Commerce minister sells Cayman in Monaco

| 06/10/2019 | 36 Comments
Cayman News Service
Minister Joey Hew in Monaco

(CNS): Joey Hew, the minister for commerce and infrastructure, was the keynote speaker at the Mare Forum in Monaco recently, where he told wealthy superyacht owners that Cayman was open for business and that the portfolio of mega yachts operating under the Cayman Red Standard was growing. He told the the audience that Cayman was continually updating laws and introducing innovations to enhance safety and promote improvements to prevent pollution.

As Cayman commuters were tearing their hair out in traffic congestion, Hew was rubbing shoulders with the world’s billionaires in the luxury riviera resort.

“A huge cross-section of powerful industry voices came together at this prestigious forum to share views and debate business strategy alongside policy-makers,” Minister Hew said of his trip. “Everyone, from yacht owners to maritime lawyers, marine equipment manufacturers and industry regulators is able to voice an opinion. This makes it a highly useful exercise for us to participate in, as we seek to maintain our position at the forefront of this important industry.” 

The Mare Forum conferences take place across the world and are said to be highly influential for key players in the maritime and shipping industries. The theme for the Superyacht Europe 2019 conference held in Monaco was ‘What’s next in yachting?’.

Officials said that while the Cayman Islands earns substantial fees from the work of the Shipping Registry, the abundance of luxury yachts that are registered in the Cayman Islands and fly the Red Standard further enhance the islands’ global image.

Hew told the audience that the Cayman registry is the top-rated shipping registry in the world, with the most experienced staff of the flag states in the yachting industry. An efficient registration system and competitive pricing structure, coupled with highly specialised service providers, contribute to the Cayman Islands being the preferred choice for discerning ship owners.

He said its staff are highly-skilled and for more than two decades have been involved in the majority of the largest new-build yacht projects in the world. 

Under the leadership of the Maritime Authority of the Cayman Islands (MACI), which falls under the remit of the Ministry of International Trade, Investment, Aviation and Maritime Affairs (MITIAMA), the Cayman Registry team offers advice to owners and finds actionable solutions to new yacht designs, without compromising on quality or safety.

The Cayman Islands also recently qualified for continuance in the United States Coastguard’s Quality Shipping for the 21st Century (QUALSHIP 21) Programme for the ninth consecutive year. This programme identifies high-quality ships and flag states and to maintain the status, flag states have to meet the highest international requirements. The Cayman Islands is one of the very few flag states which have managed to maintain their QUALSHIP 21 status consistently since 2011. 


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Category: Business, Shipping

Comments (36)

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  1. Anonymous says:

    Pedaling is different than peddling. Anyone can spin their legs or run their yap. Real salespeople (that have had to do it for a living) know and understand the timeless adage: “never try to sell people that are already sold”. It’s completely unnecessary and embarrassing for Joey Hew to pretend he has had more experience, or a more sophisticated, better, or newer business idea than the Billionaire advisors already collected and in attendance. Sometimes it’s better to be humble, and sit down.

  2. Anonymous says:

    I could not be more proud of Joey Hew’s leadership on the world’s stage. He is guiding the future of Cayman!

    • Anonymous says:

      The Wreck of the Ten Sails comes to mind.

    • New voter says:

      #JOEYWHO is not fit to lead.

      Roy McTaggart or Moses Kirkonnell are the best choices to lead the PPM

    • Anonymous says:

      Like how he’s guiding the traffic from the east? I must give him credit though he’s trying. Not like the rest of the dead beat politicians who actually lives in the Savannah and Bodden Town area and does nothing while their constituents suffer the daily grind!

    • Anonymous says:

      Shut up twins!

  3. Anonymous says:

    Convincing more wealthy forenaz to come buy up the last bit of land so young Caymanians will still be stuck renting a 1 bed for $1300 at age 30.

  4. anon says:

    None of the expertise cited by the Minister resides in Cayman, only the Caymanian figureheads put in charge of MACI, who collect the highest salaries.

  5. Anonymous says:

    He sold us out long time.

  6. Anonymous says:

    I first read this as Commerce minister sells Cayman to Monaco. My reaction was; I thought it had already been sold to Dart.

    • Anonymous says:

      It would not be the first time one of our politicians sold the same piece of land to more than one person…

    • Anonymous says:

      What do we have to do to get the Minister Of Infrastructure to focus on THE DUMP?
      Does anybody know his position on THE DUMP?

    • Anonymous says:

      Like any astute gambler, DART is probably wise to eyeball an exit plan, knowing they are bleeding staff at all levels. Eventually there will be SIPL enacted and likely a prosecutorial end to the backdoor privileges currently enjoyed by those doing the bidding, signing, and execution of documents. That’s how it ends. Between sips of champagne, twisting arms, and being solicited for cash, the organization tries to acquit their means to an end by saying, “the government has agreed to this, and we are fine”. Maybe not.

    • anonymous says:

      You didn’t see Darts Ambassadors there in the pictures in last week’s compass? It was either there to represent Dart or the Government of the Cayman Islands.

  7. Anonymous says:

    Why does he have to tell people Cayman is open for business? That’s insulting to people.

    Get a clue, Hew! People don’t want to live or do business in the dump, backassward, banana republic that is Cayman.

    • Anonymous says:

      You get a clue. They just register their boats here. They have no intention of setting foot here or bringing their boats here. Like the corporate sector, we sell our name and our registries in exchange for confidentiality as to ownership, no tax and a light regulatory regime.

      • Anonymous says:

        Give me a clue then why CIG officials have to go to Monaco 3 times in 13 months?

        • Anonymous says:

          If you could take a holiday of unimaginable luxury, full of girls and gambling and feeling important, whenever you wanted, for free without using any leave and without any oversight or accountability, how often would you go if you had a huge sense of personal entitlement and no moral compass?

        • Anonymous says:

          To promote Cayman on the world stage in front of the richest and most powerful people in the world, thereby dramatically improving the quality of life it everyone on this island.

          • Anonymous says:

            You think the rich and powerful go to the presentations on yacht registries? Yacht industry people maybe – rich and powerful have more enjoyable or important things to do then list the o Alden, Joey or Eric.

    • Anonymous says:

      Really? Then leave.

    • Anonymous says:

      You are such a wimpy complainer about everything our goverment does. Just catch a flight you windbag because you dislike Cayman so much; don’t worry we will not miss you at all!

  8. Anonymous says:

    Seeing as Dart owns Cayman, wouldn’t it be his to sell? I don’t think the commerce minister really has the right.

  9. Anonymous says:

    just never flag a cruise ship…….

    Please.

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