The Ministry of Finance and the Bermuda Monetary Authority (BMA) have been flying the flag for the Island at the 2010 Mexico Captive Summit this week.

The event, which has been taking place at the JW Marriott Hotel in Mexico City is being attended by with Pamela Burrows, Assistant Financial Secretary (International Business), representing the Ministry of Finance.

Ms Burrows participated in the Captive Summit Mexico earlier yesterday on a panel alongside Shelby Weldon, director of licensing and authorisations at the BMA.

The invitation to Mexico was extended to the Finance Ministry as a result of its participation in HSBC Bermuda's pre-RIMS Seminar held in Boston earlier this year. The bank's clients welcomed the opportunity to interact with Finance Minister Paula Cox, Financial Secretary Donald Scott and Ms Burrows.

"The Ministry is committed to helping Bermuda's financial services sector succeed and an important part of that job, especially during a time of great uncertainty, is getting out of Bermuda to promote the financial sector," she said.

Minister Cox said: "Bermuda is home to the largest number of captives in the world but with more people out of work, and our competitors in other places increasingly competing with us for the same business opportunities and the same customers all around the world, we do not have the luxury of being passive.

"Attracting more companies to Bermuda will create jobs, strengthen the economy and help the financial services sector to thrive."

Generating almost $1.5 billion or 25.3 percent in economic output for the Bermuda economy in 2008 and 4,433 supporting jobs, the international business sector is a key component of the Bermudian economy.

As of December 31, 2009, 15,306 international companies were registered in Bermuda and generated $71.4 million in company fees for the economy.