NIC on the hunt for new investors

| 16/07/2010

(CNS): The recently formed National Investment Council (NIC) said this week that it has now met the people involved withmore than a dozen new projects, ranging from tourism products and fund administration to the information technology arena, and evaluated those projects. NIC Chairman William Peguero said the council’s goal was to co-ordinate Cayman’s various business sectors and government policies to encourage new investment. He said the NIC was exploring viable strategies to stimulate and grow Cayman’s economy to generate new forms of revenue.

“All business sectors are interconnected and there has to be a collaborative effort between the macroeconomic policies that are being developed by the government and the policies and procedures implemented by business agencies,” Peguero said. “The goal of the NIC is to align both public and private sector demands to open the doors for increased revenue to the islands.”

Transparency in investment policies, efficiency in investor facilitation and improvement in the investor approvals process is essential to boosting confidence in the jurisdiction, the council believes. It aims to meet those needs by facilitating the formulation of policy guidelines on foreign investment in all sectors of the economy, reviewing applications submitted by investors, providing recommendations to investors, monitoring application progress, providing assistance with resolving problems pertaining to investment projects and establishing procedures to ensure effective coordination between the relevant government agencies and boards, a statement from the council revealed.

It did not say, however, how close the council was to recruiting any new investors to the islands or to the implementation of any specific private sectors projects that would generate new cash for government coffers.

The statement said that since the council’s formation at the start of this year, members have aggressively been evaluating measures to generate new forms of revenue and have actively been strategizing on ways to draw new commerce and investment to the country.

“We are positive that our collaborative approach and support of both the private and public services will help us meet pressing demands and set a strong economic foundation that will position Cayman for economic success into the future,” Peguero added.

The NIC is an integrated body of key business leaders designed to bridge the gap across Cayman’s various business sectors. Intended to gather input and recommendations from different organisations, boards and committees its goal is to create an economic blueprint to move Cayman forward.

The council members are James Bergstrom, Michael Ryan, Burns Conolly, Marcus Cumber, Jim O’Neill and Dax Basdeo and reports to a special Cabinet Committee, chaired by Premier McKeeva Bush and supported by the Investment Advisory Committee (IAC), which consists of senior civil servants across immigration, planning, environment, employment relations, customs, tourism, financial services and agriculture.

 

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Comments (11)

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  1. Anonymous says:

    Paying off the Churches debts with our revenues/NBF while cutting civil servants salaries talk about the ultimate gamble. i wonder what the dividend, influence on that will be when the next elections rolls around. Yet churches are on record saying no to gambling yes to their exemptions and duty concessions even the Almighty Lord knows that ain’t right.

  2. Anonymous says:

    SoMac is getting his Senate after all. Wake up Cayman.

  3. Anonymous says:

    As soon as I saw William’s picture I had to read this to find out what he was up to.  It wasn’t so bad until I got to the part where the council reports to a committee chaired by the dictator!!!  Uuugggghhhhhhhhhhhh!!! 

    We are doomed!!!!!!!!!!!!!

  4. Tim Ridley says:

    We have to give credit for such well meaning and well intentioned efforts, but this is all misdirected. WhatCayman needs is less bureaucracy and fewer committees, not more. The article identifies no less than THREE new bodies tasked to improve inward investment to the Islands. These are in addition to the Department of Commerce and Investment (if I have the latest name correct) and the various other Government Departments that have authority over the many facets of inward investment. Experience suggests that these various bodies will actually slow down, not speed up inward investment.

    Government should establish simple, fair and effective laws, rules and regulations and then get out of the way and allow the private sector to do what it does best, i.e. generate jobs and wealth for the community (rather than being distracted by sitting on endless councils and committees). What we have in these proposals is anything but that.

    There must also be serious questions as to how far the NIC will appeal to serious potential inward investors whose business plans will be seen by those who may very well be their competitors. This may just be a matter of perception, but perception is critical. 

     

    • Anonymous says:

      Thank you Tim. I pondered on how I might comment in a manner that CNS would not find objectionable, but I failed miserably.

      Perhaps a Steering Committee of one that the Cabinet Committee reports to would make it easier to understand.

    • Bow Line says:

      Thank yu Mr Tim,the heart of the problem is precisely stated.Like i stated previously,until these polished,culture abandonees realize this is the essence that is Cayman,we will flirt dangerously close to disaster as we do now.Cayman’s previous tourist establishment is what generates investor confidence & sets the tone of a relaxed business background.But this time around as a unfair game always plays twice,Caymanian’s will never subscribe to being servants in their own castle,to struggle needlessly only to be subserviant & under paid for services done to highest level.Until those yuv mentioned realize Caymanians are the keel of this ship,to be nurtured without reservation & Caymanian blu collor labour entities paid what they are worth,those yu mentioned will subject this country to a abbyss of failures & unnessary hardship.Please note that Caymanian’s often come across as course towards nationalitys,but in reality are amalgamated with our human counterparts from everywhere who value respect,life,love & equallity.Your input is accurate & greatly appreciated.

  5. Anonymous says:

    William et al.

    As long as you have to deal with The Premier… I meant The Dictator (one and the same though), you might as well not be there/have no credibility with me (and, I believe, many other Caymanians).

  6. Pending says:

    Here’s a thought, get rid of the churches influence on your decisions and you might get some people interested in developing so that we might get with the times.

    Allowing the church to decide  or have a big sway in your decision making process does nothing but stifle development and gets us nowhere. Not to mention it undermines the whole democratic process.

    • expat eric says:

      I fully agree. The committee is supposed to form a collaboration regarding the "macro-economic policies" of which the churches have, or should have, no say in the matter. They aren’t a business, hence they receive the exemptions from duty.

      Churches — stay out of politics!

  7. Anonymous says:

    Good luck on trying to get Government to agree on some sensible pro-business policies

    The greatest challenge today is to get Government out of the way of business.

    Arguably, this is all that needs to be done.

     

     

  8. Da wiz says:

    We all need to get a piece of the nation building kitty to make us smile and then we can join the NIC = Nothing In it 4 Caymanians what has this place come to Mannnnn same old games with the same old names.