19 May 2017News

New York event highlights Bermuda’s role in global economy

Bermuda plays a special role in the global economy, billionaire Michael Bloomberg has announced at an event in New York.

The founder of Bloomberg and three-term former New York mayor was speaking at a forum on May 17 at Bloomberg headquarters, co-hosted by the Bermuda Business Development Agency (BDA). Titled ‘The Future of International Business Deals: How to Position for Long-Term Growth,’ the awareness-raising event brought together more than 150 senior US business leaders for in-depth panel discussions on issues important to the Bermuda market.

"Our company is always looking for ways to give people the information they need to make smart decisions and fuel growth, and one of the things we're trying to do is bring people together to share ideas and learn something," Bloomberg said.

"The island plays a special role in the global economy; it helps to fuel growth and support jobs through trade and investments, so we have stake in Bermuda's growth and also in some of the changes that are taking place in the world," he noted, adding he has owned a home in Bermuda for more than 20 years.

Bloomberg introduced Bermuda Premier Michael Dunkley for a live, half-hour interview that launched the three-hour afternoon event aimed at raising Bermuda's profile among New York-based corporate executives. Premier Dunkley's question-and-answer session with Bloomberg editor-in-chief Emeritus Matt Winkler was staged before an audience of asset managers, hedge fund, private equity and institutional investors, and was streamed on all Bloomberg terminals.

Their conversation covered the attraction of Bermuda to foreign investors, the island market's growth, high performance and recent diversification, and the safe harbour Bermuda offered amid geopolitical uncertainty triggered by Brexit and possible tax reform by the US Trump Administration.

Finance Minister ET (Bob) Richards and Minister of Economic Development Dr Grant Gibbons attended the event, along with senior representatives from Bermuda's international business sector.

"It's an honour to have the opportunity to be at Bloomberg headquarters and to have the former Mayor introduce the event," said the Premier. "The opportunity to talk about Bermuda in front of a first-class audience, with good panel discussions, and an awesome opportunity to network. It raised awareness and it's clear people are excited about Bermuda."

"This event was a prime opportunity to heighten Bermuda's profile as a top-tier jurisdiction and raise awareness about what our market offers US corporations," said BDA CEO Ross Webber. "The high-profile nature of this forum, with the added benefit of Mike Bloomberg's personal endorsement, has considerably strengthened awareness of Bermuda and differentiated us from other offshore domiciles."