Parts of the global economy are rebounding and one of Bermuda’s most visible promotional groups has been trying to capitalise on the uptick.Business Bermuda, which is soon to be merged with the Insurance Development Corporation, spent time in New York and Washington, DC in February and March meeting commercial attaches at Consulates and Embassies as well as with lawyers representing asset managers and fund sectors.“The economy is rebounding in certain parts of the world and Bermuda needs to be in the market now if it wants to be an effective partner with other countries,” said Cheryl Packwood, CEO of Business Bermuda. “We know that some people question what gets accomplished, but when a meeting at a consulate leads to a follow-up introduction to a business that is looking to establish in Bermuda then we know it is worth the effort. This happened in New York last week and we are confident that the jurisdiction will see the fruits of this labour.”Ms Packwood was joined in the meetings by Pam Burrows, Assistant Financial Secretary, the Bermuda Ministry of Finance and Whit Clay, Managing Director and Partner of Sloane & Company. On Friday, March 30, 2012, Premier Paula Cox led the meeting with Australian Consul General Phillip H Scanlan AM and Australia Unlimited, the Australian Trade Commission organisation in the United States.The meetings were focused on building relationships, learning the key forces in the market driving business decisions and looking for ways for “immediate cooperation”.In addition to opening of doors to international markets, Business Bermuda has learned much from several key attorneys about the need to differentiate the jurisdiction and the opportunities for Bermuda in the asset management and fund sectors.“Simply put, the other jurisdictions have been more aggressive at marketing and taking actions to attract business,” said Ms Packwood.“This is the perception. In order to change this, Business Bermuda in conjunction with the Bermuda Bar Association is working to pull together a half-day private session with a half dozen or more lawyers from the US and Bermuda along with our Government and regulators to have working discussions on practical actions to be taken that will make Bermuda more attractive for asset management business.“The end result of this is a demonstration that the door is open for business in Bermuda and we are willing to work with service providers that are the sources of business to make things happen more efficiently and cost-effectively for them.”In the Government’s Budget report announced in February, Business Bermuda had half a million dollars slashed from their budget, going from $2.5 million to $2 million.A time frame was not given for when the merger between Business Bermuda and IDC would take place but it is understood that discussions have begun to take place.