Investment Bureau focused on financial services

Dax Basdeo

Monday,  February 21, 2005

During its first year of operation in 2004, The Cayman Islands Investment Bureau focused on marketing and promotion of the financial services industry according to a recently released report. 

Dax Basdeo, Executive Director said, “Given the attractiveness of the Cayman Islands as an investment location, particularly in relation to financial services or tourism-related projects, it is important that we continue to sharpen the edge we have over our competition.”

Over twenty conferences were organized locally and overseas that showcased the country’s diverse, service oriented and vibrant Financial Services. The Bureau worked with the Cayman Islands Monetary Authority, Cayman Islands Stock Exchange, the Cayman Islands Shipping Registry and other private sector entities or associations to promote the country’s service offerings. 

World competition for foreign investment means that Cayman Islands must not only be heard, but seen as well. These conferences provide numerous opportunities for our private sector to network with clients and other service partners. Further, the conference environment generates valuable feedback that assists in developing the Cayman Islands financial services product. 

Following the passage of hurricane Ivan, the Bureau was instrumental in coordinating Government’s assistance to the small business community. With over 80 percent of businesses in The Cayman Islands having less than 25 employees, the recovery of this sector was essential.

To that end, the Bureau formed partnerships with the Department of Employment Relations and the Cayman Islands Development Bank to initiate a small business assistance programme.

Mr Basdeo added, “I firmly believe that the Bureau will provide an invaluable service not only to persons overseas seeking to do business in the Cayman Islands, but also to our local business community.”

The Bureau organized and hosted the Small Business Recovery Forum, which was well-attended by over 120 persons. Other activities included the coordination of several training seminars and workshop that provided essential advice and guidance to a number of Caymanian entrepreneurs.

The Investment Bureau was launched in November 2004 to strengthen and stimulate investment by allowing both foreign and local investors to take advantage of business opportunities in the Cayman Islands.

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