Cayman Enterprise City (CEC) was launched in Cayman’s economic zone (CEZ) in February 2012. During its first 7 months (February to September) CEC’s estimated impact on the local economy was CI$12.6 million.
In CEC’s first full year it is estimated that it contributed a further CI$20.1 million to the economy bringing its overall total to CI$32.7 million in fewer than 2 years. During this year the number of companies grew from 60 to 110, with 14 more joining since September, and a further 14 companies that are signed up and preparing to move into the CEZ in the next 3 months, bring the total up to 138.
“We have seen significant growth and a significant economic impact – exponentially growing from last year – and we expect that to continue into the future,” said Cayman Enterprise City CEO, Charlie Kirkconnell.
Over the next eight years CEC projects to add another CI$300 million to the local economy. This will be helped by CEC’s new 50-acre site that is set to start development in early 2015. CEC’s design and development team is currently working with the National Roads Authority, Department of Environment, Planning and other government agencies to finalize access to the site.
Most companies in CEC are Internet and technology companies, and the new site will focus on high-tech co-working business communities, serviced offices and brand cultures, the first of which are estimated to move in 2017.
Thanks to CEC’s investment, along with Cayman Government and other private sector investment, it comes as no surprise that the Cayman Islands are fast becoming one of the best islands to live and work and the world.
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