Global issues were put into useful perspective at last week’s Cayman Business Outlook 2013, with a slew of internationally recognised speakers informing and educating the audience on topics such as the prospective path of the global economy throughout the coming year and how technology is shaping education. In addition, an illuminating panel discussion among Cayman’s top politicians gave delegates a unique glimpse into their individual stance on controversial topics such as the possibility of the introduction of a minimum wage, the legalisation of gambling and how to fix the Cayman government’s budget problems.

Mr. Anwer Sunderji, Chairman of the underwriting sponsor, Fidelity Group, says he hopes the audience came away from CBO better informed about global issues that affect everyday life and business.

“We were extremely fortunate to have a succession of eminent speakers who really helped us drill down to the issues of the day,” he comments. “Our keynote speaker, William Cohen, the 20th US Secretary of Defense and former US House of Representatives and Senate member, gave us an illuminating insight on where the US stood globally today. Mr. Cohen warned that the US had to really take stock of where it was in the world, and more importantly, why it was there. He referred to the book ‘Future Shock’ by Alvin Toffler written in 1970 which predicted an age when all our customs, traditions and assumptions would be turned on their head through technological advancements. Mr. Cohen said we were now living in that age.”

Former editor-in-chief of The Economist Bill Emmott gave a cautiously upbeat view of global economics when he said there was cause for optimism with the possibility of oil prices falling, the US managing its debt issues and Europe slowly moving away from what he termed ‘the apocalypse’.

Daniel Mitchell of the Cato Institute, on the other hand, gave the audience a powerful insight into what would happen if countries did not get to grips with their mounting debt problems, indicating that the US, the UK and most other European countries would have massive problems with debt far in excess of their GDP if their governments did not move swiftly to deal with the issue.

TakingITGlobal (a global online community for young people) founder Michael Furdyk gave delegates a vital insight into his mission to connect young people all around the world via his website. Mr. Furdyk said that connecting young people in this way via “an online learning space” would empower them to think about how to deal with social issues that were prevalent everywhere in the world.

The final panel discussion of the day saw three of Cayman’s leading politicians – elected member of the Legislative Assembly Hon. Ellio Solomon, Deputy Premier and Minister for Education Hon. Rolston M. Anglin and Leader of the Opposition Hon. Alden McLaughlin – all stated their case when it came to some of the most important issues facing the people of the Cayman Islands. Subjects such as whether gambling should be introduced (Mr. Anglin and Mr. McLaughlin both believed there should be a referendum on the issue), the issue of minimum wage (there were calls for an independent study on the issue by Mr. Solomon) and how to fix Cayman’s budget deficit were all discussed in depth by the panel.

Mr. Sunderji says Fidelity was again delighted by the support the Cayman Business Outlook received in this its tenth anniversary year as highlighted by the strong backing from both sponsors and the public in general.

“We believe the strong support received this year for Cayman Business Outlook is a testament to the importance businesses and the public in general place on this annual meeting of minds,” he confirms. “We look forward to planning CBO 2014!”

Photo caption:

(L-R) Financial Secretary Kenneth Jefferson, Fidelity Cayman President Brett Hill, Premier Julianna O’Connor-Connolly and Fidelity Group Chairman Anwer Sunderji