Cayman success story presented in Korea
The Cayman Islands’ success story was told to South Korea-based financial sector professionals, government officials and university leaders by a local consultant Paul Byles at a recent seminar in this Asian country.
The event aimed at informing ongoing discussions about creating an offshore financial centre on the island of Jeju. An island province of South Korea, Jeju, is unique within South Korea as its only self-governing jurisdiction with a governor and significant local government infrastructure with a new constitution enabling greater autonomy. Jeju is similar to Cayman – it is mainly a services-oriented economy with little crime and a clean environment.
The seminar was attended by many major players in South Korea. Byles was invited at the event by the Korean Banking Institute and the local government of Jeju as one of the main speakers.
Professor of the Korean Banking Institute Cheoljoon Kang expressed his satisfaction regarding the results of the conference discussions. According to him, Byles added significant value to the event, because he talked both about Cayman and about numerous issues that influence the offshore world at the global level.
Professor Kang said that Byles’ presentation and discussions were helpful in terms of putting an idea of forming an international financial centre into context and revealing the potential challenges and the possible benefits to Jeju’s economy.
Byles suggested that the event was important not only for South Korea but also for offshore finance generally.
During the trip, Byles met with government officials and financial services representatives.