GEORGE TOWN, Cayman Islands -- The Cayman Islands has placed first in the category of economic potential, and fourth in the category of overall country, in fDi Magazine’s Caribbean and Latin American Countries of the Future rankings.
As reported in the publication’s August 2013/14 issue, Cayman also placed in the top ten in the labour environment, business friendliness, and foreign direct investment (FDI) strategy categories.
FDi Magazine, a division of the Financial Times, uses proprietary tools and interviews with senior executives in multinational firms to provide in-depth news and data on global investment activity. The publication’s Countries of the Future series, which is published biennially, compares the investment attraction capabilities of cities or regions, and notes the investment projects recorded in each. Cayman was one of 29 countries reviewed for the Caribbean and Latin American report.
Wayne Panton, minister for financial services, investment and commerce, was pleased that Cayman performed so well.
“Being recognised as an attractive location for investment by a credible source such as FDi Magazine is positive news for us,” he said.
“Rankings are just one factor among many that an investor considers, but results like these often serve as a starting point for companies that are thinking about establishing businesses in a new location, and strong placements positively position Cayman in the minds of the important decision makers.”
As benchmarking also helps a country to identify areas for improvement, Panton said he welcomed the opportunity to use the results to assess what Cayman needs to do to further strengthen its FDI strategy and business infrastructure.
Ryan Rajkumarsingh, acting director for the department of commerce and investment (DCI), the economic development agency responsible for attracting appropriate inward investment into the Cayman Islands, agrees.
“Cayman’s competitive ranking as an attractive investment location boosts our regional and international promotional efforts,” he acknowledged.
However, Rajkumarsingh noted that successful location visits, and his department’s close interaction with potential investors throughout all the phases of the business establishment process, are the factors that can seal the final investment decision.
He pointed to major entities like Health City Cayman Islands, Dart Realty, and Cayman Enterprise City, as evidence of the territory’s ability to attract large-scale investments that generate jobs, and contribute to a vibrant, diversified economy.