Country Study Of The Cayman Islands
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Table of Contents
1. Introduction and History
2. Market Geography
Location
Climate
Flora
Fauna
3. Market Characteristics
Population
Statistics
4. Market Infrastructure
Electricity
Transportation
Communications
5. Market Economy
Cayman Islands Stock Exchange
Inflation
Imports/Exports
Currency
Employment
6. Market Politics and Law
Government
Constitution
Human Rights
Taxes
7. Market Culture
Public Holidays and Festivals
Religions
The Cayman People
Education
Sea Turtles
Final Assessment and Forecasting
**Assessments are included at the end of each major section excluding the Introduction and History section.**
Introduction
This country study of the Cayman Islands will help to determine whether or not a potential market exists for the exportation of Jack Daniels products. Many topics will be covered involving the islands geography, demographics, infrastructure, economy, politics, and culture. This thorough analysis will enlighten the Jack Daniels company of the Cayman Islands market and determine whether or not its products will be supported there.
Cayman Island History
During Christopher Columbuss fourth and last voyage to the New World on May 10, 1503, he discovered Little Cayman and Cayman Brac. A sailor on his ship documented that they had been blown off course by severe winds and were in sight of two small islands that were full of turtles (there were so many that the island looked as if it were only rock). Because of the large amount of turtles, Columbus named the island Las Tortugas. Around 1540 AD the islands were given another name of which todays name stems from, Caymanas (derived from the Carib word for marine crocodile).
As the years passed, and as the New World was becoming more and more occupied, the Cayman Islands became replenishment centers for ships, supplying them with fresh water and food.
In 1655 Jamaica was captured, the islands then came under control of the British in 1670 under the Treaty of Madrid. For almost 300 years after the treaty, the islands were treated as dependencies of Jamaica. Somewhere between 1661 and 1671 the first settlement happened on Little Cayman and Cayman Brac.
Excerpt from the transcript of George Gaulds remarks on the Island of Grand Cayman:
“The Island was originally settled by one of Oliver Cromwells soldiers named Bodden, who had been at the taking of Jamaica. Old Isaac Bodden, his grandson, a native of the Island, now upwards of 70 years of age, remembers when there were only five families; but at this time, there are 21at the SouthSide, which we have called Bodden Town, 13 at the West End, commonly called the Hogsties, 3 at the East End, and 2 at Spots Bay; in all 39 families, consisting of at least 200 white people and above same number of Negroes and Mulatooes.”
“The Island produces a great quantity of cotton, which is their principle article of export besides Turtle; but for their own consumption and to supply the vessels that pass by, they raise Indian corn, yams, sweet potatoes, pompions, plantains, melons, limes, oranges, and most kinds of the fruits and vegetables that are to be found in Jamaica. The Sugar Cane likewise grows very well. There are plenty of goats on the Islands but neither sheep nor black cattle, and only two horses, which were lately brought there from Jamaica by accident.”
In 1952 Jamaica was granted their independence from Britain, but the Cayman Islands chose to remain a British territory. Today, tourism and the international finance industry have formed the backbone of Caymans good economy and their prosperity.
MARKET GEOGRAPHY
The Cayman Islands are composed of three islands, Grand Cayman, Cayman Brac, and Little Cayman. The three islands are located in the western Caribbean, about 150 miles south of Cuba, 480 miles south of Miami, Florida, and 180 miles northwest of Jamaica. On the western shore of Grand Cayman is the capital, George Town. The three islands are part of the Cayman Ridge, and the Cayman Trench (the deepest part of the ridge), separates the islands from Jamaica.
Grand Cayman- 22 miles long, averages 4 miles wide
Cayman Brac- 12 miles long, averages 1 Ðј miles wide
Little Cayman- 10 miles long, averages 1 mile wide.
*Approximate size*
The total land area is 1.5 times larger than Washington, DC (262 sq km, ranked number 222 in the world) with coastlines totaling 160 km. The highest point on the islands is located on Cayman Brac and is called The Bluff (43 m).
Average Hours of Sunshine, Temperature, and Rainfall
Temperature Statistics
average temperate-81.6 F
Highest monthly average-85.4 F (July and August)
Lowest monthly average-76.8 F (January)
Highest recorded temperature-93.8 F (June 24th)
Lowest recorded temperature-59