Integrated approach delivers results
While ensuring progress on the Cayman Islands’ international obligations to upholding global standards, significant advancement was also made in relation to the Cayman Islands government’s presence overseas – particularly Hong Kong.
In October 2010, a government delegation visited Hong Kong to finalise the establishment of a Cayman Islands Government Office
The delegation also engaged in discussions with several representatives from the Hong Kong business community, including Cayman Islands private sector firms with offices in Hong Kong.
Discussions were also held with counterparts in various areas of the Hong Kong government, including Invest Hong Kong as well as the Bureaus of Commerce & Economic Development, and Financial Services and the Treasury.
Following this visit and as part of plans to establish a strategic presence in the region, the Cayman Islands appointed of Ms Teresa Chan as Hong Kong Representative to assist in attracting investment and directing the Islands’ interests in the Asia-Pacific region.
A qualified CPA, Ms Chan is a Hong Kong national with extensive experience in financial services gained through various positions with HSBC, UBS and Goldman Sachs. Reporting to Dr Dax Basdeo, Chief Officer (Financial Services), Ministry of Finance, the anticipated day-to-day functions of the Cayman Islands government Hong Kong office focuses on three areas:
- Supporting foreign policy, including assistance with negotiation of international agreements and intelligence gathering on in-market legal or regulatory matters of interest to the Cayman Islands government.
- Encouraging investment and trade through lead generation and promotional activities working under the direction of the Department of Commerce & Investment.
- Providing a strategic resource for Cayman-based financial services concerns including a jurisdictional presence at key opportunities or supporting regional business development activities for both public and private sector organisations. This includes statutory authorities such as the shipping and aircraft registries.
The Cayman Islands-Hong Kong community has grown significantly over the years. Practitioners representing the jurisdiction in Hong Kong are keen to have more direct links with the Cayman Islands government in addition to their Cayman Islands offices, which will be facilitated by the Cayman Islands government Hong Kong Office.