The Bermuda Business Development Agency (BDA) has announced a strategic transformation into an Investment Promotion Agency (IPA), signaling a significant shift in its approach to economic development. Under the leadership of new Managing Director Kendaree Burgess, the agency aims to attract high-value foreign direct investment and generate measurable economic outcomes.
The new IPA model prioritizes data-driven strategies targeting business incorporations, long-term investments, and enterprise growth. By focusing on key performance metrics, the BDA intends to strengthen Bermuda's position as a premier global investment destination.
Burgess, with over 25 years of cross-sector executive experience, will lead efforts to diversify the economy and support the government's economic development strategy. The leadership team has been expanded to include industry veterans David Parker and Simone Gibbons, who will drive market engagement and brand positioning.
A notable addition to the team is the new Stakeholder Relationship Manager role, held by Olivia Joell. This position aims to deepen engagement with local industries and encourage reinvestment, recognizing that a significant portion of foreign direct investment comes from existing businesses.
The agency's strategic approach centers on identifying and prioritizing sectors with the highest potential for economic diversification and growth. Over the next six months, the BDA will focus on building partnerships and engaging with industry leaders to demonstrate the effectiveness of the IPA model.
By emphasizing transparent reporting and concrete results, the BDA seeks to showcase the tangible benefits of its new approach to everyday Bermuda residents. The transformation represents a bold step towards creating expanded economic opportunities and positioning Bermuda as a competitive global investment hub.
