Representatives from the Chamber of Commerce Council met with Government officials to present ways to reduce costs, decrease debt and to enhance revenue. Both parties agreed to work together to develop strategies to address Cayman’s current economic challenges. The Chamber welcomed this level of cooperation and pledged its full support to work with Government to develop solutions to the economic challenges that face the Islands.
Controlling expenditure and reducing debt featured prominently in the discussion. The Chamber proposed: commissioning an independent review of all Government services, departments and statutory authorities to be completed by January 2010; the identification of assets that can be sold outright or can be offered for investment through privatization or the issuance of an initial public offering. By introducing this approach, residents and businesses will be able to become direct shareholders of several important national assets and Government would reduce its direct operational costs; reducing the national debt and raising revenue from areas that would have minimal impact on business development and residents.
The Chamber also expressed its intention to work with Government to:
• Address the crime issue that threatens to destabilise the society and drive away business;
• Develop investment policies that will create a red carpet approach to attracting new investment to the Islands;
• Recommend revisions to immigration policies;
• Strengthen cooperation with the Cayman Islands Investment Bureau and the Department of Tourism;
• Develop policies and programmes to support small business development;
• Host an economic forum to discuss and develop an implementation plan for the proposals that are approved by Government.