Members of the Cayman Islands
business community had the chance to take part in the World Association of
Investment Promotion Agencies conference held in Buenos Aires from 28 to 30
June. The association acts as an international
forum for cooperation and exchange of best practices for promoting investment
Representing Cayman was a
three-member delegation from the Cayman Islands Department of Commerce and
Investment and the National Investment Council.
The forum theme, Sustainable Growth
and Investment: Drafting a Plan for Action, sought to address some of the challenges
countries face when trying to balance profitability and sustainability in new
Panels featured distinguished
economists, opinion leaders and top level representatives from various
institutions. Supporting work sessions
were designed to respond to the operational needs of investment promotion agencies
on matters such as the efficient use of information to influence investment decisions,
strategies to successfully target investors and the importance of integrating
local stakeholders in the inward investment process.
National Investment Council
Chairman William Peguero led the Cayman delegation. Joining him were DCI
Business Advisor Shannon Francis and DCI Head of Marketing Lesley-Ann Thompson.
“It was an ideal opportunity for us
to gather market intelligence and network with our counterparts all over the
world,” said Mr. Peguero. “WAIPA member countries account for 92 per cent of
the world total in foreign direct investment inflows and by sharing ideas and
exchanging information, we were able to benchmark ourselves against other jurisdictions
and learn about some successful solutions to investment attraction and
retention methods that they have used.”
Established in 1995, WAIPA is
headquartered in Geneva, and brings together 244 agencies in 162 countries.