(CNS): The Ministry of Investment, Innovation and Social Development has launched a new department to attract inward investment, officials said in a press release. InvestCayman will serve as a “global facing entity” and “an investment promotion agency” to attract investment that aligns with government’s priorities, a release from the ministry stated.
Minister André Ebanks said the agency will work across government and with private and civic sector entities to attract investors. “Investment is the backbone of economic growth, and must underpin Government’s efforts to diversify the economy,” he said.
For many years, successive governments have placed the idea of foreign investment at the centre of economic policy to fuel growth and to find that elusive third pillar of the economy in addition to financial services and tourism.
Ebanks is the latest in a long line of ministers hoping that “targeted and strategic inward investment will be the catalyst for developing human capital, creating purposeful and sustainable development, building resilience, and supporting sustainability for the people of the Cayman Islands, and for the future”.
He said attracting inward investment was one of the core functions of his ministry. “Within the ministry, that work will be carried out by the new entity called InvestCayman, especially by supporting the ease of doing business with the Cayman Islands Government and within the Cayman Islands’ economy,” he stated.
“An array of compelling...
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