Cayman Islands Strategic Plan: 2019-2023 Analysis Report

This report provides a comprehensive analysis of the Cayman Islands' five-year strategic plan, focusing on the establishment of a Ministry of International Trade, Maritime Affairs, Aviation, and Investment. The plan aims to enhance the Cayman Islands' reputation, advance economic and political interests, and facilitate foreign investment. The report details four key missions, each with specific strategies, identified threats, and opportunities. These missions involve enhancing the islands' reputation, promoting the interests of the people, government, and business organizations, making the economy business-friendly, and creating a capable ministry. The analysis highlights threats such as public awareness and potential lack of coordination, alongside opportunities like the establishment of a new coordinating body and the potential for increased foreign investment. The report emphasizes the importance of addressing threats and leveraging opportunities to ensure the plan's success, including the need for effective communication, stakeholder management, and the development of a high-quality civil service to support the plan's implementation. The conclusion reiterates the importance of the strategic plan in developing the economic, financial, and political conditions of the Cayman Islands.

Running head: STRATEGIC PLAN
STRATEGIC PLAN
Name of the Student:
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Executive Summary
Cayman Island has prepared a five year plan which involves different strategies to form a
separate ministry who will take care of all the key actions and deal with all the threats which
are related to the strategies. There are many opportunities as well which the ministry needs to
focus to make sure that it is implemented successfully with a world class and high quality
civil service.

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Table of Contents
1.1 Introduction..........................................................................................................................3
1.2 Discussion............................................................................................................................3
1.2.1 Enhancing the reputation...............................................................................................4
1.2.2 Enhancing the interest of people, government and business organization upon
political and economic interest...............................................................................................5
1.2.3 Making the economy business friendly.........................................................................5
1.2.4 Creating as well as sustaining capable, appropriately funded and effective ministry...6
1.3 Conclusion............................................................................................................................7

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1.1 Introduction
Cayman Islands Government is facing some issues which are related to their financial
services and industries. Hence, in the middle of political term, the administration of National
Unity has decided to establish a Ministry of International Trade, Maritime Affairs, Aviation
and Investment. Forming ministry in such an unusual time leads to a usual decision taken by
the government of Cayman Island and the decision is to support the economy, their people
and their business communities. This will help to enhance the reputation of Cayman Island
and allow foreign investments as well. It will also help to advance the political and economic
interest of the public, business organizations and government. However, this strategic plan is
prone to some threats and opportunities which are discussed below in detail. This analysis is
based on how the ministry will influence the strategic plan of Cayman Island on the basis of 3
to 5 years. This detailed analysis will help the ministry to customize the strategic framework
accordingly and take required steps to improve the political as well as economic condition of
the area.
1.2 Discussion
Four missions have been set which and their strategies are also noted which will be
followed accordingly. But when the strategies are applied, some threats and opportunities
were also noted. Below are the four missions where some key actions are developed and their
situated threats & opportunities (Beveridge 2017). These four missions carries different key
actions which are related to specific terms like improving separate organization which will
communicate with the investors, improving partnership with private sectors, developing some
management plans, involving annual calendar which will include the overall performance of
the plan to attract more foreign investments and etc. These key actions will make sure that the
strategies are followed thoroughly step by step and after five year the plan will succeed.

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These strategies are formed to make sure that the infrastructure of the economy along with
foreign relation is maintained by the government of Cayman Island (Boyle et al. 2016).
All the prepared four strategic framework are discussed in detail along with their
threats and opportunities for the ministry which they should focus before they initiate the five
year plan they must keep in mind all the points which are discussed below because it will
help them to improve their strategic framework and provide them with more opportunities to
develop their economic and political conditions (Smith 2017).
1.2.1 Enhancing the reputation
Threats: when compared the public awareness of Cayman Islands with other
Islands, it was found that their people have less awareness. While applying the strategies,
separate agencies will still remain responsible for their own action and this might prove to be
a threat because there will be no coordination between them and ministry. Small geographical
area will face a threat because they will get less support from ministry for partnership.
Analyzing the stakeholders is easy but there is always a threat that they will change over time
and it is difficult for them to change their plans so frequently (Gordon 2013).
Opportunities: to communicate the goal, blue-green investment fund and
developing an annual calendar with great quality can be used. New coordinating body is
going to be established which will remain responsible for prepared annual plan of
communicating the goals. While creating the blue-green investment fund Cayman financial
service industry can bring new fund from foreign as well and this effect the investment fund
positively. There is an opportunity that the ministry can easily handle the key jurisdiction
similar to stakeholders and this will allow to manage relationships further. Review of some
international memberships will ensure that the effectiveness increases their reputation. Their

