The Joint Ministerial Council (JMC) meets once a year to provide a forum for the exchange of views on political and constitutional issues between the governments of the Overseas Territories and the UK Government. Those at the meeting are discussing strategies for promoting the security and good governance of all Overseas Territories as well as economic diversification, attracting investment, vocational education and employment.

Premier tells Cayman’s story

Cayman Islands Premier Hon. Alden McLaughlin received a chance Tuesday (26) night to tell the positive story of the Cayman Islands.

He hosted an invitation-only dinner for current and potential future Friends of Cayman in the midst of the Joint Ministerial Council for Overseas Territories and the United Kingdom.

The evening was a chance to tell the audience that the Cayman Islands Government believes that one of the most important mandates for the Premier’s Administration is economic growth and the subsequent creation of jobs.

“I’m here tonight to tell you the Cayman story and hopefully inspire you to be a part of our exciting efforts to fulfil that mandate,” he said. “Our strategy is to foster an environment that facilitates private sector growth, employ prudent fiscal management within the public sector, further develop an educated and work-ready populace and continue the development and modernisation of Cayman’s infrastructure.”

Diners learned that the Cayman Islands has recently delivered its Strategic Policy Statement in the Legislative Assembly and that the policy will result in Government improving its net financial position, supporting economic growth, creating employment opportunities and building infrastructure to serve the next generation of Caymanians.

The Premier said the Cayman Islands is committed to support small businesses by reducing taxes and bureaucratic hurdles while also providing entrepreneurs with access to training on how to successfully manage their businesses.

Government is also expanding the economy by encouraging new types of business activities such as medical tourism, sports tourism, health research and clinical trials.

A good, tangible start to medical tourism is Dr. Devi Shetty’s Health City, which is slated to open its first phase in February in East End.

“When Dr. Shetty embarked on identifying the location for his new project, he had a very clear objective – find a place that provides political stability, an excellent climate for development, well-regulated health care services and an excellent tourism product that patients will want to visit and enjoy while they recover from their surgeries. I am very pleased, but not surprised, to be able to tell you that Dr. Shetty found all these key qualities in the Cayman Islands,” Mr. McLaughlin said.

He also told them about the Special Economic Zone, Cayman Enterprise City, which had representatives at the dinner.

“One of the benefits of this Special Economic Zone is that it enables international companies to have a genuine offshore physical presence and generate active business income from the Cayman Islands,” he said.

One of the topics of discussion at JMC sessions is infrastructure in the Overseas Territories, something to which the Cayman Islands is attuned, he said, mentioning efforts to develop cruise berthing and make airport upgrades on all three Islands through Public Private Partnerships.

He reminded those in attendance that the Cayman Islands has been among the vanguard of the global financial services industry for more than 40 years.

“I suggest to you that a country only enters into this company when its legislative and regulatory framework is strong enough to withstand international security and yet flexible enough to provide industry with the products and services it needs to attract sound businesses,” he said.

The Premier pointed to pending legislation and recently signed international agreements that prove the Cayman Islands continues to perform in developing globally accepted standards.

“Tackling tax evasion and fraud is a global responsibility in which Cayman will continue to play a part,” he said.

The Premier told the audience about Cayman’s unique tourism products and the country’s appreciation to protect and conserve its environment, telling them that the long-awaited National Conservation Bill has been tabled in the Legislative Assembly and is scheduled to be debated before the year’s end.

“In Cayman we recognise that we must do all that we can to protect the environment on all three Islands to ensure that we preserve paradise for future generations of residents and tourists alike,” he said.

In closing, Mr. McLaughlin invited those at the dinner to come to Cayman and “be a part of our story”.

PHOTO: Cayman Islands Premier Hon. Alden McLaughlin, second from right, spoke on Economic Diversification at the opening session of the Joint Ministerial Council in London on Tuesday.  Sitting with him are, from left, Roger Edwards, a Member of the Legislative Assembly in the Falklands; Cayman Islands Financial Services Minister Hon. Wayne Panton; and Kedrick Malone from the BVI. Immediately behind Premier McLaughlin is Jennifer Ahearn, Cayman’s JMC Sherpa.

See separate related story in today’s iNews Cayman “Overseas Territories outline road map for the future” and you can also read the whole of the Premier Alden McLaughlin’s speech in a separate posting today “Cayman Premier’s Speech to JMC”