Address to the Sister Islands' Investment Climate Survey Results Forum

Minister Charles Clifford

26th June 2006

Our presence here in the Brac today to announce the results of the Sister Islands Investment Climate Survey, is a significant one. For the first time that I am aware, we now have an accurate picture of the business environment facing the Sister Islands, having delivered on the survey and consultations promised by this Ministry last December.

We knew from the outset that here in the Sister Islands, outside of government, the vast majority of businesses are indeed small businesses. Now we know that roughly 92% of the total number of those businesses have 10 or fewer employees; and 96% have 25 employees or fewer. This conclusion in particular underlies the importance of small business development for the Sister Islands and their economies.

As I noted at the first Small Business Workshop in August last year, the Government is committed to encouraging the growth of small businesses in the Sister Islands by aggressively targeting the unique challenges you face. We welcome the opportunity to work with your agencies and groups such as the Steering Committee, to support your goal of attaining economic growth.

This survey was an important step in reaching that objective. First, I must point out that every effort was made to contact all businesses operating in the Sister Islands. The attempt by the Investment Bureau to conduct a census of all Sister Islands businesses was met with success, having identified 129 licensed businesses, far exceeding initial estimates that were in the 75 - 100 range. The goal of the survey was to collect objective data to show an unbiased representation of the range of issues facing your businesses. These results will be shared with you here today, and you are invited to provide further clarification and detail so that we can begin to tackle some of these issues.

I would further like to highlight that the results of the survey clearly showed the importance of tourism to the Sister Islands economies. Employment in the tourism industry in Little Cayman is roughly 75% of total employment. In Cayman Brac, it is roughly 16% of total, however, tourism-related business comprise roughly 30% of all businesses in Cayman Brac. These figures only take into account businesses such as hotel, restaurants, and dive operations, so they do not take into consideration the impact of tourism on retail establishments for example.

Tourism is important in the Sister Islands & and because it is I am going to take a couple of minutes to share some highlights of the work in progress in this area.

The Department of Tourism has a strong partnership with District Administration and the Sister Islands Tourism Association (SITA), and together these three entities are continuing to develop the Soft Adventure and Nature tourism markets.

District Administration lead the charge in this arena with its innovative "Nature Cayman" programme; today all tourism stakeholders are working together to be sure that this precious and unique resource is both developed, and protected, so that both our residents and guests can enjoy it in the years to come.

In addition to this ongoing Nature tourism initiative, a number of other programmes are in place, or in development, which will do much to support and enhance the unique tourism platform which exists in the Sister Islands:

1. The Department of Tourism, SITA and District Administration will be meeting this summer for a "two year marketing strategy session" which will set the course for marketing the Sister Islands in the next two years;
2. Dates have already been set for the widely popular, SITA organised, Turtle Tri & April 1st 2007. The Turtle Tri is an excellent example of sport tourism in action & and I congratulate the members of the SITA who do so much every year to see that it grows and that its impact on the economy is a positive one.
3. The Department of Tourism and SITA are working closely to ensure that the Sister Islands are highlighted in all creative - including TV and voice over talent; and the two organisations recently collaborated with the DOTs advertising agency to develop a new set of print ads which speak specifically to the Sister Islands experience and communicate its unique selling points through the images and copy which are used.
4. And the final point I wish to mention is that the Department of Tourism recently recruited a new Inspections and Promotions Officer for the Sister Islands, someone who needs no introduction to you I am sure & Ms. Carol Britton. Carol was in Grand Cayman in May, participating in the Department's Global Marketing meetings and she is the liaison between Tourism and Mr. Ryan and Mrs. Chevala Burke in the District Administration Office.

Commitment to the Sister Islands tourism product remains high, and so does the commitment that the development of this product will be properly managed so that its impact is positive and not detrimental to those of you who choose to live here, in this special piece of Caymanian paradise.

Tourism is an important cog in the Sister Islands business wheel - and while it is not the only one, it is a critical one and will be treated as such in all future planning.

Now that this crucial survey has been completed and the results tallied, we expect to developing specific initiatives to enhance and stimulate business development in the Sister Islands. Further consultation with your business community is needed and we look forward to continued support of these endeavours through the Cayman Islands Investment Bureau.

Given the interest we have seen in the last year from Brac residents in particular, I want to personally encourage you to continue to pursue your business ideas and nurture that self-rewarding entrepreneurial spirit, knowing that the government is now moving forward with initiatives to help ensure your success.

Last Updated: 2008-12-05