(CNS): During a television address last week the country’s premier said he was putting forward “specific measures” to address the country’s declining economic fortunes. McKeeva Bush told the public that he was confident that within 90 days of the TV broadcast (16 September) Cayman would be back on the path to success. Bush listed a number of proposals that were being considered to improve the economy, and after a period of consultation he said he would deliver anotherpublic speech revealing which proposals government intended to implement. The premier did not reveal the exact details of the measures he had spoken about but said government would encourage new business to invest here.
"I am confident that within 90 days of today, Cayman will be back on the path which created its success. It will not be complete, no, but we will be moving forward," the premier stressed.
He spoke about strengthening incentives, changing immigration policies — including a
contracted rollover period — assisting small businesses and speeding up the offshore licensing process as part of the solution to the current economic difficulties. He also announced the formation of some more committees to examine the situation.
Bush said that government had contracted Jude Scott to oversee the implementation of various projects and initiatives it was considering, and heads of departments across government were being asked to deliver “statistics and information” to the Ministry of Finance to assist in the monitoring of economic activity.
Acknowledging the struggle, and the challenges his government was up against, the premier spoke about the increasing global competition the country now faced in the financial services sector. He said Cayman had to compete, not just with financial centres in the Caribbean, but centres that have been established in the G20 countries. “The failure to recognise the competition … and to adjust our internal policies to remain competitive is one of the main causes of the severe economic conditions which we now face,” Bush said.
“In the past, we were able … to encourage businesses, foreign investment, and retired persons to come to our Island …. We were at least in the top 10 places in the world which were being considered when companies, businesses or persons were considering doing business … Recent independent studies have indicated we are no longer even on the radar by very important internationally recognized organizations,” he revealed. “We have failed to implement our immigration policies in a manner which allows the continuation of growth in our major industry.”
The premier pointed out that while the registration of mutual funds, banks, insurance companies, financial institutions generate tremendous income for government, the more important benefits came from these institutions doing business in Cayman and creating local economic activity.
Recent immigration policy had encouraged people to leave Cayman, the premier suggested in his TV address He said this was based on a mistaken belief that the jobs would still remain in Cayman. “Young Caymanians unfortunately were encouraged to believe that our country could do without foreigners and that money would continue to flow. This has proven to be a very serious and costly mistake. It has caused severe suffering among our people and our businesses.”
Bush pointed to the same mistakes made by neighbouring states in the past, where poor immigration decisions made over 30 years ago were still negatively impacting those countries. “Wise persons learn from the mistakes of others by having in the forefront of their minds and their decision process the history which created those mistakes. Our Government has no intention of carrying these mistakes forward,” Bush added.
He said government was turning its attention to newpolicies to stimulate growth and jobs and it would be holding a series of meetings over the next couple of weeks to “obtain input and solutions” from the people and to implement solutions “to grow our economy and enhance the lives of our people.”
Bush also spoke about the importance of encouraging people and businesses to relocate to Cayman and to conduct their business on the ground here.
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