A delegation from the Ministry of Finance (Financial Services), led by Chief Officer Dr Dax Basdeo, recently attended the Brazil Investment Summit in São Paolo, and also met with key players in the private equity and institutional investment sectors during the week of 23 April.

The Cayman Islands is one of the top five jurisdictions in the world for investment in and out of Brazil, according to 2010 data from the International Monetary Fund.

The delegation split into two teams in order to focus on different objectives. One team met with industry stakeholders to reinforce positive business relations and develop a better understanding of business between Cayman and Brazil, while the other hosted the Cayman Islands information booth at the summit.

The meetings with stakeholders provided valuable insights on issues and identified challenges related to how the Cayman Islands are perceived in the Brazilian market, and were useful in pinpointing ways to increase the use of the Cayman Islands as a jurisdiction to facilitate Brazilian investment flows.

Meetings were held with members of Brazil’s private sector; key industry associations, including the Brazilian Alternative Investment Managers Association; as well as representatives from the Portuguese and American Chambers of Commerce.

The team that hosted the Cayman Islands booth at the summit offered information on the range of financial services products available in Cayman.

This included information from the Department of Commerce and Investment, the Cayman Islands General Registry, the Department of Tourism, Civil Aviation Authority and the Maritime Authority of the Cayman Islands.

Other competing international financial centres were also present at the summit.

Premier and Minister of Finance, Tourism and Development, Hon. McKeeva Bush, expressed his pleasure with the delegation’s work stating, “The Government has given the Ministry a mandate to focus energies on emerging economies such as Brazil. Our private sector has long established strong links with Brazil. It is important that we as the Government do our part to ensure that the Cayman Islands service providers remain the service providers of choice for the facilitation of Brazilian investment flows.”

Commenting on the overall outcomes, Dr Basdeo said, “With inward portfolio and direct investment flows totalling $27 billion, and outward investment flows nearing $40 billion annually between the two countries, it is critical that we gain a better understanding of the Brazilian market for financial services.”

“It was an extremely productive visit, as several issues and challenges we have been facing were clarified. It has not only strengthened ties with our Brazilian partners and stakeholders, but has also provided Government with significant information to develop strategies to increase business between the two countries,” he added.

The delegation comprised members from the Department of Commerce and Investment (DCI), as well as the Financial Services Secretariat (FSS).

Joining Dr Basdeo from DCI were Director, Mr Jonathan Piercy; Head of Marketing, Miss Lesley-Ann Thompson; Senior Investor Services Officer, Mrs Shannon Francis; and Events and Marketing Officer, Miss Melanie McField. Attending from FSS were Head of Communications and Public Affairs, Mrs Angela Piercy; and Senior Research Analyst, Miss Yainelys Ebanks.