Investment bureau boss gets top ministry post

(CNS): Government has now made the official announcement that Dr Dax Basdeo was appointed as Chief Officer, Financial Services, in the Ministry of Finance, Tourism and Development some time ago. A release from government said the deputy governor had appointed the head of the department of commerce and investment into this new post which he took up on 1 October. The post was created as a result of changes to ministry responsibilities resulting from the creation of a Minister of Finance under the new constitution. Twenty three persons applied for the job as part of an open recruitment process and four candidates were interviewed by a selection panel.

 Basdeo said of his new job, “I look forward to the challenges of this new position and the opportunity to continue to develop policies that will enhance the sustainable economic development of these islands.”

The panel which included Donovan Ebanks, the deputy governor was chaired by Senior civil servant Peter Gough, Nick Freeland from PricewaterhouseCoopers, Paul Byles and Kenneth Jefferson the financial secretary. “It is particularly pleasing to see a young Caymanian rising through the ranks to achieve one of the most senior positions in Government,” said Ebanks .

Basdeo holds a Bachelor of Science degree in finance and statistics from the Wharton School at the University of Pennsylvania, an MBA from the University of Manchester and a PhD in strategic management from the University of Maryland. A published author, Basdeo has also conducted research involving US businesses, with research teams at various academic institutions. He began his career in the civil service in 1995 as an economist. In 2004, he assumed responsibility for the Cayman Islands Investment Bureau (now the Department of Commerce & Investment) and devised policies and programmes supporting inward investment and economic diversification, small business development and provision of advisory services for international investors.

Basdeo currently has responsibility for a broad range of departments and authorities within the Ministry of Finance, covering such key areas as financial services policy, economic development and international relations. Specific functions under Dr Basdeo’s leadership include: the Department of Commerce & Investment; the Financial Services Secretariat; the Cayman Islands London Office; the General Registry, and; the Tax Information Authority.