Premier’s office confirms trip to China

| 01/11/2011

(CNS): The premier’s press office issued a release on Monday confirming that McKeeva Bush has led a delegation to China. The office said that the group had gone to the Far East to present the Cayman Islands business case “to top financial intermediaries and high net worth individuals” at a special conference there. It was described as a “private event” involving guest speakers and panellists from prominent private sector firms as part of the China Offshore Summit in Shanghai on the 26 and 27 October. As well as government officials the delegation included representatives from Ogier, Maples and Calder, Walkers Global, Ernst & Young, PricewaterouseCoopers , dms Management and others.

“They offered strong validation for the country’s leadership position in the financial services sector and explained why Cayman structures are so highly sought after,” the premier’s press office stated.

According to the release, the presentation was part of a conference organised “to educate investment advisors, venture capitalists, private equity firms and other financial institutions on the ways they can benefit from the unique asset management and corporate product offerings available in leading offshore financial centres,” and attracted over 500 delegates across both days.

The Cayman Islands’ function was, the premier’s office said, “the most subscribed segment of the private event” and included updates relating to Cayman’s General Registry and its ability to now register companies in a foreign script which was said to be well received. Cayman officials also dealt with inquiries regarding requirements for establishing what the premier has often termed “a physical presence” here in Cayman.

“It was noted that this type of investment decision was becomingly increasingly attractive as Chinese tax authorities are moving towards a regime that promotes more substance over form,” the release stated.

Bush was reportedly pleased with the positive response to the Cayman Islands’ presence at the conference.

“China’s aggressive growth rate has been nothing short of impressive,” the premier said. “Its foreign exchange reserves grew by over 2 trillion from 2006 to 2010, hitting the $3.2 trillion mark by the third quarter of 2011. This means its capital build up continues to surpass expectations.”

Although the exact numbers on the visit to Shanghai which has included other stops have not been revealed the premier justified his latest travels because of possible investment opportunities.

“We made this trip because the country represents such a compelling case of increased business potential it simply cannot be ignored,” he stated.

The overseas mission has also included a meeting with China Harbour Engineering Company Ltd, the company currently in talks to construct Cayman’s proposed cruise berthing facilities, to view its capabilities firsthand. The premier’s office stated that the delegation was also making preliminary investigations to determine the feasibility of establishing a Cayman office in mainland China.

“There has been mounting evidence to suggest that companies are bypassing Hong Kong and making a direct move into China and with Shanghai being the commercial capital, it was important to assess the possibilities while there,” the release stated.
The final leg of the trip will involve meetings with private sector firms in Hong Kong,the office added, to provide updates on current and pending changes to financial service legislation and to get feedback on what the jurisdiction can do to further support the industry and facilitate growth.

The premier’s office said that there was “resurging acknowledgement in business circles that evoking the personal touch when conducting business is vital to success despite the numerous advances in technology that have enhanced global communications,” as it sought to further justify the trip.

The premier’s office added that the presence made the jurisdiction “tangible” to investors and face-to-face contact “builds trust and familiarity” which were described as important to working relationships. Conference organisers and attendees said the premier's presence lent “substantial emphasis” to efforts to attract investment, the office indicated.

Other jurisdictions in attendance at the Shanghai offshore business conference included the Isle of Man, The Bahamas, Belize and the Cook Islands.

Category: Finance

Comments (39)

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  1. Anonymous says:

    If they say they are going on a trip and stated the purpose, stated the people traveling, stated the airlines, stated the seat number, stated the accomodations, stated the view, stated whos hands they shook, stated the name of the band playing at hotel bar, stated the names of the songs the band played, stated who ordered the steak and who ordered the salad, etc etc, would you be satisifed then?

    Thoughtnot?  He's damned if he doesnt and damned if he does.

    Geez are you guys the Premier or is he?  Does he not have the right to move around on country business without reporting every last detail before hand?  The press release was 2 days late and everyones upset about why they werent informed

    How bout we get a 24/7/365 MAC-CAM, so we can all know when he is taking a number 2 vs a number 1?

    Thumbs down if you want a MAC-CAM.

  2. Anonymous says:

    Just in time for the new survey:

    http://www.bbc.co.uk/news/business-15544841

    • biker says:

      For those that cannot connect to the link mentioned, I assume it is about the BBC's recent news article mentioning that China and Russia are the two most corrupt countries, rampantly using bribery to get business contracts for themselves.

      Anyone surprised?

  3. Singing Chicken says:

    Did he bring the keyboard playing dog with him?

  4. Annoyed and Disconnected says:

    Yes, the Premier travelling with his usual pack XXXXX.  This time they will be bringing back the iron curtain to hang up in our front lawn.

    I wonder if we are paying for all these extra chaperone's?  If we are why? and why should we? This is the Premier's remarkable way in which he has to flaunt OUR WEALTH!!!!  NOT HIS!!

