Editorial
IT development will stabilisethe economy
Just about a half century ago, the CaymanIslands made its debut as a player in the Caribbean's tourismindustry.
Nearly two decades later -- beginning in the late 1960s, withthe Bahamas losing ground as an offshore financial centre, theoffshore financial flight
from there redounded to the good of the Cayman Islands.
Meanwhile, with a change in the Pindling Government during thepast decade, the Bahamas has made remarkable strides in regaininga lot of the financial and tourism business it lost ... and more.
Bermuda and other offshore finanacial jurisdictions, such as theChannel Islands, as well as Ireland have also recognised the changingdynamics of the world's economies and have sensibly switched theirtradional platforms for attracting foreign income, by puttingin place and forging ahead with agressive marketing strategiesto get their share of the global shift towards using the Internetfor international commercial transactions.
What has daunted, and in some case prevented many of the world'smost affluent and innovative players from looking to the CaymanIslands for a secure and effective platform from which to conducttheir IT operations, is the high cost attendant to the adoptionof this technology.
With this in mind, it is therefore incumbent on the country'sfranchised telecommunications provider, Cable and Wireless, towork with Government to come up with solutions to reduce costsfor the development and marketing of Cayman as a formidable world-classInternet Technology (IT) services provider, in the same mannerit has been able to forge ahead in finance and tourism.
It is known that Cable & Wireless has presented to past Governmentadministrations, its offers to 'rebalance' its present billingmethods. It has been argued that the telecommunications giantwould not suffer any loss - just a reduction in its healthy profitmargin if it will simply absorb the cost for reductions in costsand additional equipment to accomodate the development of e-commerce.
This may be easier said than done, C & W has said, becauseof the capital and training costs it must bear for the introductionand maintenance of an entire new installation of plant for anever-changing industry such as e-commerce.
It is a fact that we now live in a world of rapidly changing demographicsand financial trends and technological advances. As modern asthe Cayman Islands is, sometimes it appears that public and privatesector leaders are saddled with myopic vision. In the past theyhave, and still do a lot of talking without initiating worthwhilealternatives to the economic stability experienced to date.
At one time, it was felt that agriculture might have been thecure. At another time, it was suggested that assembling of consumerelectronics might be the answer. Today, the advancement of theIT opportunities available appear to be a solution
Caymanians and others who have taken up long-term residence herehave proven that they could match and surpass many countries withfar more human resources, when it comes to dealing with technology.
There is a sense of urgency, for the sake of stability that Governmentand Cable & Wireless should act with responsibility and cometogether with a strategy to provide a balancing third leg -- thatof e-commerce and IT as a pillar -- to support the the other twopillars of finance and tourism, which seem to be weakening.