A Cayman Islands trade delegation led by the Ministry of International Trade, Investment, Aviation and Maritime Affairs (MITIAMA) has laid the groundwork for a visit from HSH Prince Albert II of Monaco in 2020.
On Monday, 23 September, the Premier (who is the Minister responsible for International Trade and Maritime Affairs), Hon. Alden McLaughlin and the Cayman Islands’ delegation began their work in Monaco to attract new international investors and to widen the Cayman Islands brand at the important Monaco Yacht Show.
The Minister for Commerce, Planning and Infrastructure (CPI), Hon. Joey Hew joined the Premier, along with MITIAMA Chief Officer, Eric Bush; CEO of the Maritime Authority of the Cayman Islands (MACI), Joel Walton and Head of the Office of the Premier, Roy Tatum.
Also attending the Monaco Yacht Show (MYS) was a number of private sector partners, who helped enhance the Cayman Islands’ presence at the Show. These include representatives from the worlds of law, real estate, yacht brokerage and management, accountancy, technology and precious metals and stones.
Premier Hon. Alden McLaughlin said “I’m delighted that Prince Albert has agreed to visit the Cayman Islands next year. The visit will give us the opportunity to further cement and build the relations between the Cayman Islands and Monaco. It will also raise our profile more broadly in the Monaco community, and beyond, as we continue to look for opportunities to attract businesses and investors in key jurisdictions such as Monaco.”
The Prince confirmed his intention to visit the Cayman Islands at a reception on Wednesday, 25 September, which was hosted by the Premier. The reception was attended by high net worth investors and members of the private sector from the Cayman Islands.
The reception also hosted individuals from the yachting sector, which is an important market segment for the Cayman Islands’ shipping registry. Around three quarters of the world’s Super Yachts fly the red ensign of the Cayman Islands; the flag is visible and dominant at the MYS.
Chief Officer Eric Bush stresses: “we continue to see the positive results from our ongoing engagement in Monaco. The Monaco Yacht Show is an ideal platform for Cayman to showcase who we are: a sophisticated, world-class country, ideal for investment and to visit.”
Minister Hew adds: “the Cayman Islands’ economy is diverse and robust, which makes it an attractive option for overseas investors. But when we’re able to deliver strong economic growth through increased investment, local businesses and families will feel the benefit across the Cayman Islands.”
During the reception, the Premier presented a cheque for US$40,000 to HSH Prince Albert II with funds raised by a Cayman Islands Charity Bike Ride for his charity.
Building on a mutual love of cycling shared by Prince Albert II and the Premier, the ride also offered a platform to build new relationships with high net worth individuals who similarly love the sport and who participated in the ride.
The royal visit is scheduled to take place at a date to be confirmed by the Principality.
As the week wrapped up, the delegation spent time at the MACI booth at the MYS, as well as hosting a closing dinner.
Minister Hew attended and spoke at the MARE Forum on Friday, 27 September.