‘We’re familiar with the Enterprise City model’

Could an Enterprise City concept work in Bermuda?

Erica Smith, executive director of the Economic Empowerment Zones, told the Bermuda Sun that we already do part of what Enterprise City does.

“To a certain extent, the EEZ is a bit of an Enterprise City,” she told us.

“In Cayman, you have the opportunity to take undeveloped land. In Bermuda, you would have to look at areas that are developed already.”

She said in Bermuda there is challenge and opportunity in the EEZs in that there isn’t a clean slate but instead, already established people, businesses and properties. 

Ms Smith said: “Part of it is how we work in collaboration with all that to see some growth.”

She added that some aspects of the Cayman Islands model already exist here, so the question becomes “do we want to create a whole new area?

“The EEZs already accomplish a lot of what Enterprise City does. We might not have focused a target on a particular industry, but that is something we have been considering. Our focus has to be in line with what the Government wants as its focus.”

She said once there is clarity on what types of businesses Government wants to have in Bermuda, then the EEZ can focus its efforts on incentives to lure that type of business: “We already have a lot of incentives. Our role is to try to make people aware that they’re available.”

Some of these incentives include: 

• Deferred customs duty on major redevelopments up to five years;

• New businesses moving into the EEZ get payroll tax concessions down to the lowest rate for over two years;

• Preferential loan rates for Northeast Hamilton from HSBC and Butterfield Bank;

• St George’s and Somerset EEZ new business can also get low loan rates on a case-by-case basis.

Roxanne Christopher, economic development officer for Northeast Hamilton EEZ, who has done research on Enterprise City, said: “There are many aspects that could be replicated to a degree locally.”

She said the use of undeveloped spaces is one component: “There are some aspects which can be done through all our various zones. But we have to have the resources to get that off the ground.”

She said one of the ideas that could work here is the setting up of medical research facilities and IT companies at Southside.

Ms Christopher said the shared office space concept could be used to help bring more people into the areas. 

She added that one example of that, even though it was outside of the EEZ, was Tim Miller’s Nineteen.bm, which is located on Queen Street: “It can be a brainchild for new business ideas, concepts and startups. 

“There are opportunities that are left stagnant and that are undeveloped all throughout the island.”