Lorna Smith, British Virgin Islands’ junior minister of trade, investment and economic development led a three-member delegation to the Cayman Islands recently.
It was part of a fact-finding mission from 1 to 4 June aimed at learning business development strategies that could be applied to strengthen the BVI’s economy.
The delegation studied how Cayman developed successful projects including Cayman Enterprise City (CEC), Health City and Cayman Tech, which have facilitated business operations and created employment opportunities across new industries.
The visit was organised under the auspices of the BVI’s Ministry of Financial Services, Economic Development and Digital Transformation.
The ministry is responsible for financial regulations, market oversight and economic growth policies while supporting equitable access to financial services, consumer protection and system confidence.
High-level government engagement
During the visit, the BVI delegation met with senior government officials including Premier Andre Ebanks and Deputy Premier Gary Rutty.
The team also engaged with representatives from the Special Economic Zone Authority, Chamber of Commerce, Department of Commerce and Investment, and officers from Customs, Immigration and Labour Departments.
“We shared insights and experiences on current trends and opportunities, particularly with respect emerging markets,” Premier Ebanks told Cayman Independent.
The BVI delegation comprised three specialists in economic development and trade:
- Ayiesha De Coteau Sammy, director of investment promotion
- Dr Lincoln Bobb, deputy director of trade
- Dr Dawn Alexander-Joseph, policy analyst
CEC’s economic impact
Kaitlyn Elphinstone, chief marketing and strategy officer of Cayman Enterprise City, told Cayman Independent it was a pleasure to welcome the delegation.
“During the visit, we discussed how CEC has played a significant role in driving economic diversification in the Cayman Islands, contributing more than US$1.07 billion in economic impact to date,” she said.
“We also shared how the initiative supports high-value employment, with zone-related wages averaging 67% higher than those in comparable local sectors.”
The delegation visit reflected broader efforts to strengthen ties between Caribbean territories and share successful economic development models, Elphinstone noted.
“Today, CEC is home to more than 400 innovative special economic zone companies, positioning the Cayman Islands as a leading hub for innovation in the region,” she said.
“It’s encouraging to see our regional peers pursuing similar strategies.
“We were proud to share insights from Cayman’s journey as we collectively explore opportunities to foster resilience and sustainable economic growth across the Caribbean.”
