The Impact of Cayman Enterprise City's Socio-Economic
Development Project Nears USD $1
Billion
GRAND CAYMAN, Cayman Islands, May 16,
2024 /PRNewswire/ -- 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.
Website: www.caymanenterprisecity.com
LinkedIn: @CaymanEnterpriseCity
Twitter: @CEC_Cayman
Instagram: @CaymanEnterpriseCity
Facebook: @CaymanEnterpriseCity
YouTube: @ceccayman
About 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!
Logo:
https://mma.prnewswire.com/media/1317764/2860789/Cayman_Enterprise_City_Logo.jpg
FOR MORE INFORMATION:
Contact: Kaitlyn Elphinstone
Email: kje@caymanenterprisecity.com
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