The Ministry of Tourism, Environment, Development and Commerce has announced the appointment of Mr. Dax Basdeo to the post of Executive Director for the Cayman Islands Investment Bureau .
The mandate of the Investment Bureau, which was launched in November 2003, is to strengthen and stimulate investment by allowing both foreign and local investors to take advantage of business opportunities in the Cayman Islands. Mr. Basdeo brings to his new appointment several years’ experience as an economist in the civil service. He holds a BSc. in economics from the Wharton School of Business, and an MBA from Manchester Business School. At present, he is a doctoral candidate in strategic management at the University of Maryland, where his current research focuses on how top executives in high technology companies identify and exploit innovative business opportunities.
The Permanent Secretary for the Ministry of Tourism, Environment, Development and Commerce, Mr. Tim Hubbell, congratulated Mr. Basdeo on his appointment. ‘I am looking forward to working with Mr. Basdeo to fulfil Government’s role in the recovery and continued growth of our economy and the strengthening of the Cayman Islands as an investment location. This is all the more necessary given our economic situation post-Hurricane Ivan.’
Commenting on the appointment, Mr. Basdeo remarked, ‘I am excited to be able to contribute to the continued development of the Cayman Islands through the development of the Investment Bureau. I firmly believe that the bureau will provide an invaluable service not only to persons overseas seeking to do business in the Cayman Islands, but also to our local business community.’
Numerous other jurisdictions have instituted similar agencies and Mr. Basdeo’s role will allow him to implement programs based on international best practices that will enhance both the economic and social development of the Cayman Islands. He noted that ‘given the attractiveness of the Cayman Islands as an investment location, particularly in relation to financial services or tourism-related projects, it is important that we continue to sharpen the edge we have over our competition.’
The Investment Bureau subsumes the former Marketing and Promotions Unit of the Portfolio of Finance and Economics. While its mandate has expanded, the Investment Bureau continues to provide support to the marketing and promotion of the financial services industry of the Cayman Islands under Ms. Virginia Dixon, marketing manager for the bureau.
The bureau’s expanded role in facilitating investment is an added dimension to the Government’s efforts to diversify and strengthen the Cayman Islands economy. ‘With the appointment of Mr. Basdeo, the bureau is set to initiate several new programs that will provide investors with the assistance they need in establishing businesses in the Cayman Islands. Through a co-ordinated effort with the various regulatory agencies in Government, the bureau will provide a one-stop facilitation service that will be designed to speed desirable investment projects through the Government approvals processes’ commented Mr. Hubbell.
Any queries regarding the services or activities of the Investment Bureau can be directed to Mr. Basdeo at 945-0943.