  5. Anon says:

    I looked up the list of the speakers, and countries that were represented at the China Offshore Summit in Shanghai, and 'Lo and Behold' they must have forgotten to list Cayman, or our delegation.

    Here is a list of the speakers :

    http://www.chinaoffshoresummit.com.hk/Speakers/

    Then I re-read this article and understand that the Cayman Delegation attended a 'private event', so now I realize that we were in 'stealth mode'.

    I recall the  'James Bond Style Secrecy' in relation to the departure of our team.

    And I am wondering, if the trip is no longer classified information – please could we the starving public, have some photos of our team meeting with the participants of the Summit?

    And if you by any chance saved a snapshot of the 'Great Wall' please could I have a copy for my China photo album?

     

     

    • Anonymous says:

      Thanks for your research. So the Cook Islands, the Bahamas, Bermuda and the Isle of Man could have actual speakers for this event but Cayman did not manage to secure speaking slot? No doubt this reflects Mr. Bush's proactive leadership. They got a free trip though.

  6. Anonymous says:

    All those companies look like they can afford their own tickets to me,  they will be the ultimate beneficiaries of any contacts made so I do hope they are paying their own way.  An introduction and the accompaniment of the Cayman Islands Government should be all that's needed.

     

    I reckon if I had been asked, here's the itinery andyour ticket will cost $15k my company would have paid it.  I don't know that these companies haven't paid their own way but these sorts of thing being in the public domain before it happens would go a long way to getting a positive spin on these trips.  All that you are left with is dribbles of information and the inference of a waste of money and a junket for friends. 

    Of course it could always be a waste of money and a junket….

     

  7. Anonymous says:

    HUH!  Those poor Chinese will have a hard time interpretating what the Premier has to say as his grasp of the English language is not comprehensiable.  Mass confusion.

  8. Anonymous says:

    Can someone provide the list of people who travelled on behalf of Government, at the expense of the country, to allow us to confirm, or otherwise, their expertise and whether they are properly qualified.  In addition a list of other companies represented would be worthwhile to establish exactly what services are being sold and whether they are independent of Government or part of the expense package.  At first glance it looks like the Premier with his usual entourage of hangers on plus a bunch of supporters.

    Why was this trip not published before and why the secrecy ?  The private sector people are within their rights to remain tighyt lipped, if they are responsible for their own costs but the Government entourage are public servants (i assume) and are resonsible to us, their employer.  They are obliged and have a responsibility to be transparent and keep us informed of their plans.

  9. Anon says:

    Its the names of "the and others" that we want to know about. We want to know if the Premier is taking UDP party faithfulls on a trip at our expense in these harsh economic times.

    • so Anonymous says:

      Now you want to know about what your Premeir is spending your money on and who and why?   Like he really cares what you think.  Like you really have any say in your own country.

      You are the sheep and Bush is your shepard.  Who listens to sheep?

  10. Anonymous says:

    And take a look at the event’s website: not a single front-rank offshore player. No wonder bottom-feeders like the Bahamas and the Cook Islands are sniffing round it. It makes one wonder: why, out of all the conferences it could attend, did Government choose this D4 event? I despair.

    • Anonymous says:

        Can you name a few of the conferences that you mention in your post?  Also, please remember that China is not Hong Kong or Singapore before you open your yap.

      On a more serious note, No one has heard of these so called "front ranking" offshore players in China…..because none of them have ever been to China. These jurisdictions that you reference as bottom feeders are eating yourlunch in China.

      I despair.

  11. Anonymous says:

    When cuba opens up, cayman is finished.  So don't waste your time.

  12. Anonymous says:

    Mac does nothing but embarrass us when he opens his mouth.

  13. Anonymous says:

    Why wasnt this press release a week ago before the trip?  Terrible PR. And why the secrecy about who from Govt attended? Was the NRA represented, and if so why?

  14. David Shibli Sr says:

    To Ogier, Maples and Calder, Walkers Global, Ernst & Young, PricewaterouseCoopers , dms Management and nameless others. SHAME on you for kissing up to the most repressive regime on this planet since the great Ghengis Khan lopped the heads from his dissenters. Seriously, what are you thinking? In this act of utter prostitution, you are making innocent Caymanians (many of whom make your morning coffee) complicit in your treachery against the poor Chinese who cannot afford medical treatment after exposure to neurotoxins as they slave away in unregulated factories so you can tap away on your i-phone in the pub. Can you imagine it, there have been so many suicides in Chinese factories, they are now being forced to sign no-suicide pledges.

    I would expect nothing more than a full apology and a firm commitment not to do business in China until the proper human rights legislation is enforced. While names are being called and numbers taken, I wonder what our Chairman of the Human Rights Commission has to say about all this? Aren't our suffering Chinese brethren human? Mr Richard Coles, what say you, sir?

