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Economic diplomacy in small countries: a four-action plan for the Cayman Islands

The Cayman Islands is finally ready to establish external relations. Starting almost from scratch, its new Ministry of International Trade, Investment, Aviation and Maritime Affairs is launching a coordinated global charm offensive. Economic diplomacy should be put at the centre of the Ministry's strategy because of Cayman's role as a world-leading offshore financial centre. This article puts forward a four-action plan to inform its early activities. It is structured in four main sections, covering each of the suggested actions, which are (i) setting up an electronic one-stop-shop for investment, (ii) humanising 'Brand Cayman', (iii) creating a worldwide network of Government offices, starting in Brussels, to deploy economic diplomacy and (iv) promoting blue-green investments on island through public-private partnerships. The methodology is desk-based research. Sources blend international and local materials for a unique perspective.