Cayman Islands Premier Hon. Alden McLaughlin met with Chinese Ambassador to the United Kingdom Liu Xiaoming Monday morning at the Chinese Embassy in London.
Also attending the meeting were Cayman Islands Financial Services, Commerce and Environment Minister Hon. Wayne Panton as well as Bermuda Premier Hon. Michael Dunkley and British Virgin Islands Premier Hon. Orlando Smith.
The Ambassador noted how memorable his visit to the Cayman Islands in January was for his wife and himself. He also said that that visit, as well as the meeting today, was but the start of a deepening relationship between China and Cayman as well as the other Overseas Territories.
With the separation of the United Kingdom and the European Union on the horizon, Mr. Xiaoming said it is a good time for his country to work with the United Kingdom – and by extension the Cayman Islands – to broaden its global business interests. By working with each other, he said, the three OTs and China can each benefit and broaden their mutual interests and draw on their respective strengths.
He said he would encourage China’s business leaders to look to the Cayman Islands for opportunities to expand business cooperation.
Premier McLaughlin noted that the Cayman Islands has good relations with China and there already exists significant Chinese investment and business relationships. He is looking forward to increasing engagement in the weeks to follow.
Following the meeting with Mr. Xiaoming, Mr. McLaughlin and Minister Panton had lunch with some of China’s business leaders in London to further the discussion. The business leaders represented the banking, investment, infrastructure development, telecoms, insurance and renewable energy sectors.
When Mr. Xiaoming was in the Cayman Islands in January, he confirmed China would implement an agreement signed by the UK Government to grant Most Favoured Nation status to Cayman Islands registered ships entering Chinese ports.
The status means that concessions and preferential treatment on port fees paid by Cayman Islands flagged ships are significantly reduced and this makes our shipping registry more competitive and attractive globally.