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    The Cayman Islands Government announced the launch of the new Cayman Islands Investment Bureau (CIIB) office in Hong Kong today (March 15). The opening of a CIIB office in Hong Kong is designed to foster closer links between the Cayman Islands and Hong Kong, and the wider Southeast Asian region.

    With the new Hong Kong office, the bureau now has a presence in three major world cities - London, New York and Hong Kong.  Expanding the CIIB network and ensuring that the Cayman Islands is represented in key regions around the world has been a priority for CIIB.  

    The Leader of Government Business, the Hon McKeeva Bush OBE JP, gave the keynote speech, explaining the benefits that the Cayman Islands offer to Hong Kong investors.  Mr Bush also identified the links between the two places.  

    "We have many friends in Hong Kong," Mr Bush said.  "Our two homes have a lot in common - we are both small, punch above our geographic size on the international stage and have thriving financial services and tourism sectors."

    The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse attended the launch and welcomed the establishment of CIIB's new office on behalf of the Hong Kong SAR Government.

    "We are very pleased that CIIB has decided to establish its Asia Pacific office here.  CIIB's choice reinforces Hong Kong as the location of choice for international organisations to manage their regional operations.  Our position as a leading financial centre and tourism destination clearly adds to our city's appeal to government promotion agencies such as CIIB," Mr Rowse said.

    "The Cayman Islands already are one of the top sources of inward investment in Hong Kong.  We look forward to working with CIIB to expand the close relationship that should benefit both of us," he said.

    At the opening reception, Mr Bush also paid tribute to Invest Hong Kong for its assistance in organising the launch, and expected future co-operation opportunities between CIIB and Invest Hong Kong.

    The CIIB's mission is to encourage economic growth, diversification through industry development, job creation and investment from foreign markets. The new office is being established to provide a one-stop shop for investors in the Cayman Islands.  It will assist investors in pulling together the necessary contacts and resources to help accelerate the investment approval process.  

    "My Government is constantly thinking of new ways to diversify and strengthen our economy, to provide more jobs and greater security for Caymanians.  This new office is another important stage in this process.  We look forward to seeing the benefits of this office in the months and years ahead," Mr Bush said.

    Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating foreign investment by providing all the support needed to establish a business presence here in Hong Kong.

Ends/Tuesday, March 15, 2005

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