    Could I solicit a response from our MLA's? Is the almighty (soon to be defunct) dollar really worth this? Please reconsider.

    David Shibli, Sr

    • Anonymous says:

      Rather let the Chinese workers speak for themselves.

      http://revcom.us/a/v24/1161-1170/1166/chinatoys.htm

      "19-year-old Li Chunmei died after working a 16-hour shift at the Bainan Toy Factory in Soonggang. She was a victim of what many Chinese call guolaosi . The phrase means "over- work death," and usually applies to young workers who suddenly collapse and die after working exceedingly long hours, day after day.

      The Washington Post reported that on the night she died, Li Chunmei had been on her feet for nearly 16 hours–from 8 a.m. until midnight–running back and forth inside the Bainan Toy Factory, carrying toy parts from machine to machine."

      "More than half the toys sold in the United States are made in China. But the peoplebuying these toys know very little–if anything–about the conditions under which these toys are produced. In recent months some reports have come out revealing the horrific working conditions of workers in toy factories in China whoseblood, sweat and misery is being turned into profits for corporations like Mattel, Hasbro, Disney, McDonald's, WalMart and Toys R Us."

    • Anonymous says:

      Stand down David Shibli, Sr

      Some of the named firms have a global presence and have offices in China. It didn't say that they all took the flight with the government delegation.

      It's called SPIN

    • Anonymous says:

      David Shibli, I hope that before you wrote this comment you checked to be certain that your laptop, phone, watch, coffee-maker, TV, vacuum-cleaner, underwear and toothbrush,  were not made in China. If not, then you're free to go….

      • David Shibli Sr says:

        You make a valid point. I gave up at my watch. I feel so selfish. We really need to be more aware. Cheers.

    • David Shibli, Sr says:

      As an addition to my comment, let me just add that I include myself in those that have perpetuated the misery of these exploited workers.

      I too have shopped for bargains thinking only of my own pocket. I am certainly going to be a lot more careful in the future. If the Chinese leadership are sloshing around in so much cash, perhaps they should divert some of it back to their own people?

  15. A Guilty Pleasure says:

    TOO LATE MAC!

  16. Stiffed-Necked Fool says:

    I have seen the names that have travelled to China in the name of "business" and trust me, with only friends of the Premier making up the delegation, this is purely fun for them. It is high time this abuse of power stops and the time of talking is coming to an end and action nowstarts!

    • Anonymous says:

      It would be interesting to know the number of attendees from other countries, in comparison to his entourage.  When will this government learn to economise?

    • Anonymous says:

      Trust me because I call myself a stiff necked fool?

      Business leaders in Cayman recognize the power of a united front.  It shows that business supports of government and that government supports business.  Both benefit from going together. 

      Cayman is a dot in the world.  We need to market the, whatever four letter word you please, out of Cayman to attract new business in order to grow Cayman.

      Good job Cayman and good job Mac.

      Watch for the thumbs down because I like Mac and I added him on Facebook.  Its ok I read the thumbs up as a measure of the average readers business savvy.

      • Knot S Smart says:

        When people do posts like this, would we call it an attempt to 'curry favour'?

        or would we say that it is has good 'curry flavour'?

      • Anonymous says:

        Because the more thumbs up, the lower the average business saavy?

        • Anonymous says:

          If you can comprehend the comment, you would understand that its actually the opposite  and savvy is proving to be pretty low.

  17. Anonymous says:

    Geesh now CNS don't you think maybe this could be a good thing and all the negative caused by your first posting really wasn't necessary..

     

    Sounds like a good investment to me particulalry when facing the competition from the Bahamas and isle of Man.

     

    • Anonymous says:

      If the public was properly informed at the outset, as we have every right to be, the "negative caused" would not have happened. As usual, the UDP brings these situations on themselves and then insists on blaming someone else. We remain very much at a loss and apprehensive as to why this whole issue has been so secretive.

    • so Anonymous says:

      Fools are the easiest to fool.  Good for you and all the many fools that make up Caymans voting block that you are represented by one of your own,

      Bad for all the rest of us.

    • Anonymous says:

      Anonymous – Mon, 10/31/2011 – 21:29

      Just another one that doesn't get it.

      After the fact does not have the same effect. It's like the only reason a formal statement was made was because there was an uproar about it. That's not open upfront politics nor good governance.

      Get it??

  18. Anon says:

    So can anyone explain why this sort of "explanation" could not be revealed to the public is advance?

    • Anonymous says:

      They hand not made it up earlier.  LOL

    • Anonymous says:

      Maybe they wanted to publish the results of the trip rather than saying we are going on a trip and getting wave after wave of negative press heaped upon them.

      Oh well I guess that backfired.