CIG gets to work courting Chinese business

| 20/03/2018 | 51 Comments
Cayman News Service

British Consulate in Hong Kong

(CNS): The Cayman Islands delegation to Great Festival of Innovation in Hong Kong, led by Premier Alden McLaughlin, has already started courting business since arriving in the strategic autonomous Chinese city Monday night. Financial Services Minister Tara Rivers, Chief Officer Dax Basdeo and Cayman Finance CEO Jude Scott began on Tuesday with a round-table discussion, chaired by Scott, with representatives of the financial services industry in Hong Kong who use Cayman products to further their clients’ business needs.
“The meeting was extremely useful as it allowed for a discussion on the tremendous opportunities for financial services firms pursuing business in China,” Rivers said about the 2½ hour session.

“We also discussed some of the key challenges faced by some firms in promoting and using Cayman products. Cayman has a strong reputation in this market, and we certainly see that there is a wealth of opportunity to further develop the Cayman brand. As the minister responsible for financial services, it is important that we attend this festival and speak directly with the financial service providers and clients in as many forums as possible,” she added.

The four-day festival, organised by the UK’s Department for International Trade (DIT), begins Wednesday. But on Tuesday evening the premier and the Cayman delegation attended a private reception hosted by the British Consular General, where they rubbed shoulders with British Secretary of State for International Trade Liam Fox and Minister of State for Trade and Export Promotion Baroness Fairhead.

McLaughlin said the festival had provided the Cayman Islands Government with a chance to support the financial services firms in Hong Kong and highlight Cayman’s strengths in financial services.

“Taking advantage of this invitation by the UK Government to attend the festival provides us with the opportunity to support this sector as well as support the UK directly,” he added.

As well as the premier and Minister Rivers, the delegation includes Commerce Minister Joey Hew, Health Minister Dwayne Seymour, and their support staff, as well as representatives from private sector organisations Cayman Finance, the Cayman Islands Chamber of Commerce and Health City Cayman Islands.

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Category: Business, Financial Services

Comments (51)

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  1. Anonymous says:

    Is this the correct spelling, “S.L.E.A.Z.E”?

  2. Anonymous says:

    Clearly, it’s imprudent to court financial partners (with our public dollars) that have earned their spot in the international bad actor hall of fame. If they are not eligible by the World Bank and the ICSID standards, any contracts we might sign with them are meaningless. Regardless of whether or not ambitions for a port proceed, the prior existence of any corrupt arrangement entered into by a previous leader should be thoroughly investigated, and criminal charges brought if proven to be true. We can’t be Mickey-Mousing around anymore.

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    • Anonymous says:

      Whilst I agree, there is one big issue, not too far in the future, China will be THE superpower.the Far East will lead the world, and people like T.Rump are only bringing that on faster. I have seen it with my own eyes and it is both amazing and frightening.

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      • Anonymous says:

        Correct and this is why we must get onto the winning side with both the Chinese and the Russians. Having these world superpowers here will give us a huge financial boost and not to be completely dependent on the Dart Group. Thank you Mr. Premier and of course Mr. Hew who is also part Chinese as he will be a big help with the negotiations.

  3. Anonymous says:

    hurricane…run for cover

  4. "Anonymousir" says:

    money is the root to all evil. and until you fools get that in your head. you will destroy cayman and other places in the world …. all for money … all to be happy? because money is happiness right? LETS GO CHINA …

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  5. Anonymous says:

    Three years after Li Ka-Shing, One of the richest men in the world moved a substantial amount of business to Cayman from Hong Kong, we are finally heading to China.

    I have said that since word of that deal surfaced we should invite him here to visit his money.

    As a massive global investor, and one of the largest developers in Western Canada, it would have been nice to encourage him to spend a little money here also.

    I doubt we even sent a fruit basket.

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    • Anonymous says:

      Wha dis I hear? The Chinaman comin’ to Cayman? Didn’t he hear that the Dartman already owns Cayman? What else will we hear next? That our Premier wants to be Premier for life like the communist Chinese leader?

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    • West bay Premier says:

      The Cabinet would give him Cayman Status , in stead of a fruit basket . NO NO give him a friut basket and let him go offshore and eat it , because he has too much money and when he gets Cayman Status he will have too much power . Then he will send everyone to China . I see some bad combinations here that could make my comments come through.

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  6. Anonymous says:

    This is going to end well. I really feel this is going to end well. There is no way that this is going to cost more than expected, take longer than expected or under-deliver on positives. And there will be many many expensive watches sold.

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  7. Jotnar says:

    Four government ministers plus support staff – presumably at least one each – and at least 3 private sector representatives. For at least 5 nights in Hong Kong, not a cheap destination. Anyone want to guess what the bill will be?

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  8. West bay Premier says:

    Legislative Assembly is out for spring , Legislative Assembly is out for spring , all Legislative kids are hard at play having a good time on your money . Legislative Assembly is out for play . I wish I could write music.

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  9. Anonymous says:

    Hooray. Some of the same great team that negotiates with Dart Co. what could go wrong?

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  10. Anonymous says:

    The only Chinese element we need is a gong to ring…as in: enough!

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  11. CHEC mate says:

    Does anyone remember when the Chinese were deemed too dangerous and bad for Cayman in 2012 when Alden McLaughlin was the leader of the Opposition frequently told the country that McKeeva Bush’s UDP were the most embarrassing and allegedly corruption government in Cayman’s history due to their lack of transparency and potentially dodgy deals with Chinese that would harm Cayman?

