Ten years after the launch of Cayman’s special economic zone in February 2012, Cayman Enterprise City (CEC) is home to 275 zone companies.
In the wake of the 2008 financial crisis, the zone was intended to attract foreign direct investment, develop new business sectors distinct from financial services and tourism, and help diversify Cayman’s economy.
Premier Wayne Panton said in a press release, “I offer sincere congratulations to Charlie Kirkconnell and his partners at Cayman Enterprise City for 10 years of creating new jobs, new industries, new businesses and new careers here in the Cayman Islands.
“CEC opened with 10 companies and today services more than 275. I am especially proud of the work that CEC does with our young people, offering summer internships to students and recent graduates aged 18-25 where they get an opportunity to connect with leading industry professionals and gain skills and experience,” Panton added.
Through CEC, the Cayman Islands features a dedicated commodities and derivatives centre in the Americas’ time zone and in 2017 launched Cayman Maritime & Aviation City designed to attract shipping and maritime industries to establish a physical presence in the Cayman Islands.
Charlie Kirkconnell, Chief Executive Officer of CEC, said “Focusing on community and experience was really what changed the fortunes of the project.
“We’re not only building special economic zones and attracting foreign direct investment, but we’re also building new and exciting opportunities for the next generation of Caymanians. We’re working tirelessly to ensure that the development project makes a significant socioeconomic impact and is developed as an asset for the benefit of the Cayman Islands.”
CEC recently released an economic impact analysis that concluded the zone had benefited Cayman’s economy to the tune of half a billion dollars.
In October 2021, the Enterprise Cayman workforce development initiative by CEC in partnership with Cayman Islands’ special economic zone companies relaunched as a non-profit organisation (NPO) and educational arm of the CEC special economic zones (SEZs) development project.
The initiative, established in 2012, has been designed to create a space for Caymanians and residents of the Cayman Islands to develop, collaborate, and take advantage of an ever diversifying and developing economy.
“We recognise that the success of the CEC project will continue to depend on our developing significant benefits for the country, not just today but also in the many years ahead, through driving additional economic growth and entrepreneurial and career opportunities for Caymanians,” said Kirkconnell. “Relaunching Enterprise Cayman as an NPO reaffirms our commitment our next generation of innovators.”
Related Videos
