Bermuda’s corporate services minister has signed an agreement with US tech giant Microsoft to invest up to $1.2bn in Bermuda-based cloud computing and enterprise services provider BermudanCloud, the government said.
“I am delighted to welcome Microsoft to the Bermuds.
Our partnership with Microsoft is going to make our economy more competitive and enable the country to become more competitive globally,” Governor Mary Hogan said in a statement on Monday.
Microsoft has recently signed a deal with BermadansCloud, with the firm providing cloud computing services for the country.
It will also offer other services, such as IT infrastructure management, financial services and healthcare.
Microsoft previously provided cloud computing for Bermudias cloud services.
BermudeansCloud is a private company and is part of BME.
Bermuda’s private sector has been growing at a rapid pace in recent years, thanks to the strong economic growth in the country, which has seen a growth in job growth, exports and investment.
BME is a part of the BME region, which comprises Bermurals North Atlantic territory and adjacent waters, as well as the mainland.
Bermuda’s economy grew by 6.2% in the third quarter of this year, according to the Ministry of Finance.
It had been growing by 3.4% in 2016.