OECD Report rates Cayman same as top rated G20 member countries Canada, Germany and Australia

OECD Report rates Cayman same as top rated G20 member countries Canada, Germany and Australia

“By rating the Cayman Islands as ‘largely compliant,’ the new OECD report again confirms that we meet or exceed globally-accepted standards for transparency and cross border cooperation on exchange of tax information. Achieving the same rating as top rated G20 member countries Canada, Germany and Australia further establishes Cayman’s place among the G20 Plus – jurisdictions including G20 countries and top international financial centres that adhere to the highest global transparency standards,” said Jude Scott, CEO of Cayman Finance.

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Welcome to the Cayman Islands

Welcome to the Cayman Islands

Learn about what makes a Cayman Islands’ vacation different; their people, the water, the traditions that make these three little islands (Grand Cayman, Little Cayman, and Cayman Brac) unique.

Make some of their recipes, plan your visit around some of their annual events such as Pirates Week, Batabano or Cayman Cookout. All of these things and more can be found in SOUL magazine.

Link to the edition May – August 2017

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Business Incubation, Green Enterprises – Workshop in the Cayman Islands

Business Incubation, Green Enterprises – Workshop in the Cayman Islands

The Overseas Countries and Territories Association (OCTA) is hosting a Business Incubation and Innovation workshop in the Government Administration Building, on Friday, 30th June 2017, from 8 a.m. to 5 p.m. in conference room 2112.

Business incubators are companies that help new and startup companies to develop by providing services such as management training or office space. As such, they are catalyst tools for regional or national economic development.

The free workshop is suitable for representatives of government agencies, independent science and technology centres, small start-ups, higher learning institutions and non-governmental/non-profit agencies. It will consist of presentations and interactive workshop activities for those with some knowledge of business, technical and academic education and innovation and export promotion.

Places will be offered on a first-come-first-serve basis and registration will take place on the day.

The workshop will focus on explaining the systems for developing new and strong business opportunities in territories like the Cayman Islands. It will also suggest how to develop business capacity using incubators and incubator-type models.

The areas that the training and presentations will cover will include:

▪ planning and creating an innovation centred incubator,

▪ selecting the right incubator partners,

▪ How to determine a financing strategy for your incubator,

▪ selecting the right enterprises for the incubator, and

▪ avoiding incubation pitfalls, and

▪ the triple bottom line and the importance of ecoinnovation.

For further information on the workshop, email International Affairs Analyst in the Cabinet Office and Innovation Manager for the Cayman Islands, Jamaal Anderson at Jamaal.Anderson@gov.ky.

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Business Incubation and Innovation: a Nexus for Small Island Countries

Business Incubation and Innovation: a Nexus for Small Island Countries

This week, on 30th of June, Mr. Alan Cooper, OCTA Innovation short-term expert, is giving a workshop on Business Incubation and green enterprise innovation in the Cayman Islands.

Purpose of Workshop

The purpose of this workshop is to help government and private sector agencies involved in develop a country-specific roadmap for creating business incubators which are relevant to their territory and needs. Simultaneously, such incubators will aim specifically to inculcate green innovative (or “eco-innovative”) thinking into their clients from the get-go. This workshop has been condensed from a two-day format to a one-day activity divided into two parts: one dealing with business incubation and the other dealing with the greening of enterprises.


The Cayman Islands like many other island countries have very high import ratios and have a small range of sectors which interface directly with the wider community as booming economic sectors, namely tourism and financial services. The need for diversification is constant and pressing. There is an urgent need for entrepreneurship among these islands as in other OCTs. Islands are particularly vulnerable to climate change and global warming and this is the case with these islands. In the case of these islands, besides the fact that most businesses are “traditional” with regard to their use of electricity, water and other resources, a substantial part of less skilled activities relate to fishing (fish, lobsters, shrimp and the like). These can have serious negative impacts upon the natural environment over time. Therefore, there is need for environmentally sustainable business and businesses which are carbon neutral.

Green enterprises are those based upon 3 pillars: (1) decent work and respect for people, (2) respect for the planet and (3) aiming to make a profit. They are businesses with strive to be carbon neutral through resource efficiency. Green business activities and environmental sustainable methods of managing business are still considered innovative; they are as yet not the mainstream.

This training aims at addressing the two challenges: the need for fostering business development and the need for inculcating green practices in those businesses.


By the end of the workshop participants should:

  • A clear idea of how to conceptualise and create a business incubator.
  • Be able to identify potential partner organisations for creating successful business incubators (accelerators or hatcheries).
  • Know how to use contemporary tools for introducing innovation in enterprises.
  • Identify key partner organisations for fostering greening of the businesses in incubators.
  • Be able to do a simple conceptual greening of enterprises and value chains.

The course is free to attend and will be held at the Government Administration Building, Room 2112 from 8:30 AM – 5:00 PM.

Please register on the following link.

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The OCTA Innovation International Conference took place in Ponta Delgada, Azores on 11-14 April 2017. It gathered representatives of the Overseas Countries and Territories of the European Union (OCTs), the government of the Azores, the European Commission and innovation experts to look at how innovation is spurring sustainable development in small islands and to develop cooperation and future initiatives.

The pillars and values that are the basis of a society were considered as well as the capacities and needs of all stakeholders to underpin them. The implementation of different types and different levels of innovation have been under consideration. The vision of an economically prosperous and inclusive society should be based on innovation and entire collaboration between public and private actors. Innovation should support all stakeholders in society, in both economic and social fields and is perceived as crucial for tackling the issues of natural resources, climate change and sustainable development. The governments have to ensure enabling conditions for propelling innovation. Innovation Managers of the Overseas Countries and Territories of European Union, active members of OCTA Innovation, assembled in the Azores, commit themselves to feeding these dynamics.

