

Property valuations have been completed on certain properties to determine next steps in purchasing sites.

Residential design concepts have also been completed on certain sites to assist in promoting opportunities to developers/investors and to help current property owners visualize the development potential for their property.

A housing demand survey was commissioned to determine the population's housing needs as well as feedback and thoughts on residential development in NE Hamilton and SE Hamilton.

National Space Strategy

The Bermuda National Space Strategy 2020-2025 will include the establishment of a ‘space ecosystem’ by 2025 and has the following strategic goals:

  • Build Bermuda’s reputation as a responsible, leading jurisdiction for space and satellite-related business;
  • Enhance domestic space and satellite-related capabilities;
  • Further integrate Bermuda with the international space community; and
  • Generate revenue from national orbital allotments, of which Bermuda has four.

As more companies look to space, Bermuda can play an important role.

The BDA advise that the world renowned Laser Light Holdings Ltd has completed its corporate registration in Bermuda and will consolidate all of its corporate functions of its growing global business. Laser Light Holdings will do for networking what the cloud did for computing.

There is no further update on the National Space Strategy.

Establish Sub-Sea Communications Sector

Introduce and establish a sub-sea communications sector in Bermuda, supporting plans to develop a sub-sea telecommunications protection zone.

A sub-sea communications sector will allow Bermuda to position itself as the North Atlantic communications hub and allow the island to reap the benefits of an industry that provides global connectivity and data protection in an increasingly online world.

Google has already announced its investment in Bermuda.

Theme 2: Financial Markets

Lower Interest Rates to Reduce Mortgage Costs

Reduce the cost of mortgages by lowering interest rates through measures to increase competition in the banking sector and by working with local banks to provide security for mortgage loans.

The number of Bermudians participating in the Government’s Mortgage Guarantee Programme is increasing.

The Government is also making additional efforts to raise the profile of the programme so more Bermudians are aware of it and its features.

The Government continues to work with consultants to identify the best approach to achieve the long-term objective of reducing interest rates throughout all of our local banks.

Much research is involved but the Government is progressing forward and believe an identified solution will be determined in the coming months.

BEDC COVID Support to Small and Medium Sized Businesses

Through BEDC, they continue to support small and medium-sized enterprises (SMEs) that demonstrate robust business plans and long-term viability in the post-pandemic economy. The BEDC received a $12,000,000 grant which has provided essential support and assistance for SMEs.

Programme formally ended March 31st, 2023.

Bermuda National Digital Bank

Continue exploratory design and legislative work around creating a Bermuda National Digital Bank.

The Government is committed to creating a Bermuda National Digital Bank with shares available for Bermudian ownership, allowing a new generation of investors to create lasting wealth by supporting the next wave of financial services, connecting Bermudians to the global world of digital payments.

The Government continues to engage with key stakeholders while analyzing the feasibility of several options.

Upon completion of the stakeholder meetings and analysis the Government expects to determine a path forward.

The Government expects to determine a path forward by mid-August.

Theme 3: Infrastructure Investment

Tynes Bay Water and Waste Treatment Facility

Upgrade the water and waste treatment facility, a much needed and long overdue modernization of the antiquated system of waste management on the island.

The Government continues to review the current system for handling Water and Wastewater and working with the private sector to facilitate systems that would properly treat sewage waste across the island, including the two Municipalities.

Phase one of this massive undertaking involves trenching much of the main roads in St. George’s and similar work in Southside, completely replacing the infrastructure from piping, pumping stations, water producing plants and waste treatment plants, providing relief to the long suffering residents of these areas in providing reliable potable water and waste water services. This project addresses the country's needs of getting people working, earning and providing for their families while their valuable labour transforms Bermuda’s infrastructure for the better.

During recent consultations with KPMG, the PMO was advised that the preparation of a long term business plan for the facility would be ready for Cabinet Consideration by the end of 2023. The plan will include a range of funding options. The PMO is facilitating a meeting between the BDA and the KPMG to discuss how beneficiaries of EIRC could potentially participate in the capitalization of the Tynes Bay refurbishment.

Tynes Bay Continuity Projects

Systems continue to show signs of obsolescence, however generally speaking operations continues to remain stable. As seen above a number of project have been slated for installation first half of 2024.

