Bermuda Participates in Captive Summit Mexico
The 2010 Mexico Captive Summit has been taking place this week at the JW Marriott Hotel in Mexico City, and representing the Bermuda Ministry of Finance, is Assistant Financial Secretary (International Business), Pamela Burrows. Ms Burrows participated in the Captive Summit Mexico earlier today on a panel alongside Shelby Weldon, Director of Licensing & Authorisations, Bermuda Monetary Authority (BMA).
The invitation to Mexico was extended to the Finance Ministry as a result of the Ministry’s participation in the HSBC Bermuda’s pre-RIMS Seminar held in Boston earlier this year. The Bank’s clients welcomed the opportunity to interact with the Minister of Finance Paula Cox, Donald Scott, Financial Secretary, and Ms Burrows.
Assistant Financial Secretary Burrows highlighted Bermuda’s policy approach to the financial services sector and stressed the importance of the Ministry’s commitment to ensuring that a competitive, efficient, and stable financial services sector operating with integrity is in Bermuda’s best interests. She also underscored Bermuda’s role in the shaping of international standards in the financial services arena.
Ms Burrows said, “The Ministry is committed to helping Bermuda’s financial services sector succeed and an important part of that job, especially during a time of great uncertainty, is getting out of Bermuda to promote the financial sector.”
Meanwhile Minister Cox, offered her comments on the conference saying, “Bermuda is home to the largest number of captives in the world but with more people out of work, and our competitors in other places increasingly competing with us for the same business opportunities and the same customers all around the world, we do not have the luxury of being passive. Attracting more companies to Bermuda will create jobs, strengthen the economy and help the financial services sector thrive.”
Ms Burrows concluded, “I want to thank the Commercial Banking Team at HSBC Bermuda for making this speaking engagement possible. I would also like to thank Mr. Eduardo Fox of Appleby for providing me with advice on matters that are unique to Mexico.”
Generating nearly $1.5 billion or 25.3% in economic output for the Bermuda economy in 2008 and 4,433 supporting jobs, the international business sector is a key component of the Bermudian economy. As of 31st December 2009, 15,306 international companies were registered in Bermuda and generated $71.4 million in company fees for the economy.
