An agreement between Government and Cayman Enterprise City has finally been signed.
One would think that means that the special economic zone can soon be up and running.
But one would be wrong.
While the agreement has been signed, legislative framework to allow the city to operate has not been crafted. That means ground won’t be broken on the special economic zone until January.
We have to wonder what has Government been doing about this initiative since the memorandum of understanding between government and Cayman Enterprise City that was signed six months ago.
Special economic zones are regions established in a country to stimulate economic growth, with concessions from the government.
And the Cayman Islands certainly needs its economy stimulated.
It would appear that Government already would have been working on legislation to amend several laws including the Companies Law, the Local Companies Control Law, the Trade and Business Licensing Law, the Immigration Law, the Patents and Trade Marks Law and the Customs Tariff Law. That is going to take time.
Cayman is entering its fourth consecutive year in a recession and while there has been much talk and many proposals about bringing developments to the country, there hasn’t been much visible action.
A memorandum of understanding with Dr. Devi Shetty to bring a medical tourism hospital was signed more than a year ago.
The original agreement, signed on 7 April, 2010, included a 12-month deadline for the government to meet certain obligations, including the granting of building permits, planning approvals and various duty concessions and the passage of new and amended laws.
We haven’t seen any visible action, haven’t had word one from Government on this development and those behind the project are being unnaturally quiet despite many queries from us almost on a daily basis.
It’s disheartening that these proposed developments are languishing.