The Cabinet’s approval of the order naming Cayman Enterprise City Ltd as the developer of the Cayman’s first special economic zone will enable the company to take advantage of the developer benefits prescribed in the Special Economic Zones Law of the Cayman Islands.
The order approved by Cabinet on 10 January, 2012, will be officially gazetted in a few weeks.
A Special Economic Zone Authority established by the Special Economic Zones Law with responsibility for the enforcement, policy and oversight of all current and future special economic zones, has already met for the first times.
Members of the authority come from the public and private sectors and include as directors chairman David Kirkaldy, deputy chairman Marcus Cumber, Jason Blick (CEO of CEC), and Glen Daykin. Also on the authority are the Director of Commerce & Investment (or designate), the Collector of Customs (or designate), the Chief Immigration Officer, the Director of Planning, the Director of Labour and the Chief Surveyor or their respective designates.
Mr. Kirkaldy said, “I think this is an outstanding new development in the business landscape of the Cayman Islands. The third leg of our economy is often talked about but has been slow to materialise in practical terms, and I think with the creation of this board and beyond that with the startup of the Zone and eventually the construction of their purpose-built facility that third leg does finally come to pass.”
The Department of Commerce and Investment in the Ministry of Finance will function as secretariat for the authority. In this role, DCI is responsible for the SEZA’s daily administration, including carrying out its functions and record keeping of all meetings, proceedings and decisions.
Cayman Islands Premier McKeeva Bush said he is pleased with CEC’s progress.
“Government and CEC have worked well together in order to move this particular special economic zone forward professionally and quickly,” he said. “I am particularly pleased that already, CEC has hired more than 20 staff, 70 per cent of which are Caymanian. This is a great indication that government’s policy to make the right climate for investment is working.”
Mr. Kirkaldy said that in addition to new companies that set up in the Zone, the development will benefit local and small businesses that will provide goods and services to the Zone entities and their employees.
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