Investment Bureau becomes Department of Commerce

| 10/02/2010

(CNS): The Cayman Islands Investment Bureau has been renamed and transformed in to the Department of Commerce and Investment. With a wider remit beyond its original role of attracting inward investment to include developing business and trade opportunities, the premier has said the new agency is now tasked with adapting a more cohesive approach to local and foreign business. Consisting of the Investment Support Services Unit, the Cayman Islands Film Commission and the Small Business Development Unit, the new department will also be dealing with Trade and Business licences from next month.

Bush said that the new department would assume additional functions related to commerce and investment to support the economic development in the local business environment. The three arms of the department will be working towards the goal of boosting economic growth through local and foreign commerce and investment.

Bush said that from 1 March, the Trade and Business licensing will be removed from immigration and integrated into the new investment department as he said it was a common thread between foreign and locally owned business.

He said there would be no real cost increases associated with the name change, and where there was a need for additional people they would be found from other areas within the financial services ministry. As a result of the change and the increase in functions and responsibility Bush said a national investment council and committee had been established, with members from both the private and public sectors.

“The council will function as an advocate for an ‘approval inprinciple’ for any investment or development projects provided they are compliant with relevant Cayman Islands laws and regulations,” Bush explained. “It will also recommend reform of legislation, regulations and policies relating to trade and commerce and investment in order to improve our investment climate and reduce bureaucracy affecting businesses operating locally.”

The premier said the council would be supported by a committee, including government representatives and civil servants from a wide number of departments, that will provide technical input, determine criteria to assess projects, formulate policy guidelines and review applications, which will in turn report to a special cabinet committee chaired by the premier.

“As the global economic downturn continues to affect us, we recognise that fuelling economic development demands increased emphasis on inward investment coupled with greater support for the small business sector,” Bush added.

Category: Business

Comments (5)

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  1. Anonymous says:

    Dax, you going after everyone that is fronting, or is that being swept under the carpet?

  2. Anonymous says:

    At last At last At last

    Now we just need to move the work permits out of immigration to another separate department and get the ball rolling on permits moving swiftly.

    • Anonymous says:

      Or save the money that moving work permits into another department will cost and just give the immigration department the honest and competent help they need to get the work done! But then that is too simple a solution and would be much too cheap for the brainiaks in government to see the benefits.

  3. Annoymous says:

    Maybe now we will get our Trade & Business Licenses in a timely manner!!

    I hope some of those who were in this dept. at Immigration is retired before tehy transfer them over and blemish the good runnings of this already finely tuned Govt. dept. as they will only bring bad work ethics to greive Dr. Basdeo. (smile)