As the Cayman Islands enters 2015, there are so many positives to look forward too. IRG Ltd shares exerts from Premier Alden McLaughlin's New Year's message with you where he looks at the ever strengthening tourism and financial markets and confirms that the Cayman Islands is on a very positive track.
"The opportunities that await us in the new year to continue to build on the accomplishments of the past year are amazing, including our improved economy and the return of public and investor confidence in Cayman. But there is a lot that still needs to be done and your government will continue to work hard to improve the environment for business and the economic and employment opportunities for Caymanians and residents and to make Cayman an even better place to live, work and do business".
"I spoke before of a restored confidence, and this is demonstrated by the much-improved financial position of the country. We have returned to surplus budgets because we applied our minds to improving revenues but also to saving money where we can and to being more efficient in how we do things. And we have achieved this without increasing taxes on the public. This restored confidence was also shown when yet again your government was able to have a budget approved by the UK without issue".
"Both the elected government and the civil service have played their part in this accomplishment. We have come a long way in the short time we have been in office and are well on track to becoming fully compliant with all the ratio requirements of the Public Management and Finance Law by the end of the next fiscal year. This will mean we no longer need the UK’s approval with respect to the budget".
"In the new year much of our economic growth, and employment, is going to depend not only on government upgrades to the Owen Roberts International Airport, restarting work on the John Gray school hall, as well as major road-works for the George Town revitalisation project, but also on private sector or public/private construction projects such as hotel and condominium developments; large residential and commercial developments, the George Town cruise ship berthing facility, and the expansion of the East-West Arterial roadway as well as continuing work on the development of solid waste management strategy".
In terms of developments on the East-West Arterial bypass, IRG Ltd is extremely excited about being involved in the Ironwood Developement which promises to be an Arnold Palmer designed golf course as a focal point with property development surrounding the course. The surrounding development will involve an urban center with retail and restaurants. Stay in touch with IRG Ltd for more information on investing possibilities in the Ironwood Development.
"It is through these ventures that new employment will be created directly and indirectly from construction and in the operation of these projects once completed. Increasing tourist arrivals, coupled with new hotels, will mean more full time jobs as well as more income received by all of those who work in this important segment. They will also create business opportunities".
"We will continue to seek opportunities to diversify the economy, including strengthening our intellectual property and copyright laws to attract technology and other businesses to Cayman. This is not a dream; we are already in talks with several tech businesses that want to locate to Cayman or bring more of their business here".
"The new year will also see the introduction of a pilot programme offering VIP concierge services at the Owen Roberts International Airport for business people to be fast-tracked through Immigration and Customs when they come into and leave the country".
"In respect to tourism, our arrival figures – both stay-over and cruise – continue to soar. The Minister of Tourism is expecting even better numbers in the coming new year. Up to October this past year we had 312,542 air arrivals and 1,287,066 cruise visitors. Those numbers compare to 277,628 air arrivals in 2013 and 1,070,926 visitors coming to us by cruise ships in that same year".
"As we put an even more concentrated effort into our tourism industry, we will also be working internationally in the new year to lure new investment and further shore up our Financial Services Industry".
"We will continue to partner with Cayman Finance to further promote the Financial Services Industry. While challenges continue to arise with respect to the Financial Industry, most recently in the demand by the UK for the Cayman Islands and other British Territories to agree to the establishment of public registries on beneficial ownership of companies and other legal entities registered here, government and the industry continue to work together to find solutions to these challenges".
"On behalf of government, I wish each of you a very happy and prosperous new year. May God continue to find favour with these Beloved Isles Cayman".
As Cayman's leading and fully integrated brokerage, IRG Ltd. will be staying on top of all residential and commercial developements across all the islands. As a long standing member of the Cayman Islands Broker's Association, IRG Ltd has access to all For Sale listed properties in the Cayman Islands. For more information on finding your dream home, starting a business, finding a prime business location or making a move to Cayman, please contact IRG Ltd on 1 (345) 623 1111, email [email protected] or visit www.irgcayman.com