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Bermuda delegation continues Middle East visit

Building a relationship: Premier Paula Cox and Abdulrahman Al Shaibi, board member and managing director, Qatar Financial Centre Authority, exchange courtesy gifts

Premier and Minister of Finance Paula Cox is meeting with representatives in the Middle East this week as Bermuda works to strengthen its economic ties in the region.The Premier and a public/private sector delegation from Bermuda are on a weeklong tour, visiting member countries of the Gulf Cooperation Council (GCC) to further Bermuda’s partnerships in the region.Bermuda’s delegation consists of Wayne Furbert, Minister of Business Development and Tourism; Donald Scott, Cabinet Secretary; Jeremy Cox, chief executive officer of the Bermuda Monetary Authority; Ross Webber, Permanent Secretary of the Ministry of Business Development and Tourism; and Belaid Jheengoor, of PriceWaterhouseCoopers.Yesterday, the delegation was in Qatar where they held talks with representatives from the Qatar Financial Centre (QFC) Authority and QFC Regulatory Authority.“Bermuda must continue diversify and expand its reach, therefore it is essential that we develop deeper political and economic ties with the governments of the Gulf Cooperation Council (GCC),” Premier Cox said.“Deeper ties result in more trade and investment; increased trade and investment results in more opportunities for Bermudian companies and more jobs for Bermudians. That is why this trip is important. Bermuda is very well positioned to forge expanded links the countries of the GCC and our discussions during this visit are focused on growing ties between these countries and the Island.”Over the past two years there have been several developments regarding the GCC. Among them are Double Taxation Agreements with Qatar and the Kingdom of Bahrain.The Premier was in London this past July to meet with GCC representatives to discuss economic diversification and this past September, the Premier co-hosted the 2012 C3 Summit in New York, which examined all aspects of Middle East business and financial opportunities.Earlier in the week, the delegation visited the UAE where it participated in a series of high-level meetings in Dubai and Abu Dhabi.The GCC visit concludes tomorrow.

Middle East Talks: Premier Cox with BD&T Permanent Secretary Ross Webber, Minister Wayne Furbert, Cabinet Secretary Donald Scott and Bermuda Monetary Authority CEO, Jeremy Cox.