Cayman Islands trade delegation heads to Monaco yacht show

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GEORGE TOWN, Cayman Islands (CNS) – Premier Alden McLaughlin, chief officer Eric Bush, senior political advisor Roy Tatum, commerce minister Joey Hew and Maritime Authority chief executive officer (CEO) Joel Walton will be ramping up the air miles this week when the group heads to Monaco.

Premier McLaughlin is leading another Cayman trade delegation to the annual luxury boat show in Monte Carlo in his role as minister for international trade, investment, aviation, and maritime affairs.

The representatives will take part in a series of scheduled events to promote the Cayman brand and attract new international business.

“We continue to be a leading flag state in the superyacht industry,” McLaughlin stated in a release about the trip. “It is important for us to be part of this event and meet with owners and their representatives to ensure they have the most current information on what the Cayman Islands can offer and provide the best possible advice for their existing and future superyachts.”

The premier said he would be able to tell them first-hand about Cayman’s economic success and how “we continue to be a good, stable jurisdiction in which to do business”.

Eric Bush, the chief officer in the new trade ministry said it was important to continue efforts to maintain and increase the significant market share for our registry.

“Monaco is a vital market for us,” he said. “The Cayman Islands shipping registry is regarded as world-class and home to many of the world’s biggest yachts. It is essential we strengthen and increase our presence in the industry to ensure we continue to remain the premium maritime flag state.”

Minister Hew said he was looking forward to collaborating with his counterparts in Monaco and engaging with potential investors and high net worth individuals at the show, which opens Wednesday. “Such investment is vital because it ensures we are able to create opportunities for Caymanians, both now and in the long term,” he said.

He said that the delegation would encourage investment in the jurisdiction and that it was an opportunity to promote Cayman as an attractive place to invest and increase its market share of shipping registry business.

The Maritime Authority of the Cayman Islands (MACI) will use its reputation as one of the world’s best shipping registries to host a forum during the show. In leading discussions around the challenges and expectations for the industry’s future, MACI will use the forum to promote the red ensign of the Cayman Islands as a symbol for the global maritime community.

In addition to the MACI-sponsored business forum, events will include a charity bike ride in aid of the Prince Albert II of Monaco Foundation (Wednesday, 25 September), a reception at the Monaco Yacht Show (MYS) hosted by the premier (Wednesday, 25 September), and a dinner hosted by the premier at the MYS (Thursday, 26 September).

The government delegation will be supported by representatives from the “Big Four” accountancy firms and the worlds of law, real estate, yacht brokerage and management, technology and precious metals and stones.

Republished with permission of Cayman News Service

 

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