High living cost boosts outsourcing in Cayman Islands
GEORGE TOWN, CAYMAN ISLANDS – The high cost of living and bureaucratic hurdles in the Cayman Islands are pushing businesses to outsource jobs overseas, said Chamber of Commerce President Nelson Dilbert.
During the Chamber’s Annual Parliamentary Luncheon, Dilbert stated that an alarming number of local businesses are outsourcing work to more affordable overseas jurisdictions, primarily in East and South Asia, due to increasing operational costs and bureaucratic hurdles like work permit delays.
He added that many middle-income jobs could disappear if the trend continues, leaving only low-paying, non-remote work for the country’s locals.
Dilbert urged the administration to address these issues head-on, despite the positive economic indicators and the resurgence of tourism in 2023.
However, in his own address, Premier Wayne Panton pointed to a low unemployment rate of 2.1% and the processing of almost 3,000 work permit applications in the previous month as signs of economic health.
Nevertheless, Panton assured other chamber members that the government is developing strategies to tackle the Cayman Islands’ rising inflation and cost of living crisis.
