July: Bermuda/Bahrain Conference To Be Held
Minister of Finance and Deputy Premier Paula Cox will lead a delegation on a trade mission to Bahrain to attend the first Bahrain/Bermuda Conference on Global Financial and Insurance Services, to be held at the Hotel Ritz-Carlton on July 6, 2010.
The Conference will be jointly hosted by the Central Bank of Bahrain who will join with the Bermuda delegates in presenting the many opportunities that are available in the financial services sector of both countries. Bermuda is a international financial center and is home to a formidable insurance and re-insurance sector while Bahrain has emerged as a strong economic force in the Gulf region.
Minister Cox said:
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 Conference 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 Conference will give participating Bermudian companies the opportunity to meet with potential business partners and network with key Bahraini government and industry officials.
Links between the two countries were strengthened considerably recently when Bermuda signed a Double Taxation Agreement (DTA) with the Kingdom of Bahrain on April 22 of this year at a ceremony in Washington, DC. H.E. Shaikh Ahmed bin Mohammed Al-Khalifa, Minister of Finance, signed the agreement for the Kingdom of Bahrain. The agreement was the first full DTA signed by Bermuda and includes a provision for a full exchange of criminal and civil tax matters between the two countries. The signing marked a new chapter in the growth of Bermuda as one of the world’s leading offshore financial centers and its positioning as a key jurisdiction for Islamic product offerings.
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Shaikh Ahmed bin Mohammed Al-Khalifa with Minister Burch
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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. Moreover, both countries have also committed to establish a joint economic committee that will meet annually to further develop economic ties that will facilitate further outreach to other countries within the Gulf Cooperation Council.
Bermuda entities with Bahrain interests are expected to grow significantly as local service providers expanding their offerings to the Middle East and the North African market utilizing the Kingdom of Bahrain as a gateway jurisdiction, in addition to offering Middle Eastern clients immediate access to Bermuda. “Many of our local service providers have an extensive experience of Islamic structured finance including both conventional and Shar’iah investment funds. Moreover, it is likely that the global market for Islamic insurance or Takaful, will continue to grow, opening exciting possibilities for Bermuda reinsurers,” Minister Cox said.
Abdul Rahman Al Baker, Executive Director, Financial Institutions of the Central Bank of Bahrain, said that he and his colleagues are pleased to welcome Deputy Premier and Finance Minister Cox and the Bermuda delegation to Manama and that the event will be held in Bahrain at this time. “It will further enhance areas of cooperation and coordination among key players in the financial services sectors of our two countries. We look forward to a highly successful conference.”
Robert Ainey, CEO of the Bahrain Association of Banks, said:
The Bahrain Association of Banks welcomes our distinguished visitors from Bermuda and wishes them a pleasant stay and series of productive meetings. BAB has hosted several inward visits of foreign bankers and others in financial services with the aim of encouraging them to use Bahrain as their hub or gateway to the greater GCC region. At the same time, we hope these visits will also serve the domestic financial sector by exposing it to international opportunities and stimulating growth.
