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Cayman Islands placed No.1 for Economic Potential

Cayman Islands placed No.1 for Economic Potential

fDi Magazine (Foreign Direct Investment) placed the Cayman Islands 1st in the category of best economic potential, and fourth in the category of best overall ability to attract foreign investment in fDi’s Magazine, Caribbean and Latin American Countries of the Future rankings.

fDi Magazine is a publication for the fDi Intelligence portfolio which is published by the Financial Times Ltd, the Magazine provides an up-to-date image of the ever changing global investment map. Providing on the ground reporting issues that impact investment decisions.

In August/September 2013, the publication placed the Cayman Islands in the top 10 categories which included labor environment, business friendliness and foreign direct investment strategy categories.

Cayman was one of the 29 countries reviewed for the Caribbean and Latin America edition, fDi’s compares the investment attraction and notes the investment projects recorded In each different cities or regions.

The economic potential category in-which Cayman made No. 1 was based on macroeconomics data which includes gross domestic product, exports, imports, population and unemployment and inward foreign direct investment level and projects. The fact that the Cayman Islands made it to No. 1 in this category shows that Cayman is still leading the way in stability in the Caribbean.

According to the report Cayman saw a massive 200% increase in direct foreign investment in 2012, with more registered businesses than people. The report specifically mentioned the launch of Cayman Enterprise City which has to date attracted more than 40 companies to join the special economic zone. The CEC targets knowledge-based companies in biotechnology, commodities and derivatives, information and communications technology, media, and academia. Between inception in 2011 and May 2013, 46 companies have established a presence or signed up to the zone.

Wayne Panton, who is the minister for financial services, investment and commerce in the Cayman Islands, said being recognized as an attractive location for investment by a credible source such as fDi Magazine, a division of The Financial Times, is positive news for Cayman.

“Rankings are just one factor among many that an investor considers, but results like these often serve as a starting point for companies that are thinking about establishing businesses in a new location, and strong placements positively position Cayman in the minds of the important decision makers,” he said.

Ryan Rajkumarsingh, acting director for the Department of the Cayman Islands Commerce and Investment, the economic development agency, said Cayman’s competitive ranking as an attractive investment location boosts the department’s regional and international promotional efforts.

He pointed to major entities like Health City Cayman Islands, Dart Realty and Cayman Enterprise City as evidence of the territory’s ability to attract large-scale investments that generate jobs and contribute to a vibrant, diversified economy.

Costa Rica was a Country which remained top ranking in terms of the countries ability to attract foreign direct investment. Panama and the Dominican Republic placed 2nd & 3rd in the rankings, followed by the Cayman Islands.