HE The Governor, Mr Stuart Jack, CVO addressed how the Cayman Islands must address the problems in the global economy. His Excellency argued that the best way for Cayman to withstand these rough and tumble times is to maintain its reputation for quality.
Mr Jack set out why he is optimistic about Cayman’s future: solid and reliable rules and judiciary; world class accountants, auditors and attorneys; many first rate companies in all sectors; and beautiful islands that people want to live in and visit.
But His Excellency advised that we cannot ignore the extraordinary times we are living through. Cayman has not yet felt the full effect of the global turmoil and cannot expect to continue as though nothing has changed, nor to resume where we once were once the good times return.
The Governor’s recipe for success as a financial centre, ahead of the G20 summit in London, is for Cayman to be seen as part of the solution, not part of the problem. Only by being seen to embrace change enthusiastically, can Cayman hope to soften any adverse impact, and position itself to take advantage of any new opportunities.
The Cayman business community has an important role to play by working more closely with government.
HE The Governor advised that we need a clear vision of where the country is headed: a sustainable development strategy that integrates in a balanced way, economic environmental and social issues. We also need to promote a culture of quality, particularly in the civil service and the police.
Turning to the Constitution, the Governor said the people of the islands had choice: a document that was older than some members of the Chamber of commerce audience or a draft that extends Cayman’s own control of its destiny, while also strengthening checks and balances.
Mr Jack paid a tribute to Cayman’s seafaring generation and called for today’s generation of islanders to show the same resilience and skill in the face of adversity.