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| Bermuda, Bahrain Explore Economic Synergies |
by Phillip Morton, Investors Offshore.com
Monday, July 05, 2010
Bermuda and Bahrain have agreed to work together to develop a multi-faceted relationship
and to explore numerous opportunities covering investment, insurance and re-insurance,
following the signing, earlier this year, of a convention for the avoidance of
double tax and fiscal evasion.
Consistent with her stated commitment to growing Bermuda’s international
business sector, Bermuda's Finance Minister Paula Cox said that she would be accompanied by a high level economic
delegation in an official visit to Bahrain during the first week of July. As
part of the visit, Bermuda's delegation was to hold a joint conference ‘on Global Financial
and Insurance Services’ with their Bahraini counterparts, Cox announced. She explained:
“Nothing is more important to the Ministry of Finance than promoting
increased economic ties between Bermuda and its many trading partners. This
includes not only encouraging Bahraini companies to increase their business
in Bermuda, but also helping Bermuda companies to grow in Bahrain.”
“The goal of the Forum is to connect Bermudian and Bahraini firms to
stimulate Bermuda – Bahraini commercial growth. The event will include
presentations by senior Bermudian administration officials, and executives from
leading Bermudian firms. The Forum will give participating Bermudian companies
the opportunity to meet with potential business partners and network with key
Bahraini government and industry officials.”
Bermuda entities with Bahrain interests are expected to grow significantly
as local service providers expand their offerings to the Middle East and the
North African market utilizing Bahrain as a regional gateway jurisdiction, in
addition to offering Middle Eastern clients immediate access to Bermuda, Cox
concluded.
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