Future of Cayman

In the last issue of Chamber magazine we introduced you to the Future of Cayman Forum economic development initiative that has been created to start the process of adjustments and change that we must confront holistically in this weakened economy. It brings together industry associations, ministries, departments, authorities and government leaders to develop achievable objectives and measurable actions in five strategic areas that have been determined by various stakeholders as essential to the sustainable success of the Cayman Islands economy and people.

Chambers around the world have embarked on similar exercises to help unite the thinking and to pool the resources and expertise in the public and private sectors. The Future of Cayman Forum facilitates the exchange of ideas and focuses our attention on the key areas that are essential for a successful future. The success of this initiative will be determined by the level of involvement and motivation of the stakeholders and a willingness to consider innovative thinking and strategies that give Cayman a competitive advantage in a global economy.

The vision for the Future of Cayman Forum is straightforward: to bring together the thought leaders from Government, industry associations and community groups to identify the key objectives and actions that everyone determines, if implemented, will improve the quality of life, business climate and create jobs and business opportunities.

The goals of the initiative are:

  • To develop an economic development strategy for Cayman’s future success;
  • To establish a long term working partnership between Government and the Private Sector;
  • To monitor and measure our current status and progress toward stated objectives;
  • To increase involvement and exchange of ideas and resources among the public and private sectors.

Through the Chamber’s State of Business Survey, consultation with private business associations and a review of the elected Government’s manifesto, these five key drivers were identified as the critical for a prosperous and sustainable future:

  • Develop talent
  • Create a business friendly environment
  • Build a smarter infrastructure
  • Enhance the quality of life
  • Diversify the economy.

On 11 November, 2010, at the Marriott Grand Cayman, the first Future of Cayman Forum took place under the guidance of a steering committee comprising both public and private sector representatives and our forum facilitator, IBM. Each driver was assigned to a specific group comprising representatives with experience and knowledge relating to the topic. Each group was chaired by two co-chairs, representing both the private and public sectors that assisted in the groups’ discussions as they looked to identify the necessary objectives, enablers and actions. The information resulting from the forum is now being compiled into a report that will become a master plan for Cayman moving forward. Each issue of Chamber magazine in 2011 will take a key driver and focus on the objectives developed by the driver group and how they intend to implement the actions in support of its success. The Cayman Islands Government has fully endorsed the Future of Cayman Forum and is working hand-in-hand with the private sector to see a successful process and conclusion.

In this first quarter issue of Chamber magazine 2011 we are focusing on the Develop Talent Driver, which is co-chaired by Mary Rodrigues, chief officer for the Ministry of Education, Training & Employment, and Patricia Bell, chief human resource manager with the Water Authority.

Associations invited to participate in the Future of Cayman Forum Develop Talent group were: Ministry of Education, Training & Employment; Portfolio of Internal & External Affairs; Cayman Islands Tourism Association; University College of the Cayman Islands; International College of the Cayman Islands; Sister Islands Tourism Association; Cayman Contractors Association; Cayman Finance and Cayman Islands Society of Human Resources Professionals.

Attending participants on the day were: Mary Rodrigues, Ministry of Education, Training & Employment; Ian Fenton, Portfolio of Internal & External Affairs; Stuart Bostock, Chamber of Commerce; Roy Bodden, University College of the Cayman Islands; Kris Bergstrom, Cayman Contractors Association; William Walmsley, Cayman Finance and Samantha Nehra, Cayman Islands Society of Human Resource Professionals.

For more information about this economic development initiative please contact [email protected]