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New Bermuda Cooperative Policy Launched The Bermuda Economic Development Corporation [BEDC] announced the formal release of the New Bermuda Cooperative Business Policy, which they said marked a “historic milestone in the island’s journey toward a more inclusive and sustainable economy.” A spokesperson said, “This landmark policy provides a strategic framework to guide the establishment and growth of cooperatives in Bermuda, empowering local entrepreneurs and communities to collaborate for mutual economic and social benefit. The release coincides with the close of International Cooperatives Month [October] and ongoing global celebrations throughout 2025 as the United Nations International Year of Cooperatives. “The New Bermuda Cooperative Business Policy outlines the Government’s vision for fostering community-based, profitable, member-owned enterprises that promote shared prosperity, innovation, and democratic participation. “Business cooperatives, for profit enterprises owned and controlled by their members, represent a proven global model for inclusive growth, addressing challenges such as employment, fair trade, and local wealth retention. Through this policy, BEDC reinforces its role in advancing the Government’s commitment to strengthening Bermuda’s social economy, as first outlined in the Economic Recovery Plan.” “Cooperatives are a powerful tool for empowering people to collectively achieve their economic aspirations,” said Erica Smith, Executive Director of BEDC. “They create opportunities for ownership, collaboration, and sustainable economic development which are values that align perfectly with BEDC’s mission of supporting Bermuda’s entrepreneurs and community builders.” The spokesperson said, “Developed through research and consultation led by BEDC’s Economic and Cooperative Development Unit [ECDU], the policy provides the foundation for forthcoming cooperative legislation to be advanced by the Ministry of Economy and Labour. “It draws on international best practices from the International Labour Organization [ILO] and the International Cooperative Alliance [ICA] while aligning with Bermuda’s unique economic and legal landscape. The policy envisions a future where cooperatives flourish across multiple sectors; including agriculture, fisheries, energy, finance, technology, and housing and contribute to Bermuda’s long-term economic resilience.” “Cooperatives combine enterprise with equity,” noted William Spriggs, Director of Economic and Cooperative Development at BEDC. “This policy sets the stage for a modern cooperative framework that encourages innovation, ownership, and shared responsibility within our communities.” The spokesperson said, “The timing of this release holds special significance. As Bermuda concludes its International Cooperatives Month celebrations, the United Nations prepares to recognize 2025 as the International Year of Cooperatives, under the theme ‘Cooperatives Build a Better World.’ BEDC joins the global movement in reaffirming that cooperatives are not only for-profit business models but catalysts for economic democracy, social inclusion, and community development.” “By publishing Bermuda’s cooperative policy independently, we are inviting public dialogue and engagement ahead of formal legislation,” added Ms. Smith. “It’s an opportunity for Bermudians to understand, embrace, and shape how cooperatives can strengthen our collective future.” The New Bermuda Cooperative Policy follows below [PDF here]
