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The Chamber of Commerce – Economic growth and diversification

Local News 06 Oct, 2022 Follow News

The Chamber of Commerce – Economic growth and diversification

All living things grow, change, and adapt.

To continue to thrive, Cayman’s economy needs to grow and change too, embracing new ideas and new businesses. Stagnation of the economy will mean other jurisdictions will be quick to grab new opportunities when they arise, leading Cayman to become an economic backwater.

The Chamber believes in doing both – supporting Cayman’s tried and tested business models and seeking avenues for growth. The organisation pushes Cayman businesses to embrace change, innovation, and diversity, to ensure that if one industry falters, there will be others ready to thrive.

We all need change. We need fresh, new ideas to keep Cayman’s economy vibrant and healthy. New perspectives and businesses can develop here in two different ways: start-up locally or attracted from abroad. 

That’s why the Chamber likes to get behind small and micro businesses and help start-up companies find their feet, working with government agencies to establish business incubators, where new microbusinesses can grow in a protected environment until they are big enough to stand on their own.

Economic diversity can also be achieved by attracting it here. There are millions of companies looking for a suitable environment to grow and thrive. If they put down roots here, it means new economic currents begin flowing our way, keeping the waters fresh and alive.

The decision whether to invest and settle in Cayman is a complex decision, involving many factors. But competition from other jurisdictions is fierce, and ever-present. That is why the Chamber supports Invest Cayman which is focused on attracting businesses here and retaining them.  Many other jurisdictions have such an agency, and the Chamber believes that this agency will attract new investment.  

We can only embrace tomorrow’s opportunities if we move forward in a coordinated way to grow and diversify the economy. That is why the Chamber is advocating to work along with the Ministry of Economic Development to arrive at a comprehensive economic development plan that will enable the Cayman Islands to remain attractive to investment.

The Chamber also advocates for the establishment of an Economic Development Council comprising representatives from Government and the private sector to develop a strategy for short-, medium- and long-term development, helping to bring the Cayman Islands into the future.

Discussing growth and how Cayman’s economy generates its income can be a challenging and, at times, confusing conversation. That’s why the Chamber launched the Growth Matters educational series of animated videos in 2017. These animated videos explain how the Cayman economy works and how income is generated in the private sector to finance Government’s operations and the public services. Visit https://www.growthmatters.ky to access the free educational series. Two additional series of animated videos on Financial Services and Tourism are currently under production.

As a catalyst, the Chamber continues to stimulate conversation and change in Cayman. Tune in weekly to find out how they support, promote and protect the business and wider community.

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