  • Refuse Cranes – March Delivery Date and Install to follow between April and June. Installation contract being finalized January 2024
  • T2 Turbine Refurbishment – Final parts to be delivered in February 2024. Working with Contractor to secure date for installation
  • T1 Turbine Refurbishment – Currently Underway (Will ensure business continuity and revenue during T2 refurbishment)
  • Band Screen Replacement – Approved by Cabinet. PO to be issued and supply and delivery schedule to be secured from contractor February 2024
  • Stack Refurbishment – 60% Complete – Phase II to commence February 2024
  • Continuous Environmental Monitoring System Project – Contract signed and PO to be issued to initialize project.
  • Transformer Replacements – Delivery Due in March 2024

Tynes Bay Business Plan – KPMG

  • KPMG is finalization of Data for Financials due January 2024
  • KPMG and Tynes Bay are reviewing the final structuring of potential delivery models due January 2024
  • Draft Business Case in Development – Tentative delivery of draft for review February 2024

We have no further update. Things are progressing towards a final report in relation to the Tynes Bay Business Case.

Shoreside Facility to Process Fish

Complete the Shoreside Facility to Process Fish, AKA Fisheries Development Center (FDC), to process fish caught in Bermuda while supporting a cooperative purchase of larger shipping vessels to increase the domestic capture of fish, reducing imports and providing the option for exporting fish.

The Government, through the Bermuda Economic Development Corporation (BEDC), is working to develop a plan for an FDC in partnership with representatives from the Department of Environment and Natural Resources (DENR) and the Fishermen’s Association of Bermuda (FAB).

The FDC can be the catalyst that transforms the island’s artisanal commercial fishing industry to the next level. FCD can make it profitable for all participants while improving the island’s food security by providing high-quality, sustainably harvested seafood from local resources, and diversifying the economy. The FDC will be able to offer several products and services for the industry, including those related to wholesale; retail; export; by-products; and on-site experiences.

We are NOT working on the shoreside facility as a specific project and will not be reporting on this project. The question on whether this is even feasible will be determined once the other factors are addressed, specifically preparing fishers to fish in the EEZ.

Electric Vehicle Charging Infrastructure

Support the development of electric vehicle charging infrastructure across the island.

The Steering Committee met on Jan 17th / 31st continuing the charging infrastructure needs assessment based on vehicle classes. The meeting on Feb 14th focused on site selection for charging infrastructure and developing a public consultation plan once draft recommendations had been agreed upon by the Steering Committee.

Increase Affordable Housing

Through continued infrastructure investment, the Ministry of Public Works will increase the stock of affordable housing throughout the country.

  1. Harmony Terrace East - Awaiting final building permit. Reviewing tenders and to be presented to the Board for approval at monthly meeting. Because of the Land Surveying restraints, the Project team felt it prudent to proceed with obtaining permits for the interior construction works only at this time. While the interior construction works are proceeding the Project Team will secure permits for parking and hardscaping as a revision to the original permit. 
  2. 22 Battery Lofts  - Contractor continues with delays due to shortage of manpower. Completion still expected end of Feb 2024. Penalties continue to be placed against contractor. 
  3. 18 and 20 Battery Lofts - still In Planning for revision approval - P0251-23. 
  4. Chelsea Apartmentsstill awaiting planning permission - Plans were effectively registered on January 11th 2024. (Delays due to electronic application, and further site verification of the proposed development) Permit P0397-23.
  5. 2 Wellington Lane - construction on target and on budget - expected completion Feb 2024.
  6. 7 Middle Town Road - 5 unit building. All interior surveys have been completed. After a consultation process and review of the anticipated construction cost, the renovation program has been altered. The proposed renovation/restoration will now aim to conduct the necessary works without displacing the current tenants. Revisions of these plans are currently in process, and it is expected that work could commence by April 1st 2024.
  • Unit 25, 15 Mary Victoria Road - Work to commence on roof end of January followed by internal repairs.
  • Port Royal Studio - after a site visit the Project Team determined that the Studio unit would be a welcome addition to our housing stock. The unit requires kitchen cabinets, interior painting and minor refurbishments in the bathroom. We are now in the process of formalizing with Port Royal Golf Course to obtain a lease.
  • Uptown Development in Northeast Hamilton

    Implement the Northeast Hamilton Development Plan and drive residential development projects in the area.

    Since the dismantling of the Economic Empowerment Zones Agency in 2014, there has been a noticeable absence of a dedicated body solely focused on driving economic regeneration in Northeast Hamilton. As such, dedicated resources will be assigned by the Bermuda Economic Development Corporation, whose remit is to facilitate the economic, physical, and social development of the Northeast Hamilton Economic Empowerment Zone (NEHEEZ).

