CAYMAN RIDES THE TECH WAVE

Cayman Enterprise City, the tech sector of the Cayman economy, is gaining traction as a significant pillar of the national economy. Joining the already established sectors of financial services, tourism, and construction, this emergent fourth pillar is already firmly establishing itself as a major player.

According to its 2025 Socio-Economic Impact Assessment, CEC’s operations injected around (CI$8.8 million) directly into local businesses in the past year alone.

Economist Marla Dukharan, who authored the report, says that the CEC and Special Economic Zone companies have generated a cumulative economic impact of some CI$1 billion for the Cayman Islands since 2012.

The tech sector alone, as a channel for global investment into the economy with “an annual footprint of CI$126 million (appx), means CEC’s operations are pumping over CI$346,000 directly into the Cayman economy every single day of the year.”

There’s also the calculation of around CI$42 million injected via salaries “that circulates nearly CI$800,000 every single week through Caymanian businesses.” That is estimated to be pouring purchasing power directly into local utilities, supermarkets, gas stations, retail spaces, restaurants, and other businesses, according to the report.

CAYMAN IN A RARE POSITION

Leonard Lewis, CEO of Caydev, a Cayman Islands-based technology studio, told the Caymanian Times: “We’re in a genuine tech transformation, with AI accelerating faster than anything before it. Cayman’s location, lifestyle, and the groundwork CEC has laid put us in a rare position to capture that growth and lead the Caribbean, not just follow it.”

One of the high points for 2025 for Cayman Enterprise City(CEC)  and the Cayman tech sector was the Tech Week of October 2025. The event was lauded by Jeremy Scott, Director, Workforce Opportunities & Residency Cayman (WORC), not just for its tech innovations but also for its impact on the economy and wider society.

In a foreword in the Tech Futures Week 2025 Report, he wrote: “With technology influencing every sector, Caymanians must be equipped with the skills, knowledge and adaptability to thrive. The programme focuses on raising awareness of emerging technologies, offering practical training and strengthening long-term workforce resilience. Partnerships with organisations such as Cayman Enterprise City (CEC) are vital in bridging the gap between education and employment. By connecting learning with real-world opportunities, we aim to position Caymanians to excel in a technology-driven labour market.”

The assessment that Cayman is at a pivotal moment in the development of its tech sector, noted during last October’s Tech Week, is being proven this year with the explosion of growth in the sector locally and globally, being experienced through innovations, business expansion, and economic impact.

PIVOTAL MOMENT

“This moment is pivotal,” it was the assessment for Cayman, according to the comprehensive 36-page Tech Futures Week 2025 Report. “With rapidly evolving technological advancement, the Cayman Islands’ economy is positioned to be the leader in the Caribbean region, provided there is the right strategic investment in infrastructure and education.”

However, it was pointed out that several things still need to be put in place to fully capitalise on this opportunity.

Among its recommendations are: having a national strategy in place - especially for coordination and AI readiness; a strong focus on education - modernising the curriculum and training frameworks; work-based learning, career pathways, and investment in tech infrastructure and innovation.

“To advance these recommendations, the Government of the Cayman Islands should pursue a coherent, whole-government plan of action anchored in national coordination, inclusive participation and phased implementation. The approach should begin with the establishment of a central governance framework to align ministries, industry and academia around shared priorities for digital transformation and workforce readiness,”  Cayman Enterprise City(CEC) says in the report.

It adds: “This high-level plan emphasises collaboration, accountability and evidence-based policymaking as the foundation for building a resilient, future-ready digital economy that positions Cayman as a regional leader in technology and innovation.”

TRAINING

Meanwhile, the CEC’s 2025 Socio-Economic Impact Assessment, which underscores Enterprise Cayman’s contribution to education, innovation, and workforce development, shows that since 2012, Enterprise Cayman has placed 177 interns and deployed more than half a million dollars into skills training and human capital development.

In 2025, Enterprise Cayman engaged 2,518 residents across 84 structured programmes, workshops, and high-impact technology events, while also supporting Cayman-born business ventures through the Business Design Competition and other entrepreneurship initiatives.