Cayman Enterprise City (CEC) Special Economic Zone have given a glimpse of their proposed plans to reinvigorate Cayman’s business market.

In an interview with iNews, CEC’s Vice President of Marketing and Business Development, Hilary McKenzie-Cahill, said that CEC are intending to boost Cayman’s future by giving opportunities never before seen in the Cayman Islands.

The CEC Special Economic Zone will be the first of such Zone in the western hemisphere and will consist of an Internet and Technology Park, a Media Park, a Biotechnology Park, a Commodities and Derivatives Park and an International Academic Park.

A Special Economic Zone (SEZ) is an area within a country that has certain economic laws that are free-market-oriented more so than a country’s typical laws.

SEZs are created to attract new businesses to a country and have been proven historically in other jurisdictions to have a very favorable impact on a country’s economy.

Ms. McKenzie-Cahill says that CEC will seek to host new business ventures to the Caymanian market that will not compete with those already existing.

CEC hope that within the first year, between 400-800 jobs will be created with an expected further 9,800 made available within the next 8 years.

5,000 of these jobs will be available within the CEC while the remaining 4,800 jobs available throughout the country, created to service those within the Zone

“There will be new and exciting careers for Caymanians that have not previously existed in Cayman along side a Careers Development Bureau encompassing new management training and career enhancement programmes.” Said Ms. McKenzie-Cahill

The CEC will be built in three phases starting at the end of the first quarter 2012 and Ms. McKenzie-Cahill stressed that only local contractors and labour will be employed during the construction phases.

Under the terms of its Definitive Agreement, CEC has the right to rent up to 100,00sq ft of existing commercial office space whilst the first phase of the Zone is being built.

Therefore CEC will be able to bring down international firms as early as January 2011 to utilise the space and enjoy benefits of the Zone.

By taking on the office space in George Town, business will be able to get started without having to wait for the completion of phase one.

“Another positive impact on Cayman’s economy will be for the commercial and residential landlords who have been struggling to fill empty apartments and commercial buildings.” Said Ms. McKenzie-Cahill

Hilary McKenzie-Cahill, Vice President, Marketing and Business Development added, “We want to emphasise that this project will bring many benefits to the people of Cayman.”

“We are fully committed to opening the doorways for Caymanians and giving them all the opportunities we have to offer.”