Diversify the Economy

In response to evolving global economics and the new financial challenges placed on us and other countries around the world, we must look beyond our traditional industries and innovate. Economic diversity is critical in today’s market and exploring opportunities in medical tourism and other new industries will be key in establishing a sustainable and prosperous future for generations to come.

a. Objective:
Promote business development as a vital strategy for Cayman’s future success.

Actions

  • Identify and remove constraints hindering economic diversification.
  • Retain and expand existing industries while proactively attracting new businesses, industries, jobs and investment that contribute a minimum of 5% to the national GDP and create at least 100 new jobs.
  • Increase proactive outreach to help retain and expand businesses of all sizes, with emphasis on those that are closing, leaving or downsizing.
  • Expand payment options via the introduction of online electronic transactions.
  • Evaluate and propose amendments to legislation that discourage economic diversification.
  • Identify opportunities for private/public collaborations to attract new enterprises and industries
  • Formulate a national investment strategy and an action Strategic Report.
  • Develop a marketing campaign to educate and inform the public about the advantages of diversification.
b. Objective:
Leverage Cayman’s legal and physical infrastructure.

Actions

  • Arrange high level meetings between Government officials and business leaders in the financial services sector to promote the advantages of developing a substantial physical presence in the Cayman Islands.
  • Facilitate the introduction of medical tourism sector by passing tort reform and enabling legislation for organ and tissue transplant.
  • Develop a recruitment campaign to attract reinsurance companies.
  • Expand the film industry by attracting interest from film production companies.
  • Conduct a feasibility study of the advantages and disadvantages of introducing the gaming industry.
c. Objective:
Attract new industries and grow globally competitive business, investment and tourism that can create new jobs and business opportunities.

Actions

  • Influence, regulate and invest to attract and retain investment.
  • Invest in initiatives that make it easy for business to interact with government.
  • Influence and invest to grow high value sectors through facilitating networks and partnerships with business organizations and supporting business events.
  • Encourage legislative changes that foster a globally competitive economy.
  • Invest in economic research and policy making to enable quality decision making.
  • Influence and invest in economic initiatives with our international partnerships.
  • Influence and invest in the attraction, development and delivery of major events.
  • Influence and invest in economic development initiatives to achieve scale, synergy and collaboration