Cayman Islands News: Mac Signs Nerd Zone Deal
(CNS):The premier has signed an MOU to pave the way for the development of a unique science and technology economic zone that will create thousands of jobs and bring new investment. The specialist park will be developed by Hon Cayman Properties Ltd and provide facilities for IT, research and development, bio-technology, new media, further education, global commodities and other intelligence led business in a specially designated tax-free zone. McKeeva Bush signed the deal with the Hon family during the CBO conference at the Ritz-Carlton on Thursday, saying it would bring a whole new aspect of business to diversify Cayman’s economy.
He explained that government would be passing specific legislation that would facilitate the creation of the commercial area focusing entirely on future science, technology and intelligence led industries. Bush said the establishment of the economic zone, which will be the first and only in the Caribbean region, would be developed over 300 acres encompassing six different campuses focusing on specialist areas. He promised that thousands of well paid jobs would be created, and while the developer and the subsequent investors would have work permit needs, facilitated positions would be earmarked for Caymanians.
“We are going to be successful if we cooperate with our investors, work with them, show them kindness instead of digging pits for people to fall into,” said Bush as he warned people not to tear down the project, which he said would be very good for the country.
“When you tear down me or speak bad about government you are talking bad about yourselves,” he warned people as he asked the country to embrace this new proposed development.
Although the premier and the developers did not reveal the names of the leading global technology, research and pharmaceutical firms that they said would be coming to the zone, they said that there was significant interest from major companies.
The premier also promised that there would be some benefit extended to the Sister Islands as part of the technology zone, though he did not go into specific details.
The premier pointed out that the MOU was the first step in the negotiations and the issue would be discussed in Cabinet.
Jason Blake, CEO of Hon Cayman Properties Ltd, said it was the most exciting initiative to happen in the Cayman Islands for many years. Hon is not new to the Cayman Islands as the developers were responsible for the HSBC centre on the West Bay Road. Blake gave an approximate timeline for the development of the campuses as around 18 months but said the first business licenses for these new technology companies would be awarded before the end of this year.
