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Chamber calls for Inward Investment Agency in new 3-year action plan

The Chamber of Commerce’s new 2018-2021 Advocacy Agenda and Action Plan sets a goal of an improved business climate and expanded economic opportunity in our islands. The 13-page document was revealed to the public at the Chamber’s Legislative Luncheon this month.

At just 13-pages, the action plan is lean and mean, streamlined and to the point.

New Chamber President Paul Byles told Cayman 27 the document is the culmination of a year and a half of the chamber’s strategic efforts.

In the document, the Chamber sets out a few key areas it plans to emphasize in its advocacy efforts over the next three years. They are Education, employment, and workforce development, Economic growth and diversification, Regulatory efficiencies, and community development.

The end goal: to foster a ‘resilient and growing Cayman that can compete in a global economy.’

2018 has already been a busy year for the Chamber, which publicly unveiled its 3-year Advocacy Agenda and Action Plan at its Legislative Luncheon this month.

“The truth is that every country including ours is looking to make things more efficient, make it easier to invest in the country, make it easier to do business in the country, make it easier to set up a new business in the country,” said Mr. Byles.

He told Cayman 27 one way to stay competitive in an ever-evolving global marketplace is to attract the investments that make the economy grow.

“It helps that we have been generally very friendly, generally very efficient, I believe as a jurisdiction, but it would be so much better if we can formalize that with an agency,” said Mr. Byles.

In the document, the Chamber calls for the creation of an inward investment agency, public, private, or otherwise, specifically to attract and retain businesses.

“Any country takes investment anyway, but if you do research you will find that many countries have a formal agency that deals with investors as they come in number one, that takes care of the investors while they are here,” said Mr. Byles.

Mr. Byles told Cayman 27 government and the chamber have recently resumed their regular meetings. He told Cayman 27 he’s eager to work together to tackle the country’s toughest issues.

“When you have a proper discussion which other, in private, you can speak your mind and you can, you know, say what you have to say, say what you really believe, and sometimes you don’t say what you believe when you are in public, you say what people want to hear,” said Mr. Byles.

Mr. Byles told Cayman 27 recent changes from the commerce ministry have eased some of the pain of going through the trade and business license process for small businesses, but on the macro business side, he said the financial services industry could stand to benefit from speedier license approvals from those regulatory authorities.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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