Last week there was an announcement that Cayman Islands government has green lighted the project for Special economic zone which is called the Cayman Enterprise City (CEC).

The purpose of the project is to create a special territory on the Island where special conditions to attract global science, technology, derivatives, media and education specialists will be created.

Islands Prime Minister McKeeva Bushthe has been quoted saying “CEC represents an opportunity for the Cayman Islands to diversify its economic base”. Special economic zones are quite common throughout the world but Cayman Enterprise City will be the first one in the Caribbean region.

The entire financing for this project will come from private sector.

It is planned that Cayman Enterprise City will consist of 5 parks: Cayman Commodities Park, Cayman Internet Park, Cayman Biotech Park, Cayman Media Park and Cayman International Academic Park.

The construction of the first phase is set to begin on 2012. Now it is up to the Government of Caymans to prepare legal framework for Cayman Enterprise City to function.

Sources:
Tax-news.com: Cayman SEZ Receives Green Light (31 August, 2011)
Cayman Enterprise City official website.