    Fast forward to March 2018. Politics is an amazing game; a few years later McKeeva Bush is now a lynchpin in Premier McLaughlin’s government of National Unity and the PPM led coalition Cabinet are in Hong Kong chasing Chinese business and financing for government projects at all costs.
    That is the definition of irony or desperation.

    I guess the CHEC is in the mail.

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    • Two Cents says:

      The 2012 Alden McLaughlin was correct in his assessment of McKeeva Bush and the UDP. It got him elected in 2013.
      But he also showed the ‘political prostitute’ that he is in 2013 when he gave Julie a red dress after the election and welcomed her into his fold in spite of all of her shenanigans and adverse Auditor General reports – just to have 10 of 18 seats and be able to be Premier. Having seen this, the stupid voters forgot all about the 2013 Alden bought the 2017 Alden.
      No one should have been surprised when the 2017 Alden was more of of a ‘political prostitute’ than the 2013 model and Mc was handed the highest paid job, a government vehicle and driver and first class travel to get his 3 seats all so he could have 11 of 19 seats and stay Premier. In reality, he carries the title only but he’s now nothing but the tail and Mc is the dog. When hen he doesn’t wag the way Mc says, he knows how erratic and spontaneous Mc can be and where he could end up without Mc’s 3 seats.
      The inclusion of China Harbour who Mc had been forced to abandon was clearly a Mc directive that he had to comply with.
      Like any lawyer, Alden can talk whatever he needs to talk to get what he wants. He’ll also walk where honourable statesmen have never walked. People hear but they don’t see so they have to take what they get now.

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    • Anonymous says:

      CHEC is one of 8 prequalified consortia invited to submit proposals.
      Nobody is chasing CHEC , and don’t forget this time round they will have to deal with the cruise lines……and knowing what we know……Everybody will be watching.
      I hope they don’t get the contract.

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    • Anonymous says:

      Won’t matter when the Chinese economy collapses.

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  12. Anonymous says:

    This is fantastic news as China is the worlds leading economy plus they love to invest in the small island nations. We desperately need the big influx of capital they will give and having all the Chinese workers here to build our new port will save us also. I believe we should just let them deal with our infrastructure issues and be done with it. Good job Unity Team!

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    • Anonymous says:

      Are you on drugs?

      Have you seen what the Chinese have done in the Caribbean Jamaica, Bahamas, Trinidad, Antigua as examples of the great deals? Caymanians can barely find employment now how will we compete with the Chinese who will bring in thousands and pay them all below the minimum wage?

      You’re either a troll or just silly.

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      • alaw says:

        if we cant build it someone will
        check when the great wall of china started

      • Boggy Sound man says:

        Having the worlds most powerful economy investing in our island will be great for us. Why only allow one hugely rich man have everything when if the Chinese and Russians come into the picture it will create more competition which will lower the prices and create more jobs. I believe it is an excellent idea and support it 200%. Thank you to our forward thinking government.

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        • MI6 in Paradise says:

          What kind of concessions or favors are you getting for such staunch support? Or have you bet on this collection of political talents to finally give us value that hasn’t occurred in Cayman for the past 30 years due to your faith?

          Has CIG ever negotiated an equitable deal that really helps the majority of locals secure employment and opportunities? The leadership of this government built a school for CI$110,000,000.00 and the education standards and overall results are still substandard where locals struggle to find employment and there is no vocational program to prepare locals for all the construction boom that is taking place so vision and fiscal management are not their best core skills.

          Chinese and Russian investment and nationals having citizenship are dangerous in big cities look at London, New York, Miami can you imagine what the atmosphere will potentially be like on a 24 x 7 island where crime and institutional corruption are already the norm?
          The security risks are too high for a country this small.

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        • Anonymous says:

          5:25 ‘The worlds most powerful economy’ not entirely accurate and even so it’s an economy built on foundations of sand. You need to read up more because the Chinese economy is going through a few problems right now.

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      • Anonymous says:

        FYI when this same company was awarded a road contract in Zimbabwe and they brought their own labour force in, the wild life in that area literally disappeared. Everything was killed and eaten even the tortoises. Imagine what will happen to our juvenile fish stocks (what hasn’t already been decimated by low income expat workers) when these guys turn up on the iron shore on their days off?

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      • Anonymous says:

        That is not important as we need the dock and we need the lower costs that having the Chinese people build it. You should just be quite and support our leaders.

    • Anonymous says:

      Tongue in cheek or head up butt?

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  13. Winston Freehold says:

    I hope our “representatives” don’t make asses of themselves over there…… which is really what I expect.

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  14. Marl Karx says:

    A jurisdiction smaller than most cities, governed by what is in essence an oversized city council sends 4 elected ministers and support staff plus private sector representatives
    Really?

    Talk about a vacation

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  15. Anonymous says:

    Lambs to the slaughter?

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  16. Anonymous says:

    You people have no idea.
    Chinese business is an extension of Chinese hegemony.
    Everywhere these people have gone they have caused trouble.
    Please give me ONE example where the Chinese have gone in as developers and improved life for the locals. I only need ONE example.

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  17. Anonymous says:

    Its a dog eat dog world out there.

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  18. Anonymous says:

    Another disaster in the making!

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  19. Anonymous says:

    Yawn

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