Financial services and movie-based tourism will be focus areas for co-operation between India and Bermuda, said Bermuda Premier Ewart Frederick Brown here on Monday.
Speaking at an interactive session organised by the Confederation of Indian Industry (CII), Dr. Brown said the two governments were likely to sign a tax information exchange agreement by the month-end. A Memorandum of Understanding had been signed with a Mumbai-based film production company and another was signed on Monday with the Film Federation of India at Chennai to invite film producers to explore locations in the Caribbean island for film shoots.
The Bermuda Premier, who says he has been a regular on Facebook since 2007, said a questioner in the online medium had wanted to know why he was in India.
Quoting an African proverb, “When the music changes, so does the dance,” Dr. Brown said the recent economic slowdown had shown new partnerships were required and old ones had to be strengthened. As a hub for insurance and reinsurance companies and firms offering other financial services, Bermuda could partner with India productively in the long-term, he said. India, as one of the largest economies in the world, in turn, could help Bermuda in multiple ways, he added.
Rajeev Ranjan, State Industries secretary, said Tamil Nadu had shown itself a favourable destination for multinational companies due to its investment-friendly climate, proactive government and abundance of skilled man power.
It is already a major hub for automotive industries and the IT sector, and the proposed financial city was likely to bring in majors in the financial services industry. With its experience in the banking and insurance sectors, Bermuda could be a significant partner in the enterprise, he said.
Walter Lister, member of the Bermuda parliament, listed the tourist attractions and facilities in Bermuda. Malcolm Moller, a member of the Bermudan delegation, talked about the insurance and reinsurance industry in the island, which is an overseas territory of the United Kingdom.
J.N. Amrolia, chairman, sub-committee on international business promotion and networking, CII-Southern Region, suggested more frequent interactions between the leaders of the two countries to promote closer ties.
