The Economic and Cooperative Development (ECD) Unit within BEDC is responsible for delivering measurable results within 2 primary interconnected work streams identified below.
To be clear, cooperative business development is viewed by BEDC as a tool within the over-arching idea of economic development in general. Another one of BEDC’s economic development tools within its toolbox would be the designation of Economic Empowerment Zones (EEZ’s) within the Western, Eastern and Central areas of the island. The EEZ’s, along with their various business development incentives and concessions, are designed to drive new and existing businesses to startup or relocate within an EEZ’s, thereby enabling the EEZ areas to become regenerated by way of increased economic prosperity.
BEDC has identified cooperative development as a specific work focus within the ECD Unit due to the current Government’s desire to see cooperatives develop within the island. There are various types of cooperative businesses (ie. Worker, consumer, hybrid, purchasing, agriculture), all having a unique business structure and benefits. Those desiring to learn and/or develop cooperative businesses can be more effectively served through an organized and focused approach to making all relevant cooperative development information easily accessible.
The aim, in addition to seeking funding from outside sources, is to partner with A grade cooperative development enablers to harness a critical mass of sustained intellectual capital to propel Bermuda forward as first-class experiment utilizing the most forward-thinking tools for ground up cooperative ecosystem development.