By the Caribbean Journal staff

Cayman Premier McKeeva Bush signed an agreement today with Cayman Enterprise City, Ltd in a deal that will give CEC the opportunity to build a special economic zone based on technology in Grand Cayman.

“CEC represents an opportunity for the Cayman Islands to diversity its economic base,” Bush said. The project, dubbed Cayman Enterprise City, gives the company the exclusive right to develop the zone, and is aimed at attracting science, technology and other businesses to Cayman, and would be part of a special economic zone.

According to CEC CEO Jason Blick, this would be the first special economic zone in the Caribbean.

The project involves five phases, each named after a different industry: internet, media, biotech, commodities and academics. The amount of investment is valued at more than $327 million over the next eight years. The special economic zone would be free of capital gains and corporate taxes.