Letters to the Editor
The Change of Times
Dear Sir:
In recent history we have seen so many things happening in theseIslands and many more proposed to happen. I therefore want toexpress my concerns. Since last year I have heard Government Officialsand many others expressing the need for Cayman to bring E-commerceas a new platform from which to sell our products and to enhanceour marketable services.
I too think e-commerce can be a tremendous bonanza or businessforum to help in the enhancement of services Cayman has to offer.Especially, with all of the changes that has taken place in Europeand most definitely the OECD Initiatives.
I encourage us to look at E-commerce intensely and other formsof business that can enhance the financial industry of these Islands.
The one great concern that I do have is that, we are at a disadvantagewhen compared to other jurisdictions such as Bermuda and otherareas who are already established and offering the same serviceswe offer.
They have better system providers for E-commerce.
In these Islands we don't have the choice of ISP Provider. Thisprovider is essential for us to be on par with other countriesif we mean to be competitive in these times. Systems we have availablenow costs more or less four times more than those used in otherjurisdictions.
Our problem is, as good as we may think we are, if we put ourprices at a distance or so far out of reach, certainly companiesor people will not see the Cayman Islands as a fertile plot todomicile their companies.
I want to encourage that we use wisdom. The golden goose can eludeus if we believe that we can overprice whatever we want and allwill accept in the world market. Have no doubt that people aredoing their homework.
They are thoroughly checking and weighing all their costs. Iftheir finances are not in the black, then they will continue tosearch for more fertile grounds to sow their seeds more abundantharvests. Red or grey area balances are not attractive nor arelackadaisical prices acceptable in this world market.
I want to warn our leaders and others in the financial industries;that we really need to take a hard look, as, if these things happenfor certain, the changes will cause a reduction or complete lossof the North American Business as we know it today.
Roughly, I believe that this business encompasses at least 25%of the financial industry business. If we are to loose such alarge clientele that will have a great effect in every area ofour lives; from our banking industry down to real estate.
I want to encourage us to look for alternative services we canoffer the world economy; also to revisit our expenses as a Governmentand as a Country.
Every year, as a company or a family foresees any financial problems,the first thing done is to look at our expenses and make amends.It is amazing that I have been in this country for 18 years andcannot remember a budget being slimmed or ways sought to curbexpenses in a meaningful way.
We don't have to have everything and the crucial point is, welook for fiscal responsibilities and accountabilities in a waythat we provide what we necessarily need because: if the marketschange, we may get in a position where we are caught without options.
Nevertheless, I believe if we adhere to wisdom and simplify ourbusiness operations as a country and look at areas where perhapswe don't need to be frivolous with, it can prepare us for better.
I think as a nation we can begin to research ways to reduce pricesand reduce costs. Unfortunately, if these are not done, we aresetting ourselves up to price ourselves out of the markets totally.
As we stand today, we have lawyers fees that are CI$300.00 toCI$400.00 per hour, hotel rooms CI$400.00 to CI$500.00 a day andpeople do not even get a cup of coffee free.
We need to be careful that we never loose sight. We are to providea service, an excellent service if we are to charge these premiums.
Better yet, let us see how we can greatly improve on our servicesfor more affordable prices. This is the only way to preserve thiscountry's benefits and prosperity we now enjoy.
Let us be wise!
William Peguero