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annual calendar would bring more foreign investment and other countries would know about
their focus (OnStrategy 2020).
1.2.2 Enhancing the interest of people, government and business organization
upon political and economic interest
Threats: when new offices will be established then there is a threat that other
countries may refuse to become partners with them because the plan may not work in future.
Foreign investors may only focus into those areas of Cayman economy where government
has some plans for development. Tourism growth may work in a slow manner because the
growth is not strong and foreign investors may hesitate to invest is this sector. Supporting
different ministries under one strategic plan may not be easy or possible because for an area
with underdevelopment, strategies require many years to flourish into a development (Carew-
Reid et al. 2013).
Opportunities: through this goal there is an opportunity to change and initiate an
induction program for UK representative which will improve the transition process. There is
a chance that they will establish offices which will follow every case and it will cover other
countries as well. Foreign investment will enhance the economy. Cooperation between the
ministry of tourism o Cayman and ministry of International trade, aviation, maritime affairs
and investment will increase the growth of that place. When the government officials
attended Great festival in 2018, they came into a decision to work with other partners and
F.C.O which will help them to organize beneficial programs (Taramelli, Valentini and
Sterlacchini 2015).
1.2.3 Making the economy business friendly
Threats: currently the investors of Cayman Island are facing some issues with
responses from them and this may result in losing those investments as competitors are

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growing in the market. If the government does not establish an organization who will contact
the investors on behalf of different ministries then they will lose the trust of every investors
(Le.ac.uk 2020).
Opportunities: when the organization will be build which will maintain the
relationship between the investors and the ministries then there will be more growth in the
economy. There is an opportunity for the ministry to work with ministry of finance so that
investors would get advice over particular projects. Ministry will engage themselves with
those who have investment responsibilities. If the ministry cooperates with plan Cayman
process then it will open up opportunities to improve their infrastructure (Jilenga, Xu and
Gondje-Dacka 2016).
1.2.4 Creating as well as sustaining capable, appropriately funded and effective
ministry
Threats: there is a threat that the future staffing will depend upon reviews of an
outcome and the development of those works which will be carried out by the ministry over
initial six to nine months and if the review comes negative then the planning will stop. There
is a constant need of key performance indicators and without them the ministry will not
function properly. The operational plans are needed to be changed so that it will properly
reflect the opportunities. Demonstrating where the public fund was utilized will carry some
risk and those risks must be managed properly (Freyer and Morriss 2013).
Opportunities: their investment on operating expenditure will increase for the
consecutive two years which will allow them to improve more. When required staffs like
deputy chief officer and project managers will be appointed then ministry will offer them
with high quality training and development which will help the new ministry to improve.
Formation of the new ministry will allow the economy to strengthen their capabilities of

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business continuity and resilience for this they have to cooperate with the Hazard
management of Cayman Island. After the achievement of goals it is necessary to elaborate
how the public fund was utilized (Man, Wing and Chlorophyll 2018).
It is very important for the new ministry to illustrate their achievements in five year
to the public and their foreign investors so that they could know where their investments are
going. It is also necessary to form a separate organization which will help the investors to
communicate in need and those organizations will work on behalf of different ministries like
finance ministry and etc. whenever any practical project is undertaken, the foreign investors
or local investors would need some suggestions or help form the ministry and government of
Cayman Island and then those organization’s will come in act. They will contact the investors
and address their issues in a bet possible way (ClearPoint Strategy 2020). The ministry will
also make sure that they contribute more towards world class and high level of civil service
which will allow them to implement development successfully into their five year plan.
1.3 Conclusion
Form the above discussion it is clear that Cayman Island has prepared a strong five
year plan with different strategies which they need to follow to develop their economic,
financial and political conditions. After attending the great festival in Hong Kong, Cayman
Islands Government official has decided to form a separate ministry which will take care of
the departments like international trade, aviation and investment and maritime affairs.
However, to successfully implement the five year plan they have to develop different
strategies which involves improving the reputation of the area, improving the political and
economic interest for the people, business organizations and the government and to collect
foreign direct investments. It is also important for the ministries to maintain a good relation

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with the investors so that the investment in continued. With all the different strategies there is
a threat and opportunity related to the plan. Those threats must be addressed with the
opportunities and scope of improvement so that the five year plan of the government will
succeed.
References:
Beveridge, F., 2017. Globalization and international investment. Routledge.
Boyle, S., Reaiche, C., Abdullah, A. and Murad, W., 2016. Predicting International Visitors'
Interest In Hong Kong Arts Festival. Event Management, 20(4), pp.593-605.
Carew-Reid, J., Prescott-Allen, R., Bass, S. and Dalal-Clayton, B., 2013. Strategies for
national sustainable development: a handbook for their planning and implementation.
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ClearPoint Strategy (2020). Four Things You Must Do For A Successful Five-Year Strategic
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things-you-must-carry-out-for-successful-five-year-strategic-plan/ [Accessed 12 Feb. 2020].
Freyer, T. and Morriss, A.P., 2013. Creating Cayman as an offshore financial center:
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Gordon, G.L., 2013. Strategic planning for local government. ICMA Publishing.
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direct investment on economic growth, empirical evidence from Tanzania.
Le.ac.uk (2020). GREAT Festival of Innovation, Hong Kong, 21-24 March 2018
| University of Leicester. [online] Le.ac.uk. Available at: https://le.ac.uk/great
[Accessed 12 Feb. 2020].

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Man, C.C., Wing, C.L.H. and Chlorophyll, P.W., 2018. A STUDY OF THE ROLE OF
FESTIVAL OF HONG KONG IN SHAPING HONG KONG’S CULTURAL LANDSCAPE.
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Smith, R.D., 2017. Strategic planning for public relations. Routledge.
Taramelli, A., Valentini, E. and Sterlacchini, S., 2015. A GIS-based approach for hurricane
hazard and vulnerability assessment in the Cayman Islands. Ocean & Coastal Management,
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