Industry weighs in on National Investment Strategy

Premier McKeeva Bush and members of
the newly formed National Investment Council have met with industry
stakeholders to share their approach to building a national investment strategy
for the Cayman Islands. 

A comprehensive framework that will
guide policy directives to pursue investment projects and take into account
feedback from those who attended last week’s meeting is expected within the
next 30 days.

Its key objectives are to generate
new forms of revenue and identify viable strategies for sustainable economic
growth.

In his address, Mr. Bush argued
that, “while initiatives to strengthen the financial services and tourism
sectors are already underway, we must also target new sources of business to
diversify the economy and improve the government’s revenue base.”

He said he felt confident that the
National Investment Council was “uniquely positioned to bring together input
and recommendations from a variety of key organisations, boards, committees and
individuals to create a holistic blueprint for economic recovery and growth.”

Council chairman, William Peguero
Sr. gave a positive outlook and assured attendees that the NIC would make use
of much of the strategy work that had already been commissioned by various
bodies.

He confirmed that the NIC’s work so
far included collecting many of those reports, “dusting them off and reviewing
them with a view to gleaning the best ideas that would enable the NIC to set a
strong foundation for future economic efforts.” 

Other members Mike Ryan and James Bergstrom also
gave updates on the sub-committees work re Revenue Measures and the Economic
Growth Plan. Marcus Cumber, Burns Conolly and Jim O’Neil complete the NIC membership.  Dax Basdeo, current Executive Director of the
Department of Commerce and Investment and Acting Chief Officer in the Ministry
of Finance, is an ex-officio member. The DCI is the organisation charged with
implementation of the national investment strategic plan when finalised.

BIZindustrySTORY

From left, Dax Basdeo, Mike Ryan, William Peguero Snr,, McKeeva Bush, Burns Connolly, Jim O’Neil, James Bergstrom.
Photo: Submitted
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