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Cayman to create new trade ministry

September 6th, 2018 | Tags:
Premier Alden McLaughlin revealed plans to create a new ministry to fight for Cayman’s interests overseas, saying the territory could no longer rely on the United Kingdom to defend the islands’ economic interests. Photo: Internet Source
Cayman Compass

Premier Alden McLaughlin revealed plans to create a new ministry to fight for Cayman’s interests overseas, saying the territory could no longer rely on the United Kingdom to defend the islands’ economic interests.

Delivering his State of the Nation address at the opening of the Legislative Assembly 2018/19 session on Cayman Brac, the premier blamed a “handful of misinformed malcontents” within the U.K.’s Conservative party for attempting to impose public beneficial ownership on the territory.

He said the “sorry episode” highlighted that the Cayman Islands had to “step out of the U.K.’s shadow and stand up for itself.”

Mr. McLaughlin said the new Ministry of International Trade and Investment, which he will lead, would take charge of Cayman’s London office and a new outpost in Hong Kong, and would be responsible for advancing the economic and political interests of the territory.

In a broad-ranging speech covering his government’s plans for the next year, Mr. McLaughlin also:

  • Announced plans for a 5-percent pay raise for civil servants;
  • Pledged to achieve full Caymanian employment through the creation of a new Workforce Opportunities and Residency Cayman agency;
  • Confirmed the purchase of the Scotiabank building and plans to erect another new multistory courts building next door;
  • Announced an increase in personal duty allowance for residents from $350 to $500 – a measure that will cost government $1 million;
  • Dismissed the need for a referendum on the cruise berthing project, saying the people had their say at recent general elections where cruise pier plans had been on the manifesto.

 

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