Government Consults Business Leaders on Trade Strategy
The Deputy Premier and Minister of Tourism and Trade Development, Hon. Gary Rutty hosted a high-level strategic consultation on Monday 13 October 2025, with some of the Cayman Islands most experienced and knowledgeable business leaders. The topic of discussion was trade diversification; and specifically, how the cost of imports can be lowered to help to reduce the cost of living; which the NCFC Government views as a key priority on its economic agenda.
Also, in attendance were Premier, Hon. Andre Ebanks, along with Hon. Jay Ebanks, Minister for Planning, Lands, Agriculture, Housing and Infrastructure (PLAHI), and Hon. Isaac Rankine, Minister for Culture, Heritage and Social Development. Their presence underscored the government’s cross-ministerial commitment to addressing the financial pressures being felt throughout the community.
“The fact that four Ministers of government are here shows how seriously we regard reducing the cost of living, and how committed we are to finding ways to bring real relief to our people,” said the Premier. “This was a campaign issue for every member of Government and we are united in our determination to make meaningful progress on this issue, and deliver practical, long-term solutions for our people.”
The strategic consultation is part of the Ministry of Trade Development’s efforts to expand the country’s trade horizons and reduce over-dependence on the USA as a single source of supply. Against a backdrop of global tariffs, increased shipping costs, and higher prices for essential imports, the Ministry is assertively taking the lead to identify ways to enhance the Country’s economic resilience and deliver tangible benefits to our people.
The cost of living in the Cayman Islands is made up components such as housing, transportation, utilities, healthcare and health insurance, education and others. While the Government will be looking at all of these areas, the purpose of this meeting was to focus on trade and on imports specifically.
In his opening remarks, Deputy Premier Rutty emphasised that collaboration with industry experts is vital to shaping effective policies. Noting that the attendees represented key industry sectors, including shipping, logistics, retail, wholesale, construction, and international trade, and brought decades - and in some cases, multi-generational experience navigating international markets and supply chains. A representative from the Chamber of Commerce, and senior civil servants from the Ministries of Trade Development, PLAHI and Social Development were also present.
Minister Rutty explained that the government intends to leverage that expertise to develop a more robust and diversified trade framework for the Cayman Islands.
“Your insights will be instrumental in developing a Trade Diversification Strategy that is practical, well informed and meaningful in reducing the cost of living for working and vulnerable families, and I am willing to listen, to learn, to collaborate and to act” he said.
In response, participants shared a variety of perspectives on areas such as developing new source markets and supply chains, logistical challenges impacting imports, the Government’s current schedule of import duties and how duty is calculated, , the critical success factors and potential barriers to establishing new markets, local consumer preferences and patterns impact what is imported, the impact of online shopping, and the policy or infrastructure reforms needed to overcome some of these barriers.
“Government cannot solve these issues alone,” said Rutty, “but by collaborating with those who know the business landscape well, we aim to identify practical ways of lowering the cost of certain imports swiftly, and working together with the private sector to ensure the savings are passed on to consumers,” he added.
Minister Rutty thanked all of the attendees for their time, input and willingness to candidly engage in these important discussions, and stated that the willingness to share their knowledge to benefit the consultation is appreciated.
The Ministry is in the process of collating the feedback from the consultation session and intends to convene a subsequent meeting within the coming weeks, underscoring its commitment to ensuring that this initiative informs strategic policy development, moves at pace, and leads to tangible outcomes.
