Sailing Into A new Economic Climate
There are few greater signals of confidence in an economy and a country than the concept of foreign investment.
With the global economy still aching from the effects of a recession, it takes a quantum leap of faith from any investor to pump millions of dollars into any project, particularly in a foreign country, at this time.
Despite the prevailing economic climate, Mr. Michael Ryan and company have demonstrated their commitment to the Cayman Islands by forging full steam ahead with the $350million, 365-room Ritz Carlton project.
Sitting on 144 acres of land and boasting a Greg Norman-designed golf course and a spacious ballroom which can facilitate conference tourism, it will be the first real Five-Star hotel in the Cayman Islands and is expected to be the finest in the internationally renowned Ritz Carlton's global chain of 48 properties.
The combined credentials and the facilities of this project will surely add a whole new dimension to the Cayman Islands' tourism product.
For despite the success which the Cayman Islands tourism industry has hitherto enjoyed, the Ritz Carlton will reposition this country in the regional and international tourism arena and enhance its competitive edge.
All things being fair and equal, the Ritz Carlton project should serve as a catalyst to attract the top-end tourists with tremendous spending power as well as other reputable international hotel brands.
While government's attention may now be impacted by more immediate aspects of economic survival such as the European Union's Draft Directive on the Taxation of Savings, there should be no diversion from focusing on continuing with an investment agenda aimed at generating further growth and development in the tourism sector.
The truth is that while many countries in other parts of the world have focused their development strategies on encouraging and facilitating foreign direct investment in their tourism industries, the Caribbean region, except for Cuba, has been somewhat slower in making this essential policy shift.
For the most part, tourism growth in the Caribbean has been unplanned and centred largely around the much vaunted sand, seas and sun.
That is why the Cayman Islands should capitalise on the Ritz Carlton's presence here and continue to chart a new course for the future of its expanding tourist industry.
The Minister of Tourism, the Hon. McKeeva Bush recently indicated that he would like to attract some of the wealthy tourists from Europe who are known to frequent neighbouring Cuba.
As the next and necessary step, the potential of this industry can be harnessed by the adoption of an attractive investment agenda which should target some of the key players that are also investing in the Cuban tourism plant.
As a destination, the Cayman Islands offers a pristine product laden with exciting possibilities and enticing opportunities for tourists and businessmen.
However, the core of the process of building competitive advantage is in an attractive investment environment.
The challenge is to maintain a policy and business framework within which investors can operate efficiently and profitably.
At the macro-economic level, government is pursuing the sustained implementation of sound fiscal and structural policies which are as important for attracting private capital flows as they are for promoting healthy domestic economic development.
In those circumstances and using the Ritz Carlton a guide for the future, there should be every confidence that the necessary attributes exist in the Cayman Islands to achieve the wholesome development of the tourism industry and ultimately the economy.
Once these objectives are set, they will bring about a tremendous change of pace as well as a change of face in this country.