NIC urges collaboration

Council aims to generate new revenue streams

As financial challenges continue to
loom, the recently formed National Investment Council is exploring viable
strategies to stimulate and grow Cayman’s economy.

The council’s main objective is to
generate new forms of revenue and identify strategies for sustainable

The group is spearheaded by
business leaders William Peguero, James Bergstrom, Michael Ryan, Burns Conolly,
Marcus Cumber, Jim O’Neill and Dax Basdeo, who came together to bridge the gap
across Cayman’s various business sectors. They are gathering input and recommendations
from the different organisations, boards and committees to create an economic
blueprint to move Cayman forward.

“All business sectors are interconnected
and there has to be a collaborative effort between the macroeconomic policies
that are being developed by the Government and the policies and procedures implemented
by business agencies,” said council Chairman William Peguero.

“The goal of the council is to
align both public and private sector demands to open the doors for increased
revenue to the islands.”

Since the council’s formation at
the start of this year, members have been evaluating measures to generate new
forms of revenue and ways to draw new commerce and investment to the country.
To date, the council has met with and evaluated more than a dozen new projects
ranging from tourism products to fund administration to the information
technology arena.

The council is also working toward improving
transparency in investment policies, efficiency in investor facilitation and improvement
in the investor approvals process as a way to boost confidence in the
jurisdiction. The council aims to meet those needs by helping  form of policy guidelines on foreign investment
in all sectors of the economy, reviewing applications submitted by investors,
providing recommendations to investors, monitoring application progress,
providing assistance with resolving problems pertaining to investment projects,
and establishing procedures to ensure effective coordination between the
relevant Government agencies and boards.

“We are positive that our
collaborative approach and support of both the private and public services will
help us meet pressing demands and set a strong economic foundation that will
position Cayman for economic success into the future,” said Mr. Peguero.

The NIC reports to a special
Cabinet Committee, chaired by Premier McKeeva Bush, and are supported by the
Investment Advisory Committee, which consists of senior civil servants across
immigration, planning, environment, employment relations, customs, tourism,
financial services and agriculture.