Pursuant to a request made by the Government of Bermuda to connect with Indian businesses in USA, the Consulate General of India, New York hosted a Financial Services and Technology Summit in association with the Government of Bermuda and Bermuda Business Development Agency on May 20, 2014.

Consul General Dnyaneshwar M. Mulay welcomed the guests and explained the trilateral business opportunities. He extolled the event as an opportunity for Bermuda to engage with India's business community in New York and vice versa.

(L to R) Mr. Bill Hanbury, Mr. Praveen Kumar, Mr. Ashok Kumar Garg, Consul General Dnyaneshwar M. Mulay, Ms. Cheryl Packwood, Mr. Ross Webber, Ms.  Meenakshi Vashist, Vice Consul Mr. Shambhu Amitabh

Ms. Cheryl Packwood, Overseas Representative, Washington DC Office, Government of Bermuda, thanked India for providing an opportunity for Bermuda to share its view on global economy and to expand and build relationships with countries around the world. She also pointed to the role of the Bermuda Business Development Agency in supporting the event. Ms. Packwood hailing Bermuda's highly respected world class business infrastructure referred to Bermuda's strategic geographic location - two hours from New York - which makes it perfect for locating international financial and technology businesses.

Mr. Ashok Kumar Garg, Chief Executive U.S. Operations, Bank of Baroda, highlighted the critical role played by banks in the economic development of developed and developing countries. He also pointed out that commercial banks in India that have traditionally focused on meeting the short-term financial needs of industry, trade and agriculture have extended their range of services with the increasing sophistication and diversification of the Indian economy.

Mr. Praveen Kumar, Vice President , Business Development, State Bank of India drew attention to the Challenges and Opportunities in the Banking sector, talking about the growing competition, growing expectations leading to increase awareness amongst banks on the role and importance of technology in banking. He stressed that  the Indian banking sector, today is in the midst of an IT revolution. Accentuating the application of IT and e-banking, he also discussed about the various opportunities in Electronic Payment Services, Real Time Gross Settlement, Electronic Clearing Service and Tele Banking.

Mr. Ross Webber, Permanent Secretary, Ministry of Economic Development & Education, Government of Bermuda, conveyed with conviction that the regulating system of Bermuda is working and that their economy is continuing to grow. He also spoke of their insurance and reinsurance businesses, asset management sector and banks understanding the dynamics and developing the kind of solutions that solve financial problems, mitigate risk and create wealth and value around the world.

Ms. Cheryl Packwood with officers from the Empire State Development Corporation.

Ms. Meenakshi Vashist, Assistant Director, India Tourism spoke how international tourism is growing above expectations, thereby supporting economic growth in both advanced and emerging economies and bringing much needed support to job creation, GDP and the balance of payments of many destination.  Mr. Bill Hanbury, CEO, Bermuda Tourism Authority, mentioned that it was particularly encouraging to see the strong results in many European destinations, where the tourism sector is, undoubtedly, one of the engines of the economic recovery.

Ms. Meenkashi Vashist

The event was attended by distinguished people from the technology and financial sectors including those from the Empire State Development Corporation, New York.