Governments must take the lead in systemic innovation across all sectors; fostering partnerships between public and private entities and knowledge sharing and capacity-building. The ambition is to grow a number of thematic and regional centres of excellence among OCTs with a focus on those sectors where individual OCTs are already leading the way, and to share expertise among the OCTs and with regions.

Innovation Managers: Anguilla, Bren Romney; Aruba, Bianca Peters; Bonaire, Dianne Boelmans; British Virgin Islands, Lizette George; Cayman Islands, Jamaal Anderson; Curaçao, Fiona Curie; Falkland Islands, Michael Betts; French Polynesia, Bran Quinquis; Greenland, Lars Balslev; Montserrat, Angela Estwick; New Caledonia, Jean-Michel Le Saux; Pitcairn, Leslie Jaques; Saba, Menno Van der Velde; St. Barthélemy, Pascal Peuchot; St. Helena, Niall O’Keeffe; St. Pierre-et-Miquelon, Olivier Gaston; St. Eustatius, Roy Hooker; St. Maarten, Jude Houston; Turks and Caicos Islands, Alexa Cooper-Grant; Wallis and Futuna, Carole Manry.

OCTA Innovation Team Leader, Milan Jezic von Gesseneck: innovation@octa-innovation.eu

Greenland Falklands New Caledonia Sint Eustatius sustainable development Montserrat Curaçao British Virgin Islands Aruba event French Polynesia news OCTA Sint Maarten Turks and Caicos Islands St Barts Saba Cayman Islands Bonaire Anguilla Saint Helena Tristan da Cunha islands Saint Pierre and Miquelon Wallis And futuna Pitcairn Bianca Peters Menno Van Der Velde Jamaal Anderson Fiona Curie Lizette O. George Roy Hooker Carole Manry Dianne Boelmans Olivier Gaston Alexa-Cooper-Grant Michael Betts Bran Quinquis Niall O'Keeffe Pascal Peuchot Jezic von Gesseneck Conferences Azores
OCTA Innovation Issue 29 / 2016 – Cayman Islands

OCTA Innovation Issue 29 / 2016 – Cayman Islands


As International Affairs Analyst at the Cayman Islands Cabinet Office and Cayman Innovation Manager, I am glad to host the OCTA Innovation mission to the Islands starting on the 21st of November. One of the goals of this mission is to exchange information with government decision-makers, and key public and private stakeholders on opportunities for innovation and the best practices on the three islands: Grand Cayman, Cayman Brac and Little Cayman. The visit will raise awareness about opportunities to implement innovation across all sectors for economic growth of the Cayman Islands and the prosperity of society.

Areas for innovation in the Caymans already identified by the Government include the increased use of renewable energy and a national recycling programme. There are plans to make Little Cayman the first carbon neutral island in the Caribbean with an internationally recognised green destination certification.

During his Mission, Milan Jezic von Gesseneck will also meet with the members of the Cayman Islands’ Chamber of Commerce and the Department of the Environment, where the focus will be on the green and blue economies. A workshop on innovation is foreseen during the Mission that will engage key stakeholders on innovation and creativity. Systemic innovation and OCTA Innovation’s role in propelling innovation in the OCTs are also on the agenda.

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The switch to solar in the Caymans

The switch to solar in the Caymans


The Cayman Islands is investing more in sources of renewable energy to reduce dependency on polluting and expensive imported fossil fuels. With an abundance of brilliant sunshine and constant Caribbean breezes, the switch to clean or renewable energy sources would seem an obvious move.

Every year, the Cayman Islands continues to make improvements to its solar energy industry. It is harnessing the power of the sun to produce two forms of power: solar photovoltaic (PV), which converts sunlight into electricity and solar thermal which heats water.

Renewable energy systems can be installed in existing homes, both new builds and older properties. Renewable energy equipment such as solar panels are duty-free for residential homeowners.

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Small businesses in Cayman benefit from EU funding

Small businesses in Cayman benefit from EU funding

The owners of Cayman’s micro, small and medium sized businesses (MSMEs) are being given a helping hand from European Union (EU) funding, thanks to the 10th European Development Fund (EDF) Caribbean Overseas Countries and Territories SME (COSME) Programme, which targets such MSMEs within twelve French, British and Dutch OCTs.


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Cayman’s Economy Sustained Growth in 2015

Cayman’s Economy Sustained Growth in 2015

[Cayman Statistics] The country’s estimated Gross Domestic Product (GDP) at constant prices rose by 2.0 percent in 2015. This was the highlight of The Cayman Islands’ Annual Economic Report 2015 released by the Economics and Statistics Office.

“Despite challenges from the global economy, I am pleased that the combined performance of all our productive sectors achieved a growth rate that is higher than expected,” stated the Minister for Finance and Economic Development, Hon. Marco Archer. As of the third quarter of 2015, indicators up to that period suggested that annual growth of gross domestic product (GDP) will be 1.7 percent.

The 2015 GDP growth, however, is lower than the 2.4% achieved in 2014. This performance coincided with the downtrend in global growth from 3.4% in 2014 to 3.1% in 2015, albeit US growth was stable at 2.4%. (The slowdown in global growth was due to the performances of China and other developing and emerging market countries).

The country’s GDP per capita in constant prices fell to $44,109 as the mid-year population growth outweighed the GDP growth.

Economic growth in 2015 was broad-based as all sectors expanded except the hotels and restaurants sector which declined slightly by 0.7% in 2015 as compared to a growth of 4.9% in 2014, mainly due to a slowdown in the growth of stay-over arrivals.

Meanwhile, the central government recorded in 2015 its third consecutive year of overall fiscal surplus which amounted to $116.1 million, higher compared to $93.2 million a year ago. This was achieved by a combination of higher revenue collection and lower overall spending.


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