CAYMAN ISLANDS CHAMBER OF COMMERCE
Advocacy Agenda & Action Plan 2018-2021
ECONOMIC GROWTH & DIVERSIFICATION Why are we doing it? Growing the economy and introducing new streams of business is essential for Cayman’s future. Offshore financial services and tourism are under intense competition and so we need to ensure that there are other sectors that can create the jobs of tomorrow and to work to maintain our existing industries. The Chamber will work shoulder to shoulder with the Ministry of Economic Development to produce a plan that will position Cayman as an attractive location for new industries and work with other industry associations to monitor trends and to develop new products and services.
What are we doing? The Cayman Islands economy is changing and more emphasis is required to ensure continued growth and inward investment beyond the traditional industries that have supported us for the past four decades. Health City Cayman Islands, the Special Economic Zone, and the introduction of local Intellectual Property legislation and green energy are relatively new industries that have been established, but we need a more structured approach to inward investment and economic development.
Presently there is no specialised public or private sector agency that works to attract and to retain business. This places the Cayman Islands at a major disadvantage as many of our competitors have such mechanisms and have been successful with attracting business and investment – including some from our shores. An economic development structure would improve our prospects and the Chamber intends to advocate for one to be developed over the next three years.
A: Work with partners to innovate, grow and diversify the economy Businesses choose where to locate, invest and grow and those decisions create jobs and opportunities. Jurisdictions around the world are competing to attract investment and the latest products, services and innovations. We must accept this reality and get to work to develop an economic development plan that will enable our islands to remain attractive to our businesses and investors. We call for a business environment that allows innovative ideas to come forward to the marketplace which leads to an improvement in the quality and standard of life for all Caymanians and residents.
Growth Matters campaign was recognised by ACCE with a ‘Best in Show’ award at the ACCE Awards for Communications Excellence and Social Media Campaign Integrated Strategy Award at the IMPACT awards.
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