Enabling legislation still needed
Cayman Islands government and Cayman Enterprise City Ltd. signed an agreement
Monday that allows the developer the exclusive right to construct, develop,
operate and maintain a special economic zone, intended to attract global
science, technology, commodities and derivatives, media, and educational
entities to the Cayman
economic zones are regions specially established in a country where government
concessions have been made in order to stimulate economic growth.
“[Cayman Enterprise City] represents an opportunity for the Cayman Islands to diversify its economic base,” said
Premier McKeeva Bush. “It’s also worth noting that this project requires no
government investment, as it will be completely privately funded; and the
developer also has not requested waivers for duties on materials or stamp
these types of economic zones exist in a number of developed and emerging
economies, the Cayman zone will be the first in the Caribbean region, said Jason Blick. Mr. Blick is the chief
executive officer of Cayman Enterprise City.
cooperation and inward-investment friendly attitude of the Cayman Islands government, and the civil service, has been
outstanding,” Mr. Blick said. “They truly understand the positive effect the
zone will have on Cayman, and their support has been incredible.”
development of the enterprise city’s five “parks” – namely Cayman Internet Park, Cayman
Media Park, Cayman
Biotech Park, Cayman
Commodities Park, and Cayman International Academic Park – will be phased. “We hope to break
ground in early 2012,” said the enterprise zone’s director of design and
construction, and local partner, Cindy O’Hara.
will now begin to establish the legislative framework for Cayman Enterprise City to operate, the Premier said.
However, with the agreement now signed, certain regulatory processes in
departments such as planning can now begin.
Please see more on this story in upcoming editions of the Caymanian Compass…