The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
May 14 2024 - 2:56PM
Cayman Enterprise City (CEC) has released a Socio-Economic Impact
Assessment by Marla Dukharan. The report illustrates that CEC is
increasing its impact by supporting higher earnings for Caymanians
and is driving a shift towards a knowledge-based economy by
focusing on high productivity sectors. The release by Dukharan
reads, “Caymanian resourcefulness and private sector-led innovation
have been the driving force behind the islands’ outstanding
socio-economic success. Cayman Enterprise City underpins the next
generation of Cayman innovation and dynamism.”
With an economic impact of USD $130 million in 2023,
contributing just under USD $1 billion to the local economic
activity in 12 years since inception, “CEC is helping the nation to
diversify economically, in terms of sectors and jobs, ensuring
locals have economic and employment opportunities that match the
nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352
Special Economic Zones Companies (SEZCos), many of which are
globally recognised institutions led by top executives and industry
experts. “CEC member companies are providing high-value employment
with salaries exceeding those typically found outside of the
special economic zone,” said Charlie Kirkconnell, Chief Executive
Officer at CEC. “The CEC community is fully invested in Cayman and
the report illustrates that the CEC socio-economic development
project is making a very significant impact on Cayman’s economy and
community.”
“As CEC continues to grow, it continues to create significant
employment and entrepreneurial opportunities for Caymanians and we
encourage anyone that might be interested in finding out how they
might get involved, whether as a member of the community and/or as
a volunteer in our Enterprise Cayman non-profit organisation
(NPO).”
77% of Caymanian-held jobs at CEC member companies, are in
sectors with high social returns and increasing global demand. “By
putting skills first and prioritizing learning, CEC is enabling new
industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in
private sector-facilitated education and training in the Caribbean,
making it a leading force to boost youth participation in the
economy. By offering training in specialised skills, Enterprise
Cayman is helping to close the gap in higher education and earnings
for Caymanians. “Through Enterprise Cayman we’ve set out to
strategically support meaningful employment and entrepreneurial
opportunities for Caymanians, by providing internship and
mentorship opportunities, by hosting skill-building and career
focused training, and by providing invaluable networking and
community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to
participate in education, training, and career development events
and, since launching entrepreneurial programming in 2021,
Enterprise Cayman has worked with 41 new Cayman-born business
ventures. “We’re helping to develop a local talent pool that meets
the demand of Cayman’s growing digital innovation and technology
sectors while, in parallel, offering exciting opportunities for
individuals to launch new business ventures within an innovative
business environment,” said Kirkconnell.
With CEC’s new campus and state-of-the-art facilities, Signal
House, the project “holds the promise of deep, continued economic
impact,” the report concludes.
To access CEC’s economic impact assessments and
Enterprise Cayman’s annual reports please visit
https://www.enterprisecayman.ky/reports.
For more information on how to get involved and for upcoming
programmes and events visit
www.enterprisecayman.ky.
FOR MORE INFORMATION:Contact: Kaitlyn
Elphinstone Email: kje@caymanenterprisecity.com Website:
www.caymanenterprisecity.com LinkedIn:
@CaymanEnterpriseCityTwitter: @CEC_CaymanInstagram:
@CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube:
@ceccaymanAbout Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development
project which consists of three special economic zones (SEZs)
focused on attracting knowledge-based and specialised-services
businesses to set up a genuine physical presence in the Cayman
Islands. The zones included within CEC are Cayman Tech City, Cayman
Commodities & Derivatives Centre, and Cayman Maritime &
Aviation City. With a dedicated Government Authority, licensing fee
concessions and guaranteed fast-track processes, CEC enables
international companies to quickly and efficiently establish a
Cayman Islands office, which in turn enables them to generate
active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by
Cayman Enterprise City in partnership with Cayman Islands' special
economic zone companies (SEZCos). The organisation, which applies
the Theory of Change (TOC) methodology, provides Caymanians and
residents with access to high-quality learning experiences and
opportunities to develop and launch new business ventures, to
pursue careers within the technology and innovation sectors, and to
join a dynamic network of industry professionals. Let’s grow the
next generation of Caymanian innovators and entrepreneurs with
Enterprise Cayman!