Cayman Islands See Increasing Investment From Europe

by Amanda Banks, Tax-News.com, London

16 February 2005

The Cayman Islands Investment Bureau (CIIB) has reported a sharp increase in the level of interest in the Cayman Islands from European investors since the middle of last year.

According to the CIIB, investment interest has originated from a number of economic sectors, including consumer manufacturing, tourism, financial services, real estate, environmental engineering, and software development.

Mr. Dax Basdeo, Executive Director, CIIB, observed that: “The level of investment interest by reputable investors has not diminished as a result of the passage of hurricane Ivan.”

Mr Basdeo continued that: “The main concern of the CIIB is to ensure that the Cayman Islands continue to attract beneficial investment into our jurisdiction, while being mindful of ensuring that local investors have access to any new business opportunities that may arise.”

The majority of the project proposals received by the CIIB have been received through the Bureau’s London Office and have an estimated value of more than US$20 million. However, it was stressed by the CIIB that these projects remain in the early stages of development.

However, Leader of Government Business, the Hon. McKeeva Bush, noted that the continuing level of investment interest in the jurisdiction represents an endorsement of the work of the CIIB’s overseas offices.

“We hope to continue this success in Europe, but additionally to achieve similar results in stimulating the interest of Asian investors through the upcoming launch of the Bureau’s Hong Kong Office,” Mr Bush commented.

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