Chamber seeks answers for future of Cayman

| 12/11/2010

(CNS): A day long forum on Thursday hosted by the Cayman Islands Chamber of commerce was focused on finding ways to secure a successful economic future for the country. Bringing together public and private sector experts, Stuart Bostock the Chamber president said the Future’s Conference was not an initiative to meet for the sake of meeting, but a commitment to getting results. Having identified five key drivers of the countries economy he said the goal was to pool knowledge resources and come up with the answers. The conference was opened by Mike Adam on behalf of the premier who said the five drivers were in line with government’s goals.

Bostock explained that these so called economic “drivers” were not plucked out of the air but had been identified by government and industry associations and confirmed based by the results of the Chamber of Commerce annual State of Business Survey. The drivers he said are to develop talent , create a business friendly climate, build a smarter infrastructure, enhance the quality of life, and agree on ways to diversify our economy.

The goal of the forum the president stated was to find ways to achieve the goals. “Cayman’s answers are right here in this room and we can start here,” Bostock said to the delegates. “The pooling of our minds and resources, putting individual gains and agendas aside, I am confident will provide the answers we need.

He explained that the work of the groups during the forum would lead to a report based on the thoughts and initiatives. “Within a week we will start to see the product of today’s breakout sessions and within a month or two we will see that product developed into a report by the Steering Committee and approved by government. That report, identifying common objectives will be the foundation of an economic development strategy that we have all created,” he added.

Bostock said the expertise and experience had brought the delegates to the forum where the goal was to develop the objectives and actions. “I honestly hope that today’s discovery of working together, will commit you all to the process of the Future of Cayman and that your efforts will continue,” the president told the people there.

In the address to the audience at the opening of the forum by Adam – from the premier, who had travelled to St.Lucia on a hurricane relief mission, he said the drivers they would examine during the forum were compatible with much of what the premier would like to see achieved in the Cayman Islands. “Creating a business friendly climate and developing talent are priorities of this government,” Adam said on behalf of McKeeva Bush, adding that government will pay close attention to what comes out of the forum .

The main objective is for the chamber to compile a full strategic plan for the country which will be given to government and Bush said he would take its recommendations under advisement,

A web-site has been developed for the initiative where more details of the aims and objects can be found

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  1. IRON CLAD says:

    Wow!… It’s refreshing to hear the Chamber of Commerce make statements like these. 

    "focused on finding ways to secure a successful economic future for the country" and "the Future’s Conference was not an initiative to meet for the sake of meeting, but a commitment to getting results". Excellent!

    It is VERY OBVIOUS that EVERY successive Government has not had "a SUCCESSFUL ECONOMIC Future for the country" on their minds, and for that matter, neither has Wil Pineau been much of an advocate it seems.  However, it is about time that we had at least the Chamber of Commerce take that stance. Kudos Stewart.

    Now let’s see if they can somehow get that bunch of Equus Asini(see we call Government – to take up on that suggestion. Wow, what a bunch!


  2. Adam Smith says:

    The impact of a minimum wage in terms of economics is a highly charged debate. 

    However in Cayman it is clear that a minimum wage pitched at the level campaigners are wanting would be massively inflationary.  The aim of the minimum wage camp is to price out the perceived importation of foreign labour at prices Caymanians are not prepared to work.  This will increase costs substantially across the major markets and be especially harmful to our tourism market.  By blocking out options it will also tend to negatively impact on productivity.

    In a nutshell a minimum wage, as suggested by the proponents, for the reasons suggested by proponents, is a disaster waiting to happen.  It is crass protectionism disguised as a social measure.

  3. Anonymus says:

    The forum was interesting, quite a ‘Vision 2010’. However, everything is targeted to promoting growth, without asking the questions

    "are we really looking to grow?"

    "how much are we looking to grow?"

    "shouldn’t we aim for some sort of economic syustainability instead?"

    It would behove Cayman to answer these questions first (and some others, such as ‘what is growth?’ & ‘Grow What?’)  before we grow our country to the benefit of a few rather than the many.

    Lets look at the basics before the details.

    • Anonymous says:

      They are only interested in growing their own wallets. Remember their plan for solving the budget defect. It only involved sacrifices by others. We have to learn to live within our means. Depending on runaway growth to fund government is a receipt for disaster. The boom will not last forever. If we learn from it, this current slowdown could be a good thing. 

  4. Anonymous says:

    The head of the chamber of commerce was not questioned as to his sincerity by the 2 hosts of the talk radio program after his statement that the chamber supported a minimum wage.


    Why would he? It is a conflict of intrest, just like the Chamber’s whole support of the CCTV.

  5. Anonymous says:

    I remember listening to the head of the Chamber of Commerce on the radio and when he was questioned about enacting a minimum wage in the Cayman Islands he said that he was supportive of a minimum wage for the country.

    This conversation happened a year ago, not much seems to have moved forward on this issue.

    • Anonymous says:

      Majority of the issues of the Cayman Islands stem from the policies generated and direction taken by the Chamber.

      A minimum wage is just not acceptable to the Chamber.

      Most astute people can determine this from the responses’ of the president.

      • Anonymous says:

        The head of the chamber of commerce was not questioned as to his sincerity by the 2 hosts of the talk radio program after his statement that the chamber supported a minimum wage.

      • very concerned says:

        The CHAMBER for decades have supported the importation of CHEAP LABOUR, resulting in Caymanian workers today earning less than their parents did and unable to provide a decent standard of living for their family, unable to save for retirement.

        They along with politicians support importation of cheap labour from a jurisdiction, when those employees get sufficent numbers to organise themselves and request to be treated humenely and request a livable wage their EMPLOYER dump them for workers from another jurisdiction and lower the wages even further and on and on it goes.

        Those workers then become Caymanian and in their golden years become dependent on the State (US) The representatives like this as this is how they retain control of the country through handouts. they show no regard to the deteration of the Caymanian way of life. NOT A VERY BRIGHT FUTURE. What do you say CONSTRUCTIVE CRITISM would be nice.