Cayman Islands Contribution to OCTA Ministerial Conference

Mr. Chairman, Heads of Delegations, Ladies and Gentlemen:

On behalf of the Premier of the Cayman Islands, the Hon. McKeeva Bush, I would like to extend our support to these proceedings and to the statements made thus far by our fellow OCTs.

The Cayman Islands supports the rapid approval and implementation of the Regional Programme for the Caribbean. However, we would caution that we be cognizant of the increase in implementation time that will result if the project becomes more complex and if the feasibility study is protracted. In addition, based on our experiences, over a year may be consumed in tendering for a technical assistant or project manager which can reduce the time available for implementing activities. We would therefore prefer if the study could be avoided if possible. If not, we would reluctantly support the proposed feasibility study if costs are not taken from the project budget.

Cayman supports the general focus of tactical support for OCT Departments of Commerce and Industry and academic and community partners in business development and promotion. Cayman further supports a focus on business for tourism and innovative new products for exports, and business development in the delivery of more traditional public sector services.

We would further support our colleague from BVI’s statements regarding the renewed focus on financial services and stress the necessity of OCTs to determine their own basis of taxation. The Miller Report mentioned earlier provides strong arguments not only in support of the systems of indirect taxation that are currently in use, but also highlights the dangers of implementing additional direct taxation to our economies. Additional taxation is likely to have the effect of harming our service based industries of financial services and tourism and thus weaken our vulnerable economies and threaten long-term sustainable development.

Cayman is involved in 3 regional projects and due to the reasons mentioned earlier, we feel that it is important to request that the EC be flexible when granting extensions to project implementation periods, especially where projects are complex and involve numerous contracts and tendering for services. In addition, we are interested in having a dialogue about how we cooperate on a practical level. It is important that we can share and discuss successful approaches to addressing common issues being faced among OCTs.

Finally, we are pleased that MEP Maurice Ponga requested to have the Photographic Illustrations of the OCTs displayed at the cocktail reception that he is hosting. Produced and first displayed at the forum in Cayman in 2008, these exhibitions are a wonderful tool for sharing the diversity and culturally rich histories of our jurisdictions.

I would like to thank you all for the many excellent contributions to these proceedings and I look forward to further positive developments to be made possible through the Bureau.

Thank you.