Premier Alex Scott opened an overseas briefing to promote Bermuda as the business jurisdiction of choice by directly addressing American criticism of the Island as well as the topic of Independence.

He told the estimated 180 business leaders from the United Kingdom and Europe attending The Bermuda Briefing in London yesterday: "Let me be clear. Bermuda has a long history of supporting the United States. We value our friendship and close business relationship. Bermuda has done nothing wrong as it relates to US companies doing business there."

He pointed to a corporate tax break bill recently signed into law by US President George Bush as a solution to the controversy surrounding Bermuda over corporate inversions.

Mr. Scott said: "The American Jobs Creation Act of 2004 created international provisions that will make it easier for subsidiaries of US companies to better compete in the global economy and provide less reason for corporate inversions. The passage of the Act should finally resolve the corporate inversion issue that has unfairly buffeted Bermuda over the last few years."

The Premier told delegates that Bermuda had a "rigorous, thorough but user-friendly regulatory system that is highly effective as well as a legal system which mirrors that of the United Kingdom and provides for all the basic protections and rights under the law."

He said: "We have a business community that is highly competitive on the global stage and that helps others compete as well. We are proud of what we have accomplished in the international business world and believe in our own sovereignty."

Premier Scott assured delegates that the Island will hold a "civil discussion" on the subject of Independence from the UK and any decision will be "based on the facts and as well as the views of our people".

"One of the benefits of our success as an Island is that we are politically and economically stable. That stability has allowed us the opportunity to consider our Independence from the United Kingdom. It is the natural evolution of any country to pursue independence if its people are ready and able to do so," the Premier said. "I can also assure the business community here today that Bermuda has faced change before and business has continued to function as usual. This will continue to be the case regardless of the outcome of the Independence discussion in Bermuda."

The goal of The Bermuda briefing organised by the Bermuda International Business Association was to offer UK and European business professionals as well as media an opportunity to learn more about Bermuda, its key business divisions including hedge funds, trusts and securitization and its regulatory and e-commerce environment.

The Premier told delegates that Bermuda is no longer an isolated marketplace, but a "vital cog in the ever rotating wheel of international financial markets".

He said: "Throughout our history, the Bermuda Government and the Bermuda business community have worked together seamlessly to create a place that combines appropriate regulation, intellectual talent, state-of-the-art communications, and capital to attract and grow business. Bermuda is not just an idyllic vacation spot; it is an international focal point for financial services."

Premier Scott also told delegates the Island was focused on quality rather than quantity.

He said: "We are a place that attracts the best and brightest. Our government remains committed to Bermuda continuing to be one of the most business-friendly jurisdictions in the world; allowing businesses to maximise their growth potential with appropriate oversight from Government. But, we will not compromise our standards for the sake of growth. Growth at all costs is quite simply not what we are about."

Delegates also heard that the Bermuda Stock Exchange has been approved by the SEC as a designated offshore exchange and accepted as a full member of the World Federation of Exchanges. The Premier also highlighted Bermuda's growing hedge fund industry which now has 1,542 funds domiciled on-island with a net asset value of $115.84 billion.