    The work of the UDA continues on meeting with property owners in North East Hamilton and connecting opportunities for development and redevelopment with local and overseas investors and developers to see if there is any interest.

    The UDA team links up with the EDD, the BDA, and the Department of Planning in this regard when inquiries and opportunities present.

    The UDA team also strategically markets investment opportunities within NE Hamilton - most recently was the inclusion in Global FDI Reports Gulf News as part of building off COP28 in Dubai and marketing to investors in the middle east.

    Green Energy Fund

    In partnership with international companies, set up a Green Energy Fund to provide capital to deploy solar installations throughout the Island.

    The Department of Energy will create a Green Energy and Environmental Justice Fund, which will encourage local and overseas investors to provide funding for:

    • Installing solar for residential homes and small businesses;
    • Additional training to develop solar installers and energy managers;
    • The initial investment to entrepreneurs who are looking to enter the renewable installers or energy management business.

    Energy Infrastructure Partnership (EIP) is working on developing the model for community solar. Once they have completed their report, a cabinet memo requesting approval of the "community solar" framework will be produced for submission to Cabinet. The funding will be provided from the Blue Energy fund. The difference between the Blue Economy Strategy and the Green Energy Fund strategy is that the Green Energy Fund will specifically provide opportunities for local companies and jobs and will directly benefit our communities.

    No further update. Energy Infrastructure Partnership (EIP) continues to prepare a recommendation for Community Solar.

    Theme 4: Expanding the Resident Population

    Economic Investment Certificate (EIC) Program

    Implement an Economic Investment Certificate to enable people to obtain the right to reside in Bermuda in return for making an economic investment in the island. Successful applicants, their spouse and any dependent children will have the right to reside in Bermuda for 5 years if the applicant makes an investment of at least $2.5 million in eligible investments.

    The Economic Investment Certificate & the Residential Certificate Program encourages and enables high-net-worth individuals to make substantial economic investments in Bermuda. The EIC policy was designed to stimulate economic activity, create the environment for job creation, and help market Bermuda as a place to reside and do business. EIC recipients are required to invest a minimum of $2.5 million into the Bermudian economy, and investments may be made in one or more investment categories. Benefits for investors include residency rights, among other benefits.

    TThe Minister has approved forty-nine (49) Economic Investment Certificate Applications. Currently one hundred and twenty-three (123) persons hold an Economic Investment Certificate which has generated in excess of $464 million.

    Extension of the Temporary Residency Certificate (1-year)

    Allow re-applications for Temporary Residency Certificate, enabling people to have residency in Bermuda for 1 year.

    To capitalize on the increasing number of Digital Nomads and students in tertiary education completing their courses online, the One Year Residential Certificate allows such persons the ability to reside in Bermuda while working remotely, and Non-Bermudian Post-Secondary Students the ability to complete their higher education from Bermuda. They will be enjoying life in Bermuda while contributing daily to the local economy.

    This initiative has yielded continued economic activity in Bermuda. Since launching the ‘Work from Bermuda’ (WFB) initiative on 1 August 2020, the Department of Immigration received: 

    Total Applications received


    Total applications approved


    Total applicants who continue to reside in Bermuda


    Total renewals/extensions granted


    Further Measures to Expand the Resident Population

    The government will take further measures to expand the resident population, including making it easier for Bermudians to return home by amending current policy requiring Bermudian parents to prove domicile for children born overseas; seeking provisions to regularize the position of long-term residents; and increasing visitor stays from 90 to 180 days.

    In its efforts to retain and expand the residential population in Bermuda, the Government increased the maximum period that visitors may stay on the island without further permission from the Minister responsible for Immigration from 90 days to 180 days.

    Further, with the implementation of the Repatriation and Mixed Status Families legislation (Bermuda Immigration and Protection Amendment Act 2020) the Government has allowed for persons born overseas to Bermudian parents to be Bermudian from birth as of the effective date of the legislation and moving forward.

    Additionally, in March 2021, the Department of Immigration removed the administrative requirement for applicants to produce an Affidavit of Domicile to better facilitate persons born overseas to Bermudian parents to apply for and obtain Bermudian Status.

