MONDAY, OCTOBER 24: Business Bermuda, the organisation that works with Bermuda-resident companies and the government to develop and promote Bermuda internationally as the jurisdiction of choice, put a powerful case for the island’s financial services industry as a global leader at an event in London.

The Commonwealth Secretariat and International Financial Centres Forum roundtable event at Marlborough House, London, allowed representatives of Business Bermuda to analyse the challenges facing international financial centres in the current economy and argue that Bermuda provides a significant competitive advantage to the firms based on the island and helps sustain growth and jobs in larger economies.

Arguing against the misinformation and common stereotypes often met by centres like Bermuda, the presentation highlighted the recent Economic Impact Survey which showed that Bermuda was the most important international provider of insurance services to the United States and that its trade and investment relationship with the United States sustained 301,000 jobs in 2010.

The panel discussed the importance of the Organisation for Economic Co-operation and Development and its peer review as creating a level playing field amongst the smaller centres in which Bermuda, as the first country to ascend to the top of the list and as Vice-Chair of the Global Steering Committee, has played a key role.  

Neil Horner, head of the corporate at Attride-Stirling & Woloniecki, who attended the event said: “The conference was very constructive. A key take-away was the need for small centres to share perspectives and work together to meet the challenges that we all face.  When we work together we are very strong.

“It emerged clearly from the meeting that small centres improve capital markets efficiency, liquidity, investment and job creation in major economies with which they maintain trading relationships.

“In addition, the small international financial centres have been a key part of developing greater transparency and information exchange, permitting a move towards a level playing field. Bermuda has played a major role in this process, being the first country to ascend to the top list and is Vice-President of the Global Forum on Transparency and Exchange of Information for Tax Purposes.”