Cayman Islands To Review Investment Promotion Strategy

by Amanda Banks, Tax-News.com, London

15 June 2005

The Cayman Islands Investment Bureau (CIIB) has recently submitted to the Ministry of Development and Commerce a draft Strategic Plan 2005/06 to continue the process of building a framework in order to more effectively carry out the Bureau's mission to facilitate and secure appropriate long-term inward and local investment in the Cayman Islands.

In reviewing the Plan, the Ministry is also reviewing how the Bureau's satellite offices align with the CIIB's mission and the Government's strategic focus. Over the next two weeks, the Ministry and CIIB are considering the future role of the CIIB's Hong Kong office and whether maintaining a physical presence there is warranted.

In keeping with the government's mandate to have consultative decision making, a meeting will be held with representatives of the Chamber of Commerce, the financial services industry, and the business and tourism community to solicit their input on the future role of this office. This feedback will then be considered by the Ministry and CIIB and a decision communicated within two weeks.

Similarly, plans previously announced to establish an office in Dubai have been suspended while the Minister determines what, if any, research has gone into the previous government's publicized expansion plans for the CIIB.

The CIIB's representative in Hong Kong, Mr. William Conolly, has recently indicated his desire to resign and to return to the Cayman Islands. The Executive Director of the CIIB, Mr. Dax Basdeo has accepted Mr. Conolly's resignation and has conveyed his appreciation for Mr. Conolly's contributions in the past several months. Mr. Basdeo says he also welcomes the opportunity to review the future role of the CIIB's Hong Kong office and to determine the way forward in consideration of the CIIB's mission, government's emerging priorities and the business and investment community's solicited feedback.

The Hon Charles Clifford, Minister of Development and Commerce, commented that: "the Government places a great deal of importance on the role of the CIIB in stimulating inward investment and generally improving Cayman's business climate. However, ad hoc approaches to development can no longer be tolerated."

To maximise the CIIB's ability to succeed, a rational and inclusive approach to inward investment generation must be employed. I look forward to facilitating this critical dialogue among public and private sector representatives so that valuable time is not lost and limited resources are not wasted."

The Cayman Islands Investment Bureau was established in November 2003. Its mission is to lead in facilitating and securing appropriate long-term inward and local investment in the Cayman Islands in partnership with other Government agencies and the private sector, consistent with official policies of the Cayman Islands Government.

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