    Additionally, legislation to advance comprehensive immigration reform by providing a process for Long-Term Residents to apply for Permanent Residency in Bermuda was passed in October 2021 and was completed once the Immigration Amendment Act came into force on 1st December 2021. The Government has also released a Position Paper on Long-Term Residents here.

    Policy development continues to progress, following key stakeholder consultation. Once the policy direction is settled, the Ministry will publish a document outlining policy proposals to retain the working population.

    Theme 5: Labour Market and Social Development Measures

    National Reemployment (Jobs) Strategy

    Work closely with employers to implement the National Jobs Strategy which aims to reduce unemployment, prevent future unemployment, create ease of access to employment opportunities, and increase opportunities for the training and development required to equip Bermudians for the current and future world of work.

    The National Reemployment Strategy focuses on creating employment opportunities, enhancing the labour supply, promoting equality and equity in the labour market, and building a more robust workforce through information, training, and education.

    A cohort of three (3) persons travelled overseas to complete training to become small appliance technicians.

    Youth Employment Strategy

    Implement our Youth Employment Strategy to meet the identified needs of unemployed persons between the ages of 18 and 26, guide unemployed Bermudian youth back to work and train them in jobs currently occupied by guest workers.

    The Youth Employment Strategy will eventually form part of the National Reemployment (Jobs) Strategy and will allow the Government to focus its efforts on this demographic group. Therefore the Youth Employment Strategy is currently being developed separately.

    Youth Employment Program applications for summer employment opened on February 5th and closed on February 23rd, 2024.

    National Unemployment Insurance

    Establish a National Unemployment Insurance scheme that will provide income protection for Bermudian workers who find themselves displaced from the workforce.

    The Government, and a wide range of stakeholders will consider the main issues in implementing an Unemployment Insurance Plan for Bermuda, including eligibility, contributions, benefit amounts, duration of benefits, funding, administration, staffing, and legal matters. The goal is to develop an Unemployment Insurance Scheme to provide critical social protection to support displaced workers and their families, allowing them to receive a basic income in their time of need.

    The initiative seeks to establish a National Unemployment Insurance scheme that will provide income protection for Bermudian workers who find themselves displaced from the workforce. At last report, the Ministry of Finance was evaluating the appropriate funding model for unemployment insurance. The PMO considers this initiative to be Off Track pending confirmation of a viable funding model and work plan.

    The Government, continues to consultant with a wide range of stakeholders in developing an Unemployment Insurance Scheme. To ensure coverage during this development phase a stop gap measure named Sudden Hardship Benefit (SHB) was introduced by the Department of Financial Assistance.

    This newly created program is designed to provide Bermudian individuals or families with short-term relief for expenses caused as a result of a sudden hardship. This proposed emergency funding program will be designed to provide short-term relief to individuals and households in need of temporary financial assistance. The basis of the program is to enable participants to meet their immediate needs while seeking long-term solutions to remedy their situation. It is designed to provide individuals with an ‘uplift’ in their circumstances – it is not meant to create a dependency. This monthly funding of fifteen hundred dollars ($1,500) will be available for a defined period of three consecutive (3) months to help with an imminent crisis such as recent unemployment.

    Implement Minimum and Living Wages

    Finish implementing minimum and living wages to ensure workers receive a dignified wage which allows them to cover their basic needs.

    The public is aware of the challenges facing many hard-working Bermudians who struggling daily to ensure their family’s basic needs are met. This Government is confident that as we move toward establishing a minimum wage in alignment with a living wage regime, it will improve the lives of many by ensuring that they receive fair and just wages allowing individuals and their families to cover their basic needs.

    Generally speaking, a minimum wage refers to a minimum amount an employer is required to pay to persons for their work during a given period, ensuring a minimum threshold for wages across the board. A living wage refers to an amount of minimum hourly pay needed to allow workers and their households to enjoy a “socially acceptable standard of living”.

    Monitor and Enforce the Minimum Wage and Implement a Living Wage

    Finish implementing a living wage to ensure workers receive a dignified livable wage which allows them to cover their basic needs.

