Government has turned to advertising and commissioning features in business magazines and online in a bid to improve Bermuda's image as a top business centre.

The Ministry of Finance sponsored an article written by SML Strategic Media on the Foreign Affairs website entitled 'Why the United States Needs Bermuda' which marketed the Island as a leading place to do business.

Finance Minister Paula Cox yesterday revealed her department's international business unit had a budget of $500,000 to spend on such projects this year, while the Bermuda International Business Association (BIBA) already receives a $2.6 million handout from Government to promote Bermuda as a premier domicile.

The two-page report, which features an advertisement proclaiming "Bermuda — a Sophisticated International Business Domicile Known For: KYC, Probity, Market-Driven Solutions, Global Reach and Endurance", focuses on the strengths of the country's insurance industry and touts the effectiveness of its regulatory framework.

Ms Cox said: "This report is aimed at ensuring that the Bermuda name is top of mind when it comes to international business.

"We have a long history in the industry, and we want to let potential clients know that Bermuda is an innovative, safe and dependable jurisdiction in which to conduct business."

But she added that the promotion was nothing new, with funding in place for future projects with other publications.

"This form of promotion is not new for the Ministry of Finance," she said. "In addition to supporting BIBA with grant funding of $2.6 million for marketing and promotion of our jurisdiction as a premier domicile, the international business unit in the Ministry of Finance has a budget of $500,000 that is used for strategic productions over the course of the year.

"These productions are very similar to what appeared in the September/October 2008 edition of Foreign Affairs. Other media that the Ministry of Finance has used in the past include Euromoney and Smart Money (The Wall Street Journal Magazine).

"You will note that the magazines are of a certain brand and pedigree in keeping with Bermuda's reputation as a top tier international financial centre. Later this week I will be doing an interview with United International Press, who has been commissioned to produce an economic investment report on Bermuda. And this particular report will be distributed in the New York Post, one of the leading newspapers in the New York metropolitan area."

The report claims that by offering new lines of business and products while maintaining its efficient and commercially sensible regulatory framework, the Island can capitalise on the increased globalisation of the insurance industry, poised to further enhance its status as a world insurance facilitator.

But it warns that the global outlook for the country appears to be challenging, with troubled financial markets, rising insurance centres across the globe, and the upcoming US presidential elections all playing their part in a constantly changing environment.

It quotes, among others, Ms Cox, Greg Wojciechowski, president and CEO of the Bermuda Stock Exchange and US Consul General Gregory Slayton.