2009 can be described as a year of change. Voters elected a new Government and approved a new Constitution in the country’s first referendum. By the end of the year, Governor Stuart Jack had sworn in the country’s first Premier, the Hon. W. McKeeva Bush, OBE, JP, signaling the dawn of a new era of governance for the people of the Cayman Islands. Your Chamber played a significant role in these historic events, organising a series of national district candidates’ forums and actively participating in the Constitutional talks with the United Kingdom, the elected government and civil society. The Chamber Council and I used these unique opportunities to express your views and to support, promote and protect your business and community interests.
Worsening conditions in the global economy forced many members to reevaluate and restructure their business models as international travel declined dramatically, the real estate market softened, and the restructuring of the financial services sectors triggered a litany of changes in the international markets. Meanwhile, Government felt the impact of the economic slowdown and sought private sector assistance by imposing significant fee increases in an attempt to prevent the introduction of property and income taxes. The Chamber Council and I met with the Government and communicated your views and agreed to work together to find solutions to the challenges facing our precious country and to preserve Cayman’s free enterprise system which has produced many years of prosperity.
The Chamber leadership also faced its own internal challenges. Four months after accepting the Chamber Presidency, Mr. Eddie Thompson resigned at the end of March to declare his candidacy for the district of George Town. While unexpected and earlier than I had hoped or planned, I accepted the high office of President eight months early. I would like to thank the Chamber Council and Staff who helped to make the transition seamless.
The Council, Staff and I continued to make progress on the actions identified in the strategic plan that was developed and approved in late 2008. That plan rests on five main strategic initiatives:
- Investigating the feasibility of developing a permanent location
- Developing a comprehensive marketing and communication plan
- Focusing on the development of a positive, proactive relationship with Government
- Investigating new international trade links and missions to generate increased business opportunities
- Increasing environmental advocacy and promoting responsible development
I am pleased to report that progress has been made in each of these areas and you will be hearing more about the Council’s plans in the months ahead.
The Chamber’s success is entirely dependent on the active involvement of the membership. I would like to thank all members who have participated actively by attending events, volunteering to serve on a committee or supporting programmes and events through sponsorship and attendance. Each of you has a role to play for the ongoing success of the organisation and I would challenge you to continue to support the work of the Chamber. I would also like to especially thank the Chamber Council and Staff for all of your hard work and dedication. Much of the work of the Chamber goes on behind the scenes. The Staff is the engine of our success and it is a pleasure for me and the entire Council to work with such a dedicated and committed team of professionals.
In closing, 2010 is going to be a challenging year for us all. I call upon all members to get involved with the work of the organisation. We must become innovators and create an environment that encourages new business development, job creation and economic diversification. We must introduce new systems and procedures that will save money and improve the delivery of services and the exchange of information for our residents, visitors and investors. This can only be achieved if we come together as a diverse international community and agree to work together rather than highlighting our differences.
By working together, we can build a better Cayman that will be the envy of the region and the world. Make the Chamber your partner in business and community success as we celebrate the organisation’s 45th year of service.
Stuart Bostock
President 2010
