Bermuda, Bahrain Explore Economic Synergies

by Phillip Morton, Investors Offshore.com

05 July 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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