New Ministry of IISD

New Ministry an 'Engine to Propel Cayman Forward', says Hon. Minister for Investment, Innovation & Social Development.

The new Ministry for Investment, Innovation & Social Development (MIISD) is a Government Ministry entrusted to set and drive the Cayman Islands’ investment, innovation and social agenda within the broader governance structure of the Cayman Islands Government.

MIISD will play a critical role in supporting Government by developing strategic initiatives, creating new legislation and policy, and undertaking robust reform to delivery of Government services, across three distinct yet intricately linked pillars of investment, innovation and social development.

On Wednesday, Thursday and Friday, 9th-11th June, the Ministry hosted three full day strategic planning sessions.

The Hon. Minister André Ebanks, Chief Officer Eric Bush, Deputy Chief Officer Andrea Fa'amoe, and Ministry staff attended all three days, while individual departments and units attended on their own thematic days (see notes below).

The offsite strategy planning sessions were facilitated by EY Cayman partners and staff, and took place in the firm's new wavespace™ in Camana Bay. wavespace is a collaborative, digitally-driven experience that enables teams to identify and align priorities, discover synergies, and tackle challenges.

Minister Ebanks participated in all three days and outlined Government's vision for the Ministry, stating:

“The three intricately linked pillars of the new Ministry of Investment, Innovation and Social Development provide a real opportunity to enable all segments of society to benefit from prosperity and economic growth, which is globally competitive and diverse, and driven by tangible improvements. This Ministry has the potential to be a powerful engine that can propel the country forward. ”

A key component of delivering on this vision will be to ensure that the Ministry, its departments and units are aligned in benefitting and empowering all people in the Cayman Islands. It is imperative that we support and uplift Cayman's most vulnerable people as well as Government's assistance entities as a top priority. The Ministry's 'social development' remit will benefit immensely from meaningful, measurable reforms that result from being adjacent to both investment and innovation.

"I applaud all who participated in these strategy sessions, from both the Ministry teams and from EY Cayman, with such palpable inspiration and enthusiasm for their individual subject areas -- and taking stock of the bigger picture as to how these subject areas fit and can reimagine life for many. I look forward to working with each of them to deliver on our ambitious plans for the benefit of everyone in the Cayman Islands."

Chief Officer Bush expressed his gratitude to EY Cayman for hosting and facilitating the sessions, and to the 60 people who participated across the three days:

"On behalf of the Ministry, we are delighted to be the first in-person participants at the EY wavespace in Cayman, and grateful for the significant investment of time, effort and resources by the EY Cayman team through the government's highly competitive procurement process. This collaboration is a testament to the forward-looking vision and mission of the Ministry of Investment, Innovation and Social Development and the mindset and work ethic with which we will deliver on Government's strategic priorities in the next four years."

The strategic sessions

The Ministry of Investment, Innovation and Social Development's strategic sessions covered:

  • Innovation, Wednesday 9th June, with Government's Computer Services Department, Cyber Security and eGovernment Units.

  • Investment, Thursday 10th June - with the Ministry's investment team, Small Business Development Center, and the Cayman Islands Intellectual Property Office.

  • Social Development, Friday 11th June - Needs Assessment Unit, Department for Children and Family Services, and Sunrise Adult Training Center.

The Ministry of Investment, Innovation and Social Development, its departments and units will develop and deliver strategic policies and initiatives within its three pillars, in line with the UN's Sustainable Development Goals:

  • Attracting inward investment to support Government’s priorities for economic diversification, sustainability and resilience while building Cayman into a highly competitive global jurisdiction. Building and enhancing the reputation of the Cayman Islands, making it easier to do business in the Cayman Islands economy, creating global opportunities and connections for Cayman's people, businesses and government.

  • Promoting and harnessing innovation in delivery of key Government services, including modern solutions to enable a digital economy (such as the roll-out of a national digital ID and inter-operability of this system - presented at the Cayman Islands Digital Economy Conference last week by eGovernment Director Ian Tibbetts), while also fostering the conditions for streamlined transactions with government, supporting the conditions for a digital economy and future innovation in the private sector by entrepreneurs. Undertaking strategic legislative and policy reforms that enable the Cayman Islands to lead with its comparative advantages in an ever more competitive global economy.

  • Reimagining social development, creating meaningful, measurable and effective reform to Government’s policies and programs of social assistance for Cayman’s least fortunate, and ensuring that the fruits of innovation and investment raise and improve the lives of all members of society.