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The Cayman Islands special Economic Zone wins a special award, at the Regional Investor of the Year Contest 2013

The Cayman Islands special Economic Zone wins a special award, at the Regional Investor of the Year Contest 2013

Cayman’s Enterprise City, also known as CEC, Cayman’s 100% owned project has announced that they have been awarded by the prestigious Caribbean Export Development Agency and the Caribbean Association of Investment Promotion Agencies (CAIPA), Regional Investors of the Year in the Special Award category after being invited by the Cayman Islands Government to enter on behalf of the Cayman Islands.

The award announcement was made at theRegional Investor of the Year Award (RIYA) 2013 presentation, which was held on the 21st – 22nd of November 2013 at the Radisson Fort George Hotel in Belize City.

CEO of the Cayman Enterprise City, Charlie Kirkconnell accepted the award.

The award panel received 34 applications from 10 different Caribbean countries. The Cayman Enterprise City was category winner for the special award and also made one of the three finalists for the main award. The main award recognises investments which have made the most impact in terms of attracting highly qualified employees and through the creation of high added value jobs, thus enhancing the labour market in the country where the investment has taken place. The overall prize was won by Administradora de Riesgos de Salud Humano (ARS Humano), a Dominican Republic company that generates revenues of over US$320,000,000.00 per annum.

The establishment and operation of a technology based Special Economic Zone focused on knowledge industries is visionary and will undoubtedly position our region for investments in that sector.” said CAIPA President Mr. Ronald Theodore, Vice President of Promotion & Marketing with the Grenada Industrial Development Corporation (GIDC).

“We are delighted that Cayman Enterprise City won the Regional Investor Award amidst a field of 34 very competitive projects”, said Ryan Rajkumarsingh, Director of Cayman’s Department of Commerce and Investment.

Mr Rajkumarsingh also said he looks forward to other major investments projects entering next year.

“I would like to thank the Cayman Islands Government and in particular the Department of Commerce and Investment for inviting us to enter and represent the Cayman Islands in this very competitive contest. As a 100% Caymanian owned and led project, we are extremely proud to have won the Special Award category, in recognition of the success of the special economic zones project thus far and the potential for the project to become a new pillar of the Cayman Islands’ economy” stated Mr. Charlie Kirkconnell, CEO of Cayman Enterprise City.

According to CAIPA the 34 applicants in the awards from 10 countries have created a 30% increase in jobs in the region during 2012. All firms have invested $1.6 billion in the last 5 years in the economic future of the Caribbean. The two Caribbean agencies maintain a partnership to promote trade, export development and investment within the Caribbean region.

The Special Award category is designed to give special recognition to investors with innovative and creative projects pertaining to research and development, technology and other specific areas. It is awarded at the discretion of the RIYA evaluation committee. In an official notification letter to CEC, Ronald Theodore, President of CAIPA and Pamela Coke-Hamilton, Executive Director of CEPA noted, “Your commitment to excellence and to investing in the past, present and future sustainable development of the Caribbean could not go unnoticed.”

Since Cayman Enterprise City opened its doors in February 2012, the zone has given entrepreneurs and companies the power to launch startups and expand international operations from Cayman’s tax-neutral jurisdiction. CEC expects to close out 2013 strongly with close to 100 businesses in the special economic zone and plans to break ground on a new campus early to mid-next year. Clients are currently accommodated in four interim zone buildings, including the newly acquired CEC City Centre on the waterfront in George Town.