Title: Economic diplomacy in small countries: a four-action plan for the Cayman Islands

Authors: Laura Panadès-Estruch

Addresses: Truman Bodden Law School of the Cayman Islands, George Town, Cayman Islands; University of Cambridge, Cambridge, UK

Abstract: The Cayman Islands is finally ready to establish external relations. Starting almost from scratch, its new Ministry of International Trade, Investment, Aviation and Maritime Affairs is launching a coordinated global charm offensive. Economic diplomacy should be put at the centre of the Ministry's strategy because of Cayman's role as a world-leading offshore financial centre. This article puts forward a four-action plan to inform its early activities. It is structured in four main sections, covering each of the suggested actions, which are (i) setting up an electronic one-stop-shop for investment, (ii) humanising 'Brand Cayman', (iii) creating a worldwide network of Government offices, starting in Brussels, to deploy economic diplomacy and (iv) promoting blue-green investments on island through public-private partnerships. The methodology is desk-based research. Sources blend international and local materials for a unique perspective.

Keywords: Caribbean; British overseas territories; Cayman Islands; international relations; economic diplomacy; offshore; international finance; trusts; investment funds; foreign direct investment; blue investment; green investment; policy.

DOI: 10.1504/IJDIPE.2020.109641

International Journal of Diplomacy and Economy, 2020 Vol.6 No.1, pp.67 - 84

Received: 09 Apr 2020
Accepted: 08 Jun 2020
Published online: 17 Sep 2020 *

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