Business Bermuda NY & DC Marketing Tours
Business Bermuda has undertaken an active one-to-one marketing campaign in New York and Washington, DC with the support of Bermuda’s Ministry of Finance that has led to several significant business opportunities for the jurisdiction.
Commencing on February 8, 2012 in New York and then again on March 28-30, 2012 in New York and Washington, DC, Business Bermuda has implemented a focused marketing strategy which has sought to build relationships with the commercial attachés at the New York-based Consulates of countries with tax information exchange agreements with Bermuda. In addition, Business Bermuda has met with key lawyers at leading law firms that are focused on the asset management and fund sectors.
From left to right: Pamela Burrows, Assistant Secretary of Finance, Cheryl Packwood, CEO of Business Bermuda, Richard Leather, Senior Trade & Investment Commissioner, USA, The Hon. Paula A. Cox, Premier of Bermuda, Phillip H Scanlan AM, Consul, General, Australia, David Gorman, Senior Investment Director, Australia, Scott Simmons, Press Secretary, Whit Clay, Partner, Sloane & Company.
Ms. Cheryl Packwood, the CEO of Business Bermuda, was joined in the meetings by Ms. Pam Burrows, Assistant Financial Secretary, the Bermuda Ministry of Finance and Whit Clay, Managing Director and Partner of Sloane & Company.
On Friday, March 30, 2012, Premier and Minister of Finance Paula Cox led the meeting with Australian Consul General Phillip Scanlan and Australia Unlimited, the Australian Trade Commission organization in the United States. Mr. Scott Simmons, Charge d’Affairs for the Premier participated in additional meetings in New York that day.
The meetings have been focused on three goals including: establish and build a personal relationship and point of contact with the commercial attachés and lawyers; listen, learn and understand the key forces in the market that are driving business decisions so that Bermuda’s marketing efforts can be more effective; and, provide information and background on Bermuda’s international business community and the regulatory environment and offer several ideas for immediate cooperation.
The meetings have included:
- Michael Tannenbaum, Partner, Tannenbaum Helpern Syracuse & Hirschtritt, LLP
- Consulate General of Mexico – New York, NY
- Consulate General of Brazil – New York, NY
- Consulate General of Turkey – New York, NY
- Consulate General of Canada – New York, NY
- Peter O’Driscoll, Partner, Orrick, Harrington & Sutcliffe, LLP
- IRB Reinsurance (Brazil) – New York, NY
- Consulate General of the Netherlands – New York, NY
- Banco do Brasil – New York, NY
- Embassy of Kenya – Washington, DC
- Embassy of the United Arab Emirates – Washington, DC
- Embassy of Vietnam – Washington, DC
- Tod Ackerly, Of Counsel, Covington & Burling, LLP – Washington, DC
- SIFMA – New York, NY
- Consulate General of India –New York, NY
- Australian Consulate General – New York, NY
- Irwin Fisher and Irwin Latner, Partners, Herrick Feinstein LP – New York, NY
“While there is a lot of discussion about the marketing of Bermuda for international business and the structure that these efforts will take, we are moving forward with actions that will continue to establish and build our jurisdictions reputation and relationships both in the United States and around the world,” said Ms. Packwood. “
The economy is rebounding in certain parts of the world and Bermuda needs to be in the market now if it wants to be an effective partner with other countries. We appreciate the efforts of the Ministry of Finance and the Premier to join us and support this effort.”
Ms. Packwood added, “Focusing our efforts on meeting with commercial attachés at consulates and embassies that are in New York and Washington, DC is a very cost effective way to establish a rapport and an efficient means to identify opportunities for private sector cooperation.
“There are several key things that we learned from these meetings which include the fact that Bermuda is well-regarded, but more importantly needs to actively engage with these nations in order to open the doors necessary for doing business.”
“We know that some people question what gets accomplished, but when a meeting at a consulate leads to a follow-up introduction to a business that is looking to establish in Bermuda then we know it is worth the effort. This happened in New York last week and we are confident that the jurisdiction will see the fruits of this labor.”
In addition to opening of doors to international markets, Business Bermuda has learned much from several key attorneys about the need to differentiate the jurisdiction and the opportunities for Bermuda in the asset management and fund sectors.
Ms. Packwood commented, “Simply put, the other jurisdictions have been more aggressive at marketing and taking actions to attract business. This is the perception.
“In order to change this, Business Bermuda in conjunction with the Bermuda Bar Association is working to pull together a half-day private session with a half dozen or more lawyers from the U.S. and Bermuda along with our government and regulators to have working discussions on practical actions to be taken that will make Bermuda more attractive for asset management business.
“The end result of this is a demonstration that the door is open for business in Bermuda and we are willing to work with service providers that are the sources of business to make things happen more efficiently and cost-effectively for them.”
