Grand Cayman, Cayman Islands (8, August 2023) – Cayman Enterprise City (CEC) has released an Economic Impact Assessment (EIA) on the CEC Socioeconomic Development Project by Marla Dukharan. The report illustrates how CEC increased its contributions to the Cayman Islands economy by almost USD $147 million in 2022 while helping to shift the country towards knowledge-based sectors that support higher earnings for Caymanians.
The CEC socioeconomic development project is now home to over 320 Special Economic Zones Companies (SEZCos), many of which are substantial global institutions led by top executives and industry experts.
“Enterprises of all sizes, including a number of which are listed on globally recognised stock exchanges, have made the Cayman Islands their home by establishing a genuine physical presence of their own through CEC,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the EIA by Marla Dukharan substantiates that members are making a significant impact on Cayman’s economy and community.”
The EIA states that CEC’s economic impact has reached USD $806.8 million in 11 years since inception, and in 2022, CEC generated USD $5.3 million in government revenues, which is 10 times more than CEC’s cost in concessions to the government. The report by Dukharan reads, “CEC supports Cayman’s diversification beyond the ‘twin pillars’ [of tourism and financial services] into more knowledge/IP-based industries. Special Economic Zone Companies are in growth/progressive industries, that provide opportunity to scale infinitely within Cayman’s small physical space.”
In addition to supporting industries of the future, the report shows that CEC creates new companies and jobs at a faster rate than the wider local economy. CEC had a 25 percent increase in new company formations in 2022 while Cayman as a whole saw a nine percent increase. Furthermore, the report shows that monthly salaries for locals working for CEC companies earn almost double than their counterparts outside the zone.
“By growing its high productivity sectors, the Cayman Islands can increase its GDP with less strain on its natural resources while defying the law of decreasing marginal returns. If the Cayman Islands had the average productivity level registered in Ireland, its GDP would be more than double,” notes the report.
The EIA illustrates that CEC, through its non-profit organisation (NPO) Enterprise Cayman, has directly contributed to closing skills gap by supporting meaningful employment and entrepreneurship opportunities for Caymanians by providing internship, mentorship workshop and networking opportunities.
"From inception, CEC has worked tirelessly to ensure that Cayman’s wider community directly benefits from the growth of the SEZs,” said Kirkconnell. “We’ve created a resilient environment where people can fully develop their potential and become part of a global workforce where Caymanians and residents can take advantage of high-growth jobs of the future.”
The report by Dukharan concludes, “CEC is preparing the foundation for Cayman to build on and lead in new sectors. Beyond the quantifiable economic impacts, CEC is driving an important shift that can make Cayman’s economic fabric more resilient and the future more prosperous.”
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.