A four-member delegation recently visited the Cayman Islands to learn how the sister territory facilitates business.
“The team is focused on identifying best practices and transferable lessons that can support the Virgin Islands’ own efforts to enhance its ease of doing business and foster economic diversification,” said Financial Services and Economic Development Junior Minister Lorna Smith, who led the delegation. “This experience will no doubt be of benefit to all participants including the delegation from the Virgin Islands, as we together seek … to find innovative ways to do business and grow and strengthen our economy.”
As part of the mission, the delegates learned about initiatives including Cayman Enterprise City, Health City, Cayman Tech and associated institutions, according to government.
They also met with stakeholders including Premier André Ebanks, who is the minister of financial services and commerce, and Deputy Premier Gary Rutty, who is the minister of tourism and trade development.
Cayman agencies
Other meetings included discussions with officials from Cayman’s Special Economic Zone Authority, Chamber of Commerce, Department of Commerce and Investment, and departments of customs, immigration and labour.
“It has been a highly productive and insightful experience,” Ms. Smith posted on Facebook on the mission’s final day on June 4, adding, “This visit is another important step toward improving the ease of doing business in the BVI, revitalising our local business sector, and encouraging greater investment — particularly in tourism.”
Besides Ms. Smith, the delegation included Director of Investment Promotion Ayiesha De Coteau Sammy, Deputy Director of Trade Lincoln Bobb, and Policy Analyst Dawn Alexander-Joseph.
Regional ties
The Ministry of Financial Services, Economic Development and Digital Transformation hopes the visit will strengthen regional ties and provide direction as the VI seeks to implement innovative and sustainable economic development frameworks, according to government.
Regulation and oversight
The ministry focuses on the regulation and oversight of financial institutions and services in the territory, and its responsibilities include managing banking regulations, monitoring financial markets, promoting financial stability, and implementing policies to support economic growth, government stated.
British Caribbean News
