Finance Minister Paula Cox will lead a delegation on a trade mission at the inaugural Bahrain/Bermuda Conference on Global Financial and Insurance Services held in Bahrain next month.

The event, which will take place at the Hotel Ritz-Carlton on Tuesday, July 6, will be jointly hosted by the Central Bank of Bahrain who will join with the Bermuda delegates in presenting the opportunities available in the financial services sector of both countries.

"Nothing is more important to the Ministry of Finance than promoting increased economic ties between Bermuda and its many trading partners," said the Minister. "This includes not only encouraging Bahraini companies to increase their business in Bermuda, but also helping Bermuda companies to grow in Bahrain.

"The goal of the conference is to connect Bermudian and Bahraini firms to stimulate Bermuda - Bahraini commercial growth. The event will include presentations by senior Bermudian administration officials, and executives from leading Bermudian firms. The Conference will give participating Bermudian companies the opportunity to meet with potential business partners and network with key Bahraini government and industry officials."

Links between the two countries were strengthened when Bermuda signed a Double Taxation Agreement (DTA) with the Kingdom of Bahrain at a ceremony in Washington, DC, in April. H.E. Shaikh Ahmed bin Mohammed Al-Khalifa, Finance Minister, signed the agreement for the Kingdom of Bahrain.

The agreement was the first full DTA signed by Bermuda and includes a provision for a full exchange of criminal and civil tax matters between the two countries.

Bermuda and Bahrain have agreed to work together to develop a multi-faceted relationship and to explore numerous opportunities covering investment and re/insurance.

Moreover, both countries have also committed to establish a joint economic committee that will meet annually to further develop economic ties that will facilitate further outreach to other countries within the Gulf Co-operation Council.

"Many of our local service providers have an extensive experience of Islamic structured finance including both conventional and Shar'iah investment funds," said Ms Cox. "Moreover, it is likely that the global market for Islamic insurance or Takaful, will continue to grow, opening exciting possibilities for Bermuda reinsurers."