The Hong Kong office of the Cayman Islands Investment Bureau is being closed.
‘The savings which can be realised from this rational decision which has been supported by the private sector will be redirected to markets with greater and more immediate strategic prospects for these islands,’ Minister Charles Clifford told the Legislative Assembly.
In a statement to the House on Thursday, Mr. Clifford said the operation of the Hong Kong office was estimated to cost about $16,000 a month, made up of salaries, rent and other operational expenses.
In addition, the office was equipped with more than $9,000 of assets, he added.
‘With the potential of the US market, the CIIB recommends prioritising the further development of the bureau’s New York office rather than directing limited resources towards the resuscitation of the Hong Kong office,’ Mr. Clifford told the House.
‘The CIIB has confirmed that it cannot currently justify funds being spent in speculative markets but rather it must redirect its resources to markets that demonstrate the greatest return on investment,’ he added.
There had been consultations with representatives of private sector companies involved in the launch of the Hong Kong office, said Mr. Clifford.
‘The consensus was that the CIIB did not need to be the vehicle for maintaining the Cayman Islands continued presence in the Asia-Pacific region,’ he said.
‘It was agreed that Cayman could continue to be supported by the Cayman Islands-based law firms which have a presence in Hong Kong,’ he added.
‘In terms of the region as a source of inward investment, it was further stated that the potential of this region has yet to be realised, and although the area remains an important long-term consideration, the country cannot justify the short-run costs of maintaining a physical presence, particularly at this time, given our country’s ongoing hurricane recovery,’ Mr. Clifford told the House.
Related Videos
