The Ministry of International Trade, Investment, Aviation and Maritime Affairs (MITIAMA/The Ministry) has taken the first steps in developing an international trade and investment strategy by appointing KPMG in the Cayman Islands as the consultants for the project, as a result of a public procurement process.
Announced in December 2018 by Premier McLaughlin, amidst rapidly changing and increasing uncertainty of global trade, the Ministry is tasked with enhancing the image of the Cayman Islands, internationally, as well as to create a single doorway for foreign direct investment.
Acting Chief Officer of the Ministry, Andrea Fa'amoe, along with senior members of her team met with the KPMG team, led by Co-Managing Partner, Kevin Lloyd, at KPMG’s office, SIX, on November 5, 2019, where the partnership was officially engaged by the signing of the contract.
The project will see the execution of a three-part plan submitted by KPMG. The phases of the plan include data collection and benchmarking, stakeholder engagement and strategy development.
“We are looking forward to developing a strategy that will harness the potential of the public and private sectors. We want to understand Cayman’s footprint around the world and identify ways to sustain and expand that footprint,” said Mr. Eric Bush, Chief Officer of the Ministry who is attending the Cayman Alternative Investment Summit (CAIS) Brazil.
“We strongly believe that data should drive policy. Our data driven strategy will ensure Cayman remains relevant and forward-thinking in a rapidly evolving environment.”
The project will see the Ministry and KPMG working closely with both the public and private sector in the Cayman Islands. Key focus areas include attracting inward investment, diversifying the Cayman economy and improving the ease of doing business in Cayman.
“KPMG’s solution to the Ministry’s request for stakeholder engagement, data analysis and strategic planning combines our intimate local knowledge of the Cayman Islands with global best practice,” said Kevin Lloyd, Co-Managing Partner at KPMG.
“We have been fortunate enough to work alongside the Cayman Islands Government on key infrastructure and strategy engagements in the past. We are looking forward to helping this new Ministry in this vital development stage, ensuring the protection and promotion of the Cayman Islands to ensure that we achieve our full potential.”