By: Norma Connolly | norma@cfp.ky
Premier McKeeva Bush last week tabled a bill to establish a special economic zone in Cayman, a move that will pave the way to create the Cayman Enterprise City.
Laying the Special Economic Zones Bill, 2011 on the table of the House Thursday evening, 8 September, Mr. Bush said: “A definitive agreement with Cayman Enterprise City Ltd. was approved by Cabinet and signed on 13 July, 2011. Part of the government’s obligations under this agreement is to pass legislation to allow for special economic zones in general, and to provide specific incentives to Cayman Enterprise City Ltd.”
Mr. Bush told lawmakers that on Tuesday, 6 September, Cabinet had advised that approval should be given for the bill and that amendments to other laws would also need to be carried out to ensure that the government’s obligations under the agreement with the company were met.
Under the agreement, amendments will be made to the Immigration Law, the Companies Law, the Stamp Duty Law; and the Registered Lands Law.
“While I will not go into specific details about The Special Economic Zones Bill, 2011 at this time, I will briefly highlight that this bill focuses on three main areas,” Mr. Bush told the Legislative Assembly. These were the “establishment, functions and powers of the Special Economic Zone Authority; designation of a Special Economic Zone and its developer; and issuing Zone Trade Certificates”, he said.
“This is an exciting and important project for the future of the Cayman Islands and speaks to the advent of what is potentially a new pillar of our economy to go along with financial services and tourism,” said Mr. Bush, who added; “We are harnessing our economy and indeed the future opportunities of our people to the technologies and industries of the future.”
Formal debate on the bill will begin 21 days after the laying of the bill on the table of the House.
Cayman Enterprise City will consist of five elements – Cayman Internet Park, Cayman Media Park, Cayman Biotech Park, Cayman Commodities Park and Cayman International Academic Park – in a 500,000 square-foot, low-rise campus in the eastern part of Grand Cayman.
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