The Cayman Enterprise City (CEC) special economic zones (SEZ) development project has placed fifth on fDi Intelligence’s 2020 Top 10 Global Free Zones, ranking among the leading free zones in the UAE, China, and the Americas.
The ranking from the Financial Times — parent company to fDi Intelligence —marks a significant achievement for the SEZ specifically, and the Cayman Islands in general.
“This international acknowledgement reinforces the ongoing commitment by the Government to provide a well-regulated, structured and nurturing environment for global investment.”— Minister of Commerce, Planning and Infrastructure — Cayman Islands Joseph Hew
“Since launching in 2011, Cayman Enterprise City has become an offshore beacon of companies active at the forefront of innovation and new technologies. Some 258 international companies were active in the zone at the end of 2019, company figures show, with almost half of them (46.2 per cent) belonging to the so-called Cayman Tech City,” fDi Intelligence wrote in its newsletter for October.
“The zone is midway through a $67-m expansion plan aimed at developing a purpose-built hub for digital businesses. The long-term vision entails the development of one million square feet of world-class office space, residential areas, restaurants, and amenities to further diversify Cayman’s economy. Total investments are estimated in the order of $500m,” the highlight continued.
This is CEC’s third consecutive year to receive fDi Awards, and over the course of the last 9 years the SEZ has established itself as a leading platform for global businesses that are focused on innovation and technology development.
For 2020, fDi Intelligence awarded CEC in two regional categories and in three bespoke categories:
While welcoming the awards, Charlie Kirkconnell, CEO at CEC noted, “These awards are a sign of quality and trust for foreign investors and are testament to the success of CEC as well as to the strength of the jurisdiction. CEC’s mission has always been to attract new knowledge-based industries to the Cayman Islands, to provide a world-class platform for innovative businesses to flourish, and to serve the needs of our community by helping to diversify our economy.”
The Cayman Islands’ Minister of Commerce, Planning & Infrastructure Joseph Hew also celebrated the achievement.
“Recognition by fDi Intelligence for several Global Free Zone awards proves once again that the Cayman Islands is one of the best places in the world to invest… This international acknowledgement reinforces the ongoing commitment by the Government to provide a well-regulated, structured and nurturing environment for global investment. The Ministry of Commerce, Planning and Infrastructure will continue to work closely with CEC to attract global leaders, entrepreneurs and business innovators to the Cayman Islands,” he said.
fDi Intelligence’s annual awards and rankings celebrate the most promising free zones across the world. The publication invites government entities, investment promotion bodies, and free zones to complete a survey detailing the attractiveness of their zone, their facilities and what kind of incentives they offer to investors.