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Cayman, Brazil Strengthen Economic Ties

Above: Sao Paulo

By the Caribbean Journal staff

A delegation from Cayman’s Ministry of Finance recently attended the Brazil Investment Summit in Sao Paulo as part of a bid to strengthen bilateral ties.

The Cayman team, which was led by Chief Officer Dr Dax Basdeo, met with members of the private equity and institutional investment sectors during last week’s visit.

The meetings included talks with members of Brazil’s private sector, industry associations and representatives from the Portuguese and American chambers of commerce.

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

The Ministry of Finance said the talks were useful in pinpointing ways to increase the use of the Cayman Islands as a jurisdiction to facilitate Brazilian investment flows.

The delegation also held discussions with the Brazilian Alternative Investment Managers Association.

The Caribbean has increasingly been looking to tap the Brazilian market, from a recent partial scope agreement signed by St Kitts and Nevis with Brazil to a tourism partnership with Barbados.

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