The Bermuda Business Development Agency (BDA) is reimagining its approach to economic development with the implementation of an Investment Promotion Agency (IPA) model designed to attract targeted foreign direct investments and stimulate economic growth. Under the leadership of newly appointed Managing Director Kendaree Burgess, the organization is shifting towards a data-driven strategy that prioritizes measurable outcomes such as job creation and business incorporations.
The new approach represents a significant strategic pivot for the BDA, focusing on identifying and cultivating investment opportunities that can diversify Bermuda's economic landscape. By concentrating on sectors with high potential for growth, the agency aims to boost gross domestic product and align with the government's broader economic development objectives.
Burgess, who brings over 25 years of cross-sector executive experience, previously served as CEO of the Bermuda Chamber of Commerce and joined the BDA in March 2023 as Chief Operating Officer. Her leadership has been instrumental in streamlining operations and setting a clear trajectory for the organization's transformation.
Key to the new strategy is a strengthened leadership team that includes industry veterans David Parker as Head of Business Development and Simone Gibbons as Head of Marketing, Communications & Events. The team will work collaboratively to target meaningful investment opportunities and build sustainable partnerships that can drive long-term economic growth.
A notable innovation in the new model is the creation of a Stakeholder Relationship Manager role, filled by Olivia Joell, which will focus on deepening engagement with local industries and encouraging reinvestment. This approach recognizes that a substantial portion of foreign direct investment traditionally comes from companies already operating within the jurisdiction.
The BDA's strategic shift is not merely about attracting new investments but about creating tangible benefits for Bermuda's residents. By prioritizing transparent reporting and concrete results, the organization seeks to demonstrate the real-world impact of its investment promotion efforts. The agency plans to engage closely with industry leaders and build partnerships that can unlock new economic opportunities for the island.
Susan Pateras, a BDA Board member, emphasized the collaborative nature of this approach, highlighting the support from government and industry partners. The IPA model is designed to be adaptable and responsive to the evolving needs of potential investors while maintaining a clear focus on Bermuda's economic development goals.
As Bermuda positions itself as a premier global investment destination, the BDA's new strategy represents a forward-looking approach to economic growth. By leveraging data, fostering strategic partnerships, and maintaining a commitment to measurable outcomes, the organization aims to create a robust and diversified economic environment that can attract high-value investments across multiple sectors.
