competitiveness & innovation - caribbean export...the cayman islands is the global leader in...
TRANSCRIPT
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Competitiveness & Innovation The Cayman Islands Strategy and Vision
2012 CARIFORUM Conference
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Agenda
• Overview: The Cayman Islands
• Cayman’s Strength as an IFC
• Opportunities for diversification
• Current Projects
• Future Growth
• Q & A
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Overview: The Cayman Islands
General Overview
The Cayman Islands is a British Overseas Territory located in the Caribbean, with ready access to markets in the Americas and the UK. We’re a preferred jurisdiction for the structuring and domiciling of sophisticated financial services products because of our solid credentials, based on our three core tenets of integrity, stability and quality.
Our integrity results in a strong commitment to a responsible and responsive business environment.
Cayman’s stability is grounded in the fact that we’re a mature, well-established provider of global financial services.
And the quality of our service offerings lies in the depth and breadth of experience available.
Cayman Islands
Gulf of Mexico
Miami, Fl.
Cuba
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Cayman’s Economy
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Our major sectors
Sources: Cayman Islands Monetary Authority
and the Cayman Islands General Registry, 2012
Mutual Funds 10,871 registered
125 Administrators
Companies 93,140 registered
Banking & Trusts 15 Class ‘A’
220 Class ‘B’
Insurance 758 Insurance Companies
Total premiums: US$8.88 billion
Total assets: US$78.9 billion
All major indicators point to the resilience and robustness of the Cayman Islands economy.
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The Cayman Islands Monetary Authority (CIMA) regulates our financial services industry to ensure it remains competitive, responsive and efficient. CIMA also cooperates with overseas regulatory authorities to facilitate greater supervision of our industry.
Agreements
• 19 bilateral agreements in place with other jurisdictions
• 4 multilateral agreements exist with the International Association of Insurance Supervisors (IAIS), US banking regulators, the International Organisation of Securities Commissions (IOSCO), and eight Caribbean regulators.
Cayman’s Strengths as an IFC
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Cayman’s Strengths as an IFC
People • Diversity of workforce
Product
• Stability
• Tax neutrality
Responsiveness of Government
• International Standards
• Innovation facilitation
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Cayman’s Strength as an IFC (cont’d)
Source: Global Financial Services Index, Sept 2012
*
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Cayman’s Strength as an IFC (cont’d)
Hedge Funds
The Cayman Islands is the global leader in fund establishment, administration and listing. More than 75% of the world’s hedge funds are domiciled here.
Insurance
We’re the second largest insurance captive domicile in the world, with 758 companies (including 125 SPCs); US$8.8 billion in premiums; and US$78.9 billion of assets under management, as at 30 June 2012.
Banking
In 2010, the country ranked fifth in terms of value of liabilities booked (US$1.78 trillion) and sixth in terms of assets (US$1.85 trillion).
Sources: Insurance Managers Association of Cayman;
Cayman Islands Monetary Authority
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Opportunities for Diversification
Global trends (Demand)
• Market needs
• Source & destination of investment flows
The Cayman ‘offer’ (Supply)
• Resources
• Infrastructure
• Competitive advantages
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Potential New Industries for Cayman
• IT & Software
• Environmental technologies
• Healthcare
• Training & Education
• Creative industries
• Professional services
• Transportation & Logistics
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Current Projects
• Cayman Enterprise City
• Special Economic Zone
• Health City Cayman Islands
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Cayman’s Economic Growth*
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Future Success as an IFC
• Diversification is key
• Resource acquisition/management
○ Availability of skilled personnel
• Appropriate legal, regulatory and institutional framework
• Access to international financial markets
• Access to customers
• Availability of business infrastructure
•○ Continual economic development
• Stability of business environment
• Government responsiveness
• Operational cost
• Quality of life
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Contact Information
Samuel Rose Deputy Chief Officer
Ministry of Finance (Finance Services)
Suite 126, Government Administration Building
Grand Cayman KY1-9000, Cayman Islands
t: 345.945.0943
Website: www.caymanfinance.gov.ky