Bermuda Business Development Agency Adopts IPA Model to Boost Economic Growth

The Bermuda Business Development Agency (BDA) is undergoing a significant transformation by adopting an Investment Promotion Agency (IPA) model, a move designed to attract high-value foreign direct investment (FDI) and generate substantial economic benefits for Bermuda. This strategic shift, led by Managing Director Kendaree Burgess, who brings over 25 years of executive experience, aims to reposition the BDA to drive business incorporations, create employment opportunities, and enhance Bermuda's appeal as a global investment destination.

Since joining the BDA in March 2023 as Chief Operating Officer, Burgess has played a pivotal role in streamlining operations and setting a clear direction for the agency's transition to the IPA model. This new approach focuses on targeted market engagement and forging strategic partnerships, with key leadership roles being filled to support this vision. David Parker has been appointed as Head of Business Development, Simone Gibbons as Head of Marketing, Communications & Events, and Olivia Joell in the newly created role of Stakeholder Relationship Manager, tasked with strengthening ties with local industries and promoting reinvestment.

The IPA model will prioritize sectors with the highest potential to diversify Bermuda's economy and align with the government's economic development strategy. The BDA is committed to attracting investments that not only offer significant opportunities for Bermuda's residents but also deliver transparent, measurable outcomes. Susan Pateras, a BDA Board member, underscored the importance of collaboration in this transformation, emphasizing that successful investment promotion hinges on close cooperation with government entities and local stakeholders to foster a business-friendly environment conducive to economic expansion.

By focusing on actionable, data-driven strategies, the Bermuda Business Development Agency is set to attract foreign direct investment that capitalizes on the island's unique advantages, supporting sustainable economic development and reinforcing Bermuda's position on the global stage.