Cayman’s Growing Platform for Innovation

Grand Cayman, Cayman Islands (21 September 2018) – Cayman Enterprise City (CEC) has welcomed its 250th company into Cayman’s special economic zones (SEZs), which include Cayman Tech City, Cayman Commodities & Derivatives City, and Cayman Maritime & Aviation City. The award-winning development project, focused on attracting knowledge and technology-based businesses to set up a physical presence in the Cayman Islands, has been positively impacting Cayman’s economic growth, promoting the development of new innovative industries, and providing opportunities for Caymanians.

“This is a significant milestone for CEC since opening our doors for business in February 2012. For the past six years we have worked tirelessly to promote CEC and the Cayman Islands as an ideal base to conduct international business as well as support businesses who have established SEZ companies so that they can focus on growth and innovation,” says CEO Charlie Kirkconnell. “CEC’s success is good news for Cayman. The large number of knowledge-based entrepreneurs who have established a genuine physical presence are bringing much sought-after diversity to Cayman’s economy.”

As of the end of 2017, the CEC development project has contributed an estimated US $155 million to Cayman’s economy ($113 million in direct spending and $42 million indirectly). Last year alone CEC contributed an estimated US $41 million.

Cayman’s robust infrastructure, growing digital economy, tax neutrality, and stable political climate alongside CEC’s competitive offerings are supporting technology-based ventures and fostering innovation. In recent months, FinTech and blockchain development companies have been setting up in Cayman Tech City on a weekly basis. Within five years, CEC conservatively estimates that there will be over 500 businesses in Cayman’s special economic zones, with roughly 60% of those operating from within Cayman Tech City.

“From the onset, one of the primary objectives of the CEC development project has been to help create new job opportunities for Caymanians,” said Kirkconnell. “CEC’s growth means an increasing number of new creative job opportunities that many young Caymanians have had to previously leave Cayman to pursue.” Through the Enterprise Cayman initiative, CEC has been working alongside the Cayman Islands Government to connect Caymanians with opportunities within the Special Economic Zones. For the past six years, CEC has welcomed young Caymanians to participate in the annual Summer in the City internship programme which has been connecting students and recent graduates with industry professionals. Additionally, the initiative supports engaging learning opportunities with the aim of inspiring the next generation to pursue creative jobs in technology. This summer CEC assisted in the expansion of the University College of the Cayman Islands (UCCI) STEM Summer Camp which offered “aspiring scientists, inventors, mathematicians, engineers, entrepreneurs, and leaders to train and prepare so that they compete on a global stage,” said UCCI President J.A. Roy Bodden.

In April 2018, a $39 million plan for the first phase of a new 53-acre campus was approved by the Central Planning Authority. The George Town location is five minutes from the newly expanded Owen Roberts International Airport. The master planned campus showcases environmental architecture and designs to encourage socialisation and collaboration, unlike anything seen in the Caribbean.

“Our goal is to ensure not only that CEC continues to grow, but that the local community directly benefits from CEC’s positive development. We look forward to breaking ground on our new purpose-built campus later this year and we see this development project as key to furthering Cayman’s thriving SEZs and ultimately helping to grow and further diversify Cayman’s economy,” noted Kirkconnell.

For more information about CEC visit www.caymanenterprisecity.com.

Image Caption: Cayman Enterprise City Flagship Building – one of four special economic zone buildings in the Cayman Islands.
Additional images available upon request.

FOR MORE INFORMATION:

Web: www.caymanenterprisecity.com
Facebook: www.facebook.com/CaymanEnterpriseCity
Twitter: @CEC_Cayman
LinkedIn: Cayman Enterprise City

About Cayman Enterprise City

Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones focused on attracting knowledge-based and specialised-services businesses to set up a physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives City and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.

About Enterprise Cayman

Enterprise Cayman is a partnership between Cayman Enterprise City and the Cayman Islands Government and is designed to connect Caymanians with opportunities within the Special Economic Zones (SEZs). SEZs include, Cayman Tech City, Cayman Commodities & Derivatives City, and Cayman Maritime & Aviation City. The partnership’s primary focus is to help young Caymanians, including those who wish to re-tool for a career change, acquire the skills they need to fill the jobs that are being created within the SEZs. Other goals include raising local awareness of and interest in Science, Technology, Engineering and Maths (STEM) careers and, in partnership with the National Workforce Development Agency, helping high school and college students acquire the resume writing, job interview techniques and networking skills needed to pursue STEM careers. Additionally, Enterprise Cayman offers an annual summer internship program aimed at young people ages 17 to 25, hosts an online jobs portal, supports the University College of the Cayman Islands’ STEM initiatives, facilitates a computer coding club and is in the process of establishing a code academy in the Cayman Islands.