Top executives of global giants are to jet in to Bermuda for the first Island America’s Cup races this weekend, America’s Cup supremo Sir Russell Coutts said yesterday.

Sir Russell said top executives from America’s Cup sponsors Louis Vuitton, luxury car maker BMW and US TV station NBC would be visiting the Island for the first time for the World Series races — which would help put the Island on the map, not just for tourism, but for business as well.

He added: “There are going to be a lot of important guests coming in this weekend, many of them seeing Bermuda for the first time. There’s a long list and it’s a fantastic thing.

“People think of Bermuda as an island in the Caribbean but it’s very different from the Caribbean and in a very nice way.”

And Sir Russell said: “I think the trickle-down effect won’t be recognised instantly, but by the close of 2017 everyone will see it.

“There are so many things this event will bring — it will be a fantastic thing for the Island.”

Sir Russell was speaking as he opened wholesaler Butterfield & Vallis’ trade show yesterday.

He said: “This is about the America’s Cup too, whether it’s the importer bringing in goods or people on press trips, all of that forms part of the America’s Cup.

“Everybody focuses on the racing, but there is all the other activity around it as well.

“There will be lots of things happening around the Cup that will make it a festival of the sport and this event is in keeping with the America’s Cup programme.

“We set out with the objective from day to put back into the community and, step by step, that’s happening.”

Sir Russell said this weekend’s World Series races would give dozens of Bermuda businesses a showcase and a chance to boost income.

He added: “There are so many other spin-offs and people are starting to recognise it, although they won’t see it until the event unfolds and they start to see the scale of the event.”

The Butterfield & Vallis trade show at the Hamilton Princess showcased nearly 50 suppliers of foodstuffs to Butterfield & Vallis from North America and Europe.

Minister for Economic Development Dr Grant Gibbons said: “Their timing was great — it’s a good weekend to bring suppliers in.

“Hopefully, they will go back and say what an exciting weekend they have had in Bermuda. It’s the kind of thing we need from a business perspective.”

Dr Gibbons added: “The America’s Cup is providing greater visibility — people are talking about Bermuda and taking about Bermuda in a very positive way.”

He said that there were very few major sporting events Bermuda could host due to the Island’s size.

Dr Gibbons added: “To have something which is as well-known as the America’s Cup, to have it based here and Bermuda called the home of the 2017 America’s Cup is great across a whole range of sectors. It’s already having an impact across various sectors of business.”

Dr Gibbons said that people tended to think of the event as tourism-related — but that the demand from sponsors and teams for a wide range of services would benefit the Island economy.

He added: “This trade show is just another example of how local businesses working with suppliers and others will increase confidence and revenue opportunities over the next couple of years.”

Dr Gibbons said that nearly 60 small Bermudian businesses would be involved in the weekend’s racing as vendors in the hospitality area.

And he added: “They will get visibility and get customer traffic as well. As it works through the community, it will provide the knock-on effect we are looking for.”

American Chris Rider was on his first visit to Bermuda to promote food company Rich Products, based in Buffalo, New York State, which produces whipped toppings, cakes doughnuts, flatbreads and pizza.

He said: “I got here two days ago and I’m staying at Coco Reef and having a phenomenal time so far.

“I’m staying for the weekend to see some of the festivities and all Bermuda has to offer.”