    Integrated Agricultural Strategy

    The general objectives of this strategy are:
    a)   To assist in lowering the cost of producing good quality local food by making inputs cheaper.
    b)   To help reduce preventable losses of locally produced food.
    c)   To provide good quality storage of produce.
    d)   To identify opportunities to enhance local production through the addition of new crops and technologies to grow these new crops and/or existing crops more efficiently.
    e)   To provide direct assistance to local farmers through advice, training and services to improve output and reduce preventable losses of locally produced food.
    f)    To explore means of making more land available for production and to use that which is in production more efficiently.
    g)   To explore opportunities to add value to locally grown food.
    h)   To encourage greater participation and job growth in the agriculture sector

    There are a number of key initiatives identified in the Crop Strategy that are required in order for the betterment of the island’s agriculture industry including:

    a) Recruitment of a consultant agronomist – Complete Recruitment of trainee agronomist – interview stage to provide direct support to farmers to assist the farmers with respect to:

    • Agriculture management and technological innovation,
    • in field disease identification and prevention, Ongoing – good progress made
      • Field scouting complete
      • ematode study scheduled March 2024
    • soil health and management, Survey2023 complete
    • seed selection and assessment of crop seed varieties to produce the best yields; ongoing – good progress made
    • Securing of materials and supplies for the agriculture industry, pesticide use and their application; - overseas investigation ongoing, ASC expanded
    • development of industry and grading standards; deferred lower priority
    • post-harvest handling and added value. Deferred lower priority

    b) Recruitment of an agriculture economist to undertake an assessment of opportunities for new crop varieties and means to increase production of those crops currently being grown by local farmers. Scope of works complete, Specialist identified, 24/25 budget

    c) Complete the GIS based Arable Audit to identify opportunities for new fields of production. – 2024 review – March 2024

    d) Fully implement the in-field camera monitoring program to address “night” farming. The Ministry will also be proposing amendments to the Agriculture Act 1930 to properly identify commercial farmers who sell goods roadside and to strengthen the penalties for those who participate in “night farming”. - Ongoing

    e) To develop, subject to budgetary approvals, a replacement Agriculture Services Centre and critical equipment and infrastructure to support increased local production, particularly storage of locally produced food. – Planning, building and draft contract complete - $500,000 provided in 24/25 budget

    f) To work with the Bermuda Economic Development Corporation (BEDC) to provide opportunities for local manufacturing of outputs from agriculture. – not started

    g) Over the coming year the Ministry of Home Affairs will undertake consultation with key Government and industry stakeholders to update the Crop and Dairy portions of the plan and develop the new livestock/poultry, honey production and aquaculture components.

    Theme 6: Healthcare

    Universal Health Coverage

    Introduce a Bermuda Health Plan ensuring access to affordable universal healthcare for all. Designed with technology at its core to maximize efficiencies and data-driven care, the integrated healthcare model will allow the public and private sectors to work together to reduce Bermuda’s healthcare spend while improving healthcare outcomes. This will reduce the dependency on expensive hospital care and focus more on prevention as well as primary and community care.

    Overall UHC Progress:

    • UHC is largely on track.
    • A full-time Programme Director has been hired.
    • Efforts to hire two additional project managers and a project administrator are ongoing.

    Initiatives Underway:

    • National Digital Health Programme: Vendor selected for the National Digital Health Programme. Work on building digital health options to commence in collaboration between the Ministry and the selected vendor.
    • National Health System Metrics: Preparing to establish a national digital health dashboard based on predefined healthcare KPIs/metrics. First efforts to be concentrated on developing an UHC dashboard based on programme KPIs.
    • UHC Core Health Services: Selection of core benefits packages in cooperation with health system stakeholders has kicked off, targeting completion by late April.
    • Healthcare Modelling: Initiation of healthcare modelling following the Core Benefits selection.
    • Integrated Care Pathways: Developing plans of approach for mapping three additional Integrated Care Pathways. Implementation plans for already mapped out Integrated Care Pathways in progress.
    • Health Regulations: Preparation underway to start developing necessary legislation, including the formulation of rules and policies to ensure safety and quality in healthcare services.
    • Health Care Workforce Strategy: The Health Council is commencing work on a national health workforce strategy, outlining recruitment, training, and deployment of healthcare professionals. Initiatives to Start Later:
    • National Health System Standards: Renamed to Clinical Coding Improvements to better reflect the scope of work. Will commence at a later stage.
    Reduce Medicine Costs

    Work with pharmacists, hospitals and physicians to reduce the costs of medications. As part of this, mandate pharmacies to provide pricing information on the most commonly prescribed medications, so that the Government can establish a National Drug Formulary that will set maximum pricing for these medications, which will reduce costs to consumers.

    Update for National Formulary: 

    • We have compiled the list of Pulmonary drugs and Oncology drugs to be reviewed by the Pharmacy and Therapeutics Committee. 
    • These will be reviewed in February 2024.

