Editorial
All Hands On Deck
Development is usually the sign of a boomingeconomy. New hotels, restaurants and, in particular, leasing ofcommercial offices are benchmarks for the decline of a recession.
For the past year, beyond the obvious globaleffects of September 11, the Cayman Islands has seen a murmurof increased construction activity in earnest as renewed and stalledconstruction activity is visible, the Ritz Carlton project isprogressing upward, and the Turtle Farm development is takingshape, having moved on to Phase 2.
None of this was accomplished without objection.Some believed that there was no need for new development, andthus, planning, licensing and bidding procedures by developerswere met with numerous obstacles and objections.
To overcome the stagnation of the economyand the paralysis of development, the Cayman Island's Governmenttook measures to ensure that business grew, that employees inthe development and construction industry had work, and the restof the world was aware that nothing in Cayman was at a stand still.
If truth be told, the Cayman Islands seemsto be emerging from the recession at a much faster pace than manyother developed and developing countries in the world; certainlyquicker than most Caribbean countries.
By way of comparison, what is even morenoteworthy is that most of these countries have more natural resourcesand, in many cases, more diverse economies than the Cayman Islands.
This is no small achievement nor idle boastfor a country that imports almost everything for its survival,from bread and butter to labour; not to mention the tourists andinternational banks which are the lynchpins of its economy. Andeven though the country is not yet figuratively out of the woods,there are rays of hope and great promise on the horizon.
The fact is that Government's proactivestance, by the removal of conservative barriers that had beenin place for decades, is what helped to jump-start the waningeconomy.
The present Administration realized thatit was no longer business as usual and thus, changed its tacticsaccordingly.
Although some may cower from such change,it is necessary to understand that policies must change as timechanges.
As Hon. McKeeva Bush, the Leader of GovernmentBusiness stated at the swearing of our new Governor at the endof May, "You cannot chop down a tree bearing fruit todayand expect to reap its fruits tomorrow."
With that said, the Government, who is oftenthe fall guy for failing economics, has done what it can.
It is now time for the rest of the countryto step forward and get involved. Only with the corroborationof businesses, banks and the private citizens of Cayman, willthe economy continue to climb out of its current hole.
Take for example the recent merger of CaymanAccounting Services and Rothstein Kass and Company. The fifthlargest hedge fund corporation in the world chose Cayman becausethey liked the way the Government handled new business and thepolicies and regulations set up to support new business. However,it was also the work of local realtors, banks and businessmenwho assisted in the successful move of Rothstein Kass to Cayman.
Such joint partnerships can fill the vacanciesin commercial buildings, entice international businesses to lookto Cayman for growth, and slash the current unemployment issuesthat plague particularly the young people of our country. Indeed,the spin-offs from mergers such as that will certainly help torejuvenate the economy and produce the type of business whichthe Cayman Islands has been trying to accommodate, especiallyin the a financial sector where due diligence and compliance havebeen a major issue.
Without a community effort, hotel roomswill remain vacant, restaurants will not do well, and commercialbuildings will stand empty of occupancy. And the offshoot of thatis less money for the entire nation. Programmes will suffer, smallbusinesses will close and Cayman will no longer hold in its graspthe position of one of the top financial centres of the world.
So to keep the Good ship Cayman moving intobountiful waters, we again urge for all hands to be on deck.