Bermuda’s $80 billion role integral to global economy

Business Bermuda released a report detailing the Island’s role in the global economy, just in time for the start of the New Year. The report, which looked at the Island’s long-term trade and investment relations with 10 of its biggest economic partners, covers 2011 and reveals the integral role that Bermuda business plays in the global economy.

According to the report, Bermuda’s two-way trade with the rest of the world totalled $80 billion in 2011, while Bermuda’s multi-nationals generated $100 billion of direct sales in 10 significant markets through subsidiaries in the financial services and manufacturing sectors, creating 600,000 jobs worldwide.

Bermuda’s largest partner is the US. The Island invested $55 billion in the US last year, with bilateral business relations creating 300,000 jobs. Bermuda has also emerged as Ireland’s number one global investment partner.

According to Cheryl Packwood, CEO of Business Bermuda, Bermuda’s reputation for economic stability and its deeply experienced financial sector are key to the size of its economic profile in the world economy.