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Cayman Islands Delegation Heads to Monaco

Local News 23 Sep, 2019 Follow News

Cayman Islands Delegation Heads to Monaco

A Cayman Islands trade delegation led by the Ministry of International Trade, Investment, Aviation and Maritime Affairs (MITIAMA) will travel overseas next week.


Headed by the Premier and Minister responsible for MITIAMA, Hon. Alden McLaughlin, the group will also consist of: Minister for Commerce, Planning and Infrastructure (CPI), Hon. Joey Hew; MITIAMA Chief Officer, Eric Bush; Head of the Office of the Premier, Roy Tatum and CEO of the Maritime Authority of the Cayman Islands (MACI), Joel Walton.


The representatives will be taking part in a series of scheduled events under the auspices of the Monaco Yacht Show (25-28 September).


Mr. McLaughlin explains “We continue to be a leading flag state in the super yacht industry and it is important for us to be part of this event and meet with owners and their representatives to ensure they have the most current information on what the Cayman Islands can offer and provide the best possible advice for their existing and future super yachts.”


Mr. McLaughlin continues “I will also be able to tell them first-hand how well we are doing both economically and politically and that we continue to be a good, stable jurisdiction in which to do business.”


The broad purpose of such trips is to attract new international business and to promote the Cayman Islands brand on the international stage.


In order to support those ambitions, a diverse number of private sector partners will lend their weight to the Cayman Islands’ presence at the Yacht Show. These include representatives from the “Big Four” accountancy firms and from the worlds of law, real estate, yacht brokerage and management, technology and precious metals and stones.


Minister Hew explains: “I look forward to the opportunity to collaborate with our counterparts in Monaco at the very highest level, as well as the chance to engage with potential investors and high net worth individuals at the prestigious Monaco Yacht Show. Such investment is vital, because it ensures we are able to create opportunities for Caymanians both now and in the long term.”


Minister Hew and the delegation will seek to encourage investment in the jurisdiction, to promote the Cayman Islands as an attractive place to invest and conduct business and to increase further the market share held by the Cayman Islands’ premium shipping registry.


Similarly, the Maritime Authority of the Cayman Islands (MACI) will utilise its platform of repute as the operator of one of the world’s best shipping registries to host a forum during the MYS. In leading discussions around the challenges and expectations for the industry’s future, MACI will utilise the forum to promote the red ensign of the Cayman Islands as a symbol for the global maritime community.


The Ministry’s Chief Officer Eric Bush underlines the importance of continued efforts to maintain and increase the significant market share for the Cayman Islands’ shipping registry.


“Monaco is a vital market for us,” Mr. Bush explains, adding: “the Cayman Islands Shipping Registry is regarded as world-class and home to many of the world’s biggest yachts. It is essential we strengthen and increase our presence in the industry to ensure we continue to remain the premium maritime flag state.”


In addition to the MACI sponsored business forum, the other events will include: a charity bike ride in aid of the Prince Albert II of Monaco Foundation (Wednesday, 25 September); a reception at the Monaco Yacht Show (MYS) hosted by the Premier (Wednesday, 25 September); and a dinner hosted by the Premier at the MYS (Thursday, 26 September). In attendance at the events will be the Cayman delegation as well as key individuals from the Monaco community.

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