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Premier heading for India and the Commonwealth Games

Links: Bermuda's India liaison and trade representative Ven Subramanian.

Premier Ewart Brown is off to India again next month for a five to six day visit that will take in the Commonwealth Games

The Premier will be heading to India along with Sports Minister Glenn Blakeney and his permanent secretary, Ellen Kate Horton, and is the second trip Dr. Brown has taken to India in the last 12 months.

"The visit is anticipated to last five to six days, it is likely to include the signing of the tax information exchange agreement (TIEA) with India," said a spokesman for the Premier. Finance Minister Paula Cox announced in February she finalised the negotiations over the TIEA with India.

International media reports also indicate that "Bermuda Trade Representative to India Ven Subramanian" would be assisting with the visit.

MSN News quoted Mr. Subramanian as saying a recent delegation from India to Bermuda had involved many talks: "Some of the agreements are finalised. We hope it would be signed over the next few weeks in areas like information technology and software, surveillance and public safety."

Mr. Subramanian has met with various local media regarding plans to shoot Indian films on the Island. He told The Royal Gazette he is a Government consultant who has contacts within the Indian film industry.

Mr. Subramanian, who used to live in California but is now based in Bangalore, owns Sherwood Consultants India. His website states: "[Mr. Subramanian] has significant and diverse corporate finance, operational and entrepreneurial experience, besides extensive relationships in Indian government and industry.

"Ven has advised US-based companies in corporate finance, restructuring and business continuity as well as assisting them in obtaining equity and secured debt financing.

"Ven primarily advises companies in fund raising and oversees investments in early and mid-stage companies for private equity funds and VC firms. He specialises in assignment for the benefit of creditors and wind-downs in US and India."

The tax agreement the Premier will sign while in India will be Bermuda's 24th TIEA.

In February, soon after negotiations were finished with India, Ms Cox said the agreement would mean there will be a full exchange of information on criminal and civil tax matters between the two countries.

At the time she said: "Both the negotiations process, conducted bilaterally and in-person, and the agreement itself, together reflect a deepening and strengthening of Bermuda's strong relationship with India.

"Presently, Bermuda ranks one of the highest providers in the world of foreign direct inflows (FDI) to India, with Bermuda yielding 0.58 percent to India's total FDI. In fact, there are 120 entities in Bermuda with Indian interests. When this agreement is signed, it will further enhance investment opportunities between our two countries and is a reflection of our targeted success in negotiating TIEAs with members of the G20."

The Premier's visit to the Commonwealth Games will take place three weeks before he steps down as leader.