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Statistics
• GDP: US$46,500 per capita (2006).
• Main exports: Financial services, tourism. • Main imports: Machinery, food, fuel and chemicals. • Main trade partners: USA, UK, and Caribbean Community (CARICOM) countries. Economy
The Cayman Islands have no direct taxation and have become important as an offshore financial centre and a tax haven. Good communications and infrastructure have also helped the islands become the world’s fifth-largest banking centre. A key agreement on information exchange signed with the US government has spared the Cayman Islands many of the problems (money laundering and large-scale tax avoidance) that have bedevilled other aspirant offshore financial centres.
Tourism is the islands’ other main source of revenue. There is little agriculture, and most food for the islands is imported. Industry is confined to construction and food-processing. The standard of living on the islands is one of the highest in the world, and the per capita income is the highest in the region. The healthy state of the economy and the rapid development of tourism have attracted migrant workers from Jamaica, Europe and North America. The Cayman Islands have associate membership of at the Caribbean Common Market (CARICOM). Business Etiquette
Business suits are recommended when calling on senior officials and local heads of business and also for semi-formal or formal functions. Exchange of business cards is usual. It is generally easy to gain access to offices of senior government officials, politicians and business executives. Civil servants are excluded from accepting gifts, except for diaries or calendars at Christmas. Monetary gifts or expensive presents are not encouraged in the private sector.
Office hours: Mon-Fri 0900-1700. Business Contacts
Cayman Islands Chamber of Commerce
Postal address: PO Box 1000, Grand Cayman KY 1-1102, Cayman Islands Street address: Macdonald Square, 2nd Floor, Fort Street, George Town, Cayman Islands Tel: 949 8090. Website: www.caymanchamber.ky Conferences & Conventions
Many hotels have conference facilities. Contact the Cayman Islands Department of Tourism for details (see Contact Addresses).
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