    Theme 7: Regulatory Framework

    Energy Regulatory Sandbox

    Develop an energy regulatory sandbox that will encourage developers of new renewable energy technology to test their products in Bermuda, giving Bermudians access to new technology.

    A regulatory sandbox refers to a regulatory environment that allows innovators to test new technologies and business models without some of the red tape and other established barriers often faced by start-ups, innovators, and new entrants to the market.

    Seabased Limited has already announced their commitment and are preparing their application to the RA.

    Marine Economic Development Zone

    Introduce a full-scale marine economic development plan in our 200-mile marine Exclusive Economic Zone, with sound conservation goals that will provide sustainable fisheries policies and programs that will create positive incentives to encourage our existing and future commercial fishermen.

    The Bermuda Ocean Prosperity Programme is a partnership between the Government of Bermuda, the Waitt Institute, and Bermuda Institute of Ocean Sciences (BIOS). The goal of the Bermuda Ocean Prosperity Programme is to foster the sustainable, profitable, and enjoyable use of ocean resources for present and future generations.

    The consultation process has been completed. A final draft will be submitted to the Ministry to publish for public comment and a request for final submissions. Those submissions will be considered by an independent committee which will be announced. Any recommendations together with the final draft will be sent to Cabinet for review.

    Economic Empowerment Zone (EEZ) in South East Hamilton

    Create an economic empowerment zone in South East Hamilton by extending the existing zone in North East Hamilton.

    The BEDC has been tasked with establishing new and regenerating existing EEZs across Bermuda. The EEZs are designated geographical areas where special programmes are implemented to close the gaps of economic differences that exist in comparison to other areas in Bermuda. This involves providing economic tools to help local businesses thrive; working with key stakeholders to address local community issues; and engaging external partners to invest in these zones.

    Despite being located on Hamilton’s active and beautiful waterfront and bounded by vibrant Front Street, South East Hamilton has not enjoyed the same level of economic development and regeneration success as can be found in other nearby geographic areas of the City of Hamilton, such as in South West Hamilton and North West Hamilton.

    Given the focused attention on regenerating North East Hamilton through the implementation of the North Hamilton Local Plan, and the introduction of new economic development tools such as Approved Residential Schemes, the Government believes there is synergistic benefit in creating a new economic empowerment zone in South East Hamilton by extending the existing zone in North East Hamilton. This expansion will result in both a direct physical and economic link between Front Street and North Street, while providing the framework for complementary economic development benefits between the 2 neighbouring areas.

    EEZ established and ERP project achieved.

    Press release sent. Website page up and running. Responding to queries from businesses and property owners in the zone. Card mailers have been printed and still be sent out - they will be distributed by the Post Office to all of Pembroke.

    Walkabout in the Zone with the Minister and the Chair to be organised once the BEDC Board has been gazetted - BEDC Board is still not gazetted.

    Establish Regulatory Regime for Cannabis

    Create economic activity by establishing a regulatory regime licensing all activities involved, directly or ancillary, to the cultivation, import, export, production, sale, supply, use or transport of cannabis or medicinal cannabis, incorporating the necessary safeguards to protect Bermuda’s children.

    The Government is keen to introduce policies that will progressively liberalize Cannabis laws in keeping with public sentiment on the topic and aligning with other jurisdictions on the matter. A proposed policy sets out the framework of what a regulated Cannabis scheme might look like for Bermuda. It has been principally influenced by existing regulated Cannabis laws in other favourable jurisdictions such as Canada and small island nations in the Caribbean.

    This initiative is “At Risk” following the UK Government’s decision on 6 September 2022 not to assent the Cannabis Licensing Bill 2022 as drafted, stating it is not consistent with obligations held by the UK and Bermuda under the 1961 Single Convention on Narcotic Drugs and the 1971 Convention on Psychotropic Substances.

    The Attorney General responded that the Government of Bermuda intends to continue to advance this initiative, within the full scope of its constitutional powers, in keeping with our 2020 General Election Platform commitment.

    The Ministry of Legal Affairs continues to formalize a strategy for the implementation of a regulated cannabis industry for Bermuda, taking into consideration international conventions.

    In parallel with the ERP, Bermuda will also continue to move forward with planned educational reforms and other social policy measures; assessing possible areas of tax and pension reform; as well as additional government initiatives to support the vibrancy of Bermuda’s international business sector.