Nova Scotia Signs Agreement with Bermuda
A memorandum of understanding signed today, Jan. 13, by Premier Rodney MacDonald and the Premier of Bermuda, Ewart Brown, will create more market diversification for Nova Scotia in a region of the world where the province is already very visible.
"Nova Scotia and Bermuda have been doing business with each other for 150 years, and we see lots more potential looking to the future," said Premier Rodney MacDonald. "Nova Scotia is well positioned to encourage new business with Bermuda in growing knowledge and financial sectors, as well as in the areas of education and tourism."
The five-year agreement will strengthen Nova Scotia's ties with Bermuda and enhance service export opportunities, tourism, transportation and health links in both jurisdictions.
"Collaboration such as this between industry, government, universities and community colleges helps to create unique programs and initiatives for our workforce," said Mark Parent, Minister of Labour and Workforce Development. "New opportunities resulting from this agreement will be attractive to immigrants, as well as Canadians working in Bermuda who wish to return home."
Nova Scotians and Bermudians work in the same time zone, speak the same language, share similar cultures and have highly skilled, educated, committed workforces with low employee turnover. For many years, hundreds of students from Bermuda have been enrolling in Nova Scotia universities and colleges, while many Nova Scotians pursue career opportunities in Bermuda.
In addition, the trade links and shipping lines that connect the two locations have progressed to include the latest technology and fibre optic cables along with a continuous flow of business and people.
"Bermuda's education and business ties with Nova Scotia have been productive for many years for countless Bermudians," said Premier Brown. "Now, on our country's 400th anniversary, we are strengthening already established ties and committing ourselves to fostering new ones for the benefit of people in both jurisdictions."
Bermuda has developed a niche in the global financial services sector, which Nova Scotia is benefitting from as a partner. Over the last three years, Nova Scotia has attracted Bermuda-based companies like Butterfield Fund Services, Marsh Captive Solutions and Flagstone, adding to the province's international business profile.
The government of Nova Scotia continues to pursue partnerships that create economic prosperity. Trade within and beyond Nova Scotia contributes to the province's global competitiveness, making it an attractive marketplace.