Effective October 1, 2021, David Hart is the new chief executive officer of the Bermuda Business Development Agency (BDA).

Hart is responsible for providing energetic and collaborative leadership to drive results with respect to the BDA’s mission of growing Bermuda’s economy by attracting investment and employment in targeted sectors.

“I am very excited to be joining the world-class team at the BDA, and I look forward to accelerating efforts to bring jobs and investment to Bermuda. During these uncertain times, the BDA’s mission has never been more significant,” he says.

“By building on the Island’s successful track record of global leadership, access to world markets and our uniquely talented pool of human capital, we will diversify Bermuda’s economy and support our trading partners worldwide.”

The BDA was founded in 2013 to promote and protect, in collaboration with government and the private sector, sustainable and equitable economic growth and prosperity in Bermuda.

Prior to joining the BDA, Hart served as executive vice president at the Florida Chamber of Commerce, one of the largest and most successful business advocacy organisations in the US.

Over the course of a 34-year career, he has held public service leadership positions at the federal level in Washington, DC, and at the state level in Florida. He has also been part of dynamic and growth-oriented leadership teams in the private sector and association management.

Hart was a member of the Florida Chamber of Commerce’s leadership team for 11 years, and during this time was responsible for consistently enhancing the environment to increase job growth, diversify the economy and attract additional capital investments. This resulted in Florida creating one of every 11 jobs in the US, attracting $1.19 million in capital every hour, and recently becoming ranked as the 15th largest economy in the world.

During this time, he participated in delegations to 13 countries across Europe, Asia, Latin America, and the Middle East with leaders in government and industry in order to secure additional foreign direct investment and economic growth.

A seat at the table

Just over one month into his new appointment at the BDA, Hart was already on a plane to Glasgow, UK, participating in Bermuda’s delegation to the 26th United Nations Climate Change Conference (COP 26).

“Building on our global expertise and proven track record as the world’s preeminent natural catastrophe re/insurance market, Bermuda now aspires to become the world’s climate risk capital,” Hart says.

“I travelled to COP26 as part of the Bermuda delegation with the BDA’s chair, Stephen Weinstein, and deputy chair, Susan Pateras. After Glasgow, we travelled to London for business development meetings with the Deputy Premier and Minister of Home Affairs, Walter Roban, JP, MP.

“This was on the back of two productive climate risk finance roadshows to New York City in September and October, the first of which was led by the Minister of Finance, Curtis Dickinson, JP, MP, with a third visit planned in December.

“I am extremely grateful to have the support of such a talented and dedicated volunteer board, who are 100 percent committed to Bermuda’s betterment and growth,” Hart adds.

“I could not ask for a stronger board to help deliver the BDA’s vision, to be an energetic, committed, and sustainable resource for Bermuda (both locally and internationally), facilitating and leading efforts to promote Bermuda, and consistently delivering outstanding value to all stakeholders.”

Over the decades, Bermuda has garnered a reputation as a blue-chip jurisdiction of choice because we are committed to compliance and transparency. Our robust regulatory environment remains aligned to international standards while remaining open to an enterprising spirit of innovation – particularly innovative tech.

For example, Bermuda has introduced a regulatory and supervisory team focusing on innovation and climate change specialising in the licensing and supervision of innovative business model proposals to address climate change risk and the associated protection gap.

We were able to move quickly to create a regulatory sandbox/innovation hub and through consultation with industry stakeholders, we drafted legislation and put one of the world’s first comprehensive digital asset business regulatory frameworks into practice.

“Whether it be risk, funds, or tech, Bermuda is an ideal base to bring innovative business ideas to fruition,” Hart says.