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WEALTH DISTRIBUTION

Opinions & Editorial 08 Apr, 2024 Follow News

WEALTH DISTRIBUTION

In the Cayman Islands, there is a pressing need to prioritize and spread wealth amongst our people to ensure equitable economic growth and development. One effective way to achieve this is by implementing a transparent and fair system for issuing lucrative Government contracts for services, such as airport security, baggage handling, and other essential functions within the Civil Aviation Authority.

Currently, there are few Government agencies that are responsible for issuing these contracts, and they often go to large corporations or foreign entities, contributing to wealth concentration among a select few. To address this issue, it is crucial to establish a model that ensures the wealth generated from these contracts is shared among the local population, particularly Caymanians.

One potential solution is to implement a system where these contracts have a maximum duration, such as 10 years, after which they are reevaluated and potentially handed over to another local family or group. This rotation of contracts would not only provide opportunities for different individuals or entities to benefit from the economic gains but also ensure that wealth is continuously spread within the community.

Additionally, there should be clear criteria and guidelines in place to determine eligibility for these contracts, prioritizing local businesses and individuals who have demonstrated a commitment to the Cayman Islands and its people. This could include requiring a certain percentage of Caymanian ownership or employment within the contracted services, as well as promoting diversity and inclusion in the workforce.

There should be a focus on capacity building and skills development within the local population to ensure that Caymanians have the expertise and qualifications to compete for these contracts on equal footing with larger corporations. For example, investing in education and training programs that cater to the specific needs of the aviation industry would not only benefit individuals seeking employment but also contribute to the overall economic growth of the country.

Overall, by implementing a fair and transparent system for issuing Government contracts, prioritizing local businesses and individuals, and investing in skills development and capacity building, we can effectively spread wealth and promote economic prosperity among the people of the Cayman Islands.

A model such as this, if conducted - could serve as a blueprint for other Government entities to follow. Ultimately, designed to ensure the benefits of economic development are shared equitably among all members of society.

MDR


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