BDA’s Road to IPA – BDA’s Road to IPA

The BDA's road to becoming an investment promotion agency

Fostering collaboration and growth

The Bermuda Business Development Agency (BDA) is taking a bold step forward in its mission to attract high-value Foreign Direct Investment (FDI) with the launch of an Investment Promotion Agency (IPA) model. This transformation focuses on improving and diversifying the economy in the following ways:

Driving increased gross domestic product
Creating new job opportunities
Collaborating with local stakeholders to encourage reinvestment in Bermuda
Executing the government’s economic development strategy

Our Industries

IPA Roadmap

Our shift to an Investment Promotion Agency (IPA) model follows a structured, three-phase approach—designed for a seamless and effective transformation.

Each phase is strategically planned and executed to align with our mission of driving sustainable economic growth and attracting high-value Foreign Direct Investment (FDI).

2023

PHASE ONE

Examining Our Competitive Readiness

December 2023 – April 2024

Working with expert investment promotion agency consultants, we advanced Bermuda’s competitive readiness by taking the following actions:

Conducted a detailed benchmarking analysis to understand how Bermuda compares to other jurisdictions and identify our unique selling points.
Performed a comprehensive assessment of key industries to determine actionable steps needed to remain competitive.
Reviewed and refined the BDA’s organsational structure, implementing enhancements to align with required skill sets.
Upgraded our data-collection capabilities and initiated the revamp of our customer relationship management systems to improve efficiency and investor engagement.

Phase one of this transformation was successfully completed in April 2024.

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2024

PHASE TWO

Examining Our Foreign Direct Investment Readiness

April 2024 – Ongoing

During this second phase, we have taken concrete steps to develop our tools, technology, and team. Specifically, we have:

Retrained: BDA staff have participated in a series of virtual and in-person training sessions led by industry-leading professionals to enhance their skills.
Data-Driven Targeting: Guided by data analysis, the BDA has refined and focused its industry and market targeting to ensure the most effective utilisation of finite resources and maximise impact.
Retooled: We are in the process of rebuilding the BDA website and refreshing our marketing collateral, alongside onboarding advanced technology to identify and source high-quality leads.
Team Building: As part of our transition, we have strengthened our leadership with the appointment of Kendaree Burgess as our new Managing Director. In addition, we have welcomed industry veterans David Parker, Head of Business Development, and Simone Gibbons, Head of Marketing, Communications & Events— tasked with driving targeted market engagement and brand positioning.

To further enhance our capabilities, we have introduced key roles, including Olivia Joel as our Stakeholder Relationship Manager, alongside additional sector-specific Business Development Managers. These roles are designed to provide industry-focused expertise, address unique sector needs, and foster meaningful investor engagement.

In addition, under the leadership of Kyle Rogers, Business Research & Intelligence Manager, we have expanded our Research & Intelligence team. This enhanced team is equipped with best-in-class tools to enable data-driven targeting, providing deeper insights to identify high-potential prospects with greater precision.

The second phase remains ongoing as we continue to build on this progress.

PHASE THREE

Implementation Phase

Beginning Q4 2024 – Ongoing

In Q4 2024, we embarked on the final phase of our transformation—turning strategy into action. Building on the foundation laid in the previous phases, we are now focused on bringing our plans to life by operationalising key strategies and tools. This critical phase is driving us toward our goal of becoming a best-in-class investment promotion agency, dedicated to attracting high-value Foreign Direct Investment (FDI) and delivering long-term, sustainable economic growth for Bermuda.

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Frequently Asked Questions

What is an Investment Promotion Agency (IPA) model?

An IPA model is a structured approach focused on attracting Foreign Direct Investment (FDI) by prioritising key sectors, leveraging data-driven strategies, and offering tailored support to investors throughout their journey.

Why did the BDA transition to an IPA model?

The transition aligns with the government’s Economic Development Strategy (EDS) and positions the BDA to better attract high-value investments, create jobs, and drive Bermuda’s economic diversification and growth.

What are the key benefits of this transformation?

The new approach enhances Bermuda’s global competitiveness by providing targeted marketing, proactive stakeholder engagement, and an enhanced concierge-style service to support investors from start to finish.

What does the final phase of the transition involve?

Starting in Q4 2024, the final phase focuses on operationalising our strategies and tools, ensuring the seamless implementation of our plans to become a best-in-class investment promotion agency.

How will the new team structure support this transition?

With the appointment of Kendaree Burgess as Managing Director, alongside new Heads of Business Development and Marketing & Communications, and key roles such as a Stakeholder Relationship Manager and Business Development Managers, the BDA is well-equipped to foster industry engagement and attract investment.

How does the IPA model benefit investors?

Investors will benefit from a more tailored and responsive approach, with dedicated resources to navigate Bermuda’s business landscape, identify opportunities, and receive support throughout the entire investment journey.

What sectors is the BDA focusing on under the new model?

The BDA is concentrating on sectors that offer the greatest potential for foreign direct investment and long-term economic impact, in alignment with the government’s strategic priorities.

How does this transition support Bermuda’s long-term economic goals?

By attracting sustainable investment and fostering economic diversification, the transition contributes to increased GDP, job creation, and a more resilient economy.

What’s next for the BDA under the IPA model?

The focus will be on refining our strategies, strengthening investor relationships, and continuously enhancing our capabilities to ensure Bermuda remains a premier global investment destination.

How can businesses and stakeholders engage with the BDA under the new model?

Businesses and stakeholders can connect with the BDA through our dedicated Business Development Managers, sector-specific initiatives, and tailored investor support programmes.

Our Key People

View Full Team

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KENDAREE BURGESS

Chief Operating Officer

DAVID PARKER

Head of Business Development

SIMONE GIBBONS

Head of Marketing, Communications & Events

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OLIVIA JOELL

Stakeholder Relationship Manager

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KYLE ROGERS

Business Research and Intelligence Manager