fDi Intelligence, a division of the Financial Times, has recognised Cayman Enterprise City in two categories of its 2024 Global Free Zone of the Year Awards.
CEC was highly commended in the Americas under the new Knowledge Zones category and received an honourable mention for its contributions to higher education and workforce development.
It is the seventh consecutive year the Cayman Islands special economic zones (SEZs) operated by CEC have been awarded by the Financial Times.
These long-standing awards spotlight the growing success of the zones, which continue to play a pivotal role in advancing Cayman’s innovation-driven economy, CEC said in a press release. The competitive fDi awards, evaluated by a global judging panel, recognise free zones that excel in creating value for their regions, with a focus on sectors such as technology, business services, and financial services.
CEC’s recognition in the Knowledge Zones category is particularly notable for its efforts to create a vibrant, tech-focused ecosystem near major North American markets. The panel praised CEC for its streamlined immigration and business support services, which have attracted a diverse range of industries including legal tech, decentralised finance, and precious metals.
Education remains a cornerstone of CEC’s mission, the special economic zone operator said. In 2023 alone, more than 4,200 Caymanians and residents participated in education and career development opportunities offered through CEC’s non-profit arm, Enterprise Cayman. The zone has also supported the creation of 41 new Cayman-born businesses projects, emphasising its commitment to fostering entrepreneurship within the Cayman Islands.
As part of CEC’s workforce development initiatives, Enterprise Cayman, focuses on bridging the education and earnings gap for Caymanians. This commitment to higher education and skills training earned CEC an honourable mention in this year’s awards. Danielle Myles of fDi Intelligence said, “[CEC’s] non-profit Enterprise Cayman is working to close the education and earnings gap for Caymanians by offering training, internships, mentoring, networking, and career-focused training.”
CEC’s Chief Executive Officer, Charlie Kirkconnell, commented on the award wins, saying: “We are incredibly proud to be recognised once again by fDi Intelligence. These awards are a testament to the hard work of our team and the thriving community of global businesses that have chosen CEC as their home. Our focus on innovation and education continues to drive our success, and we remain committed to helping our members and the Cayman Islands achieve even greater heights.”
CEC, now home to more than 380 companies, provides a comprehensive business support program, offering cost-effective operations, tailored work environments, and streamlined processes that make it one of the most attractive destinations for foreign direct investment (FDI) in the region. The recognition by fDi Intelligence further cements CEC’s role as a key driver of economic diversification and growth in the Cayman Islands.
