Cayman SEZ Receives Green Light

by Phillip Morton, Investors Offshore.com

31 August 2011

The Cayman Islands government has announced the signing of an agreement with Cayman Enterprise City (CEC), which allows the developer exclusive rights to construct, develop, operate and maintain a special economic zone in the islands, intended to attract global science, technology, commodities and derivatives, media, and educational entities to the Cayman Islands.

“CEC represents an opportunity for the Cayman Islands to diversify its economic base,” McKeeva Bush, the Cayman Island's Prime Minister said. “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 duties.”

Although SEZs exist in a number of developed and emerging economies, the SEZ in the Cayman Islands will be the first in the Caribbean region, said Jason Blick, who is the CEO of CEC.

“The cooperation and inward investment-friendly attitude of the Cayman Islands government, and the Civil Service, has been outstanding,” he noted. “They truly understand the positive effect the zone will have on Cayman, and their support has been incredible.”

The development of CEC’s five “parks” – namely Cayman Internet Park, Cayman Media Park, Cayman Biotech Park, Cayman Commodities Park, and Cayman International Academic Park – will be phased, with construction of the first phase expected to begin in 2012.

The government is to now to begin to establish the legislative framework for CEC to operate.

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