Chamber Signs MoU to Provide Further Support for Small Business Development

Paul Pearson, President of the Cayman Islands Chamber of Commerce (COC), Dawn McLean-Sawney, President of the Small Business Association (CISBA) and the Hon. Wayne Panton, Minister for Financial Services, Commerce & Environment (CIG) signed a Memorandum of Understanding (MoU) on June 30 to define the terms of a working relationship to address the challenges and needs of small-and-micro businesses (SMEs).

SMEs and entrepreneurs are important components in the success of Cayman’s economy and represent more than 65% of the Chamber’s total membership and they must be protected to ensure they continue to flourish.

The MoU illustrates a number of different responsibilities, ranging from developing strategies to enhance and benefit small businesses on the Islands, to writing an action plan which will ensure the viability of SMEs.

The MoU is a significant and important step in ensuring that SMEs in Cayman continue to be successful, and will also ensure that the Cayman Islands are an attractive place for others to start and conduct their business.

“Supporting, promoting and protecting the interests of micro and small businesses is one of the main missions of the Chamber,” said President Pearson. “This sector creates new jobs and introduces innovative products and services and reflects the vibrancy of the Cayman Islands economy. We look forward to working along with the Ministry of Commerce and the CISBA to introduce policies and strategies that ensure that this sector is given the attention that it deserves.”