Article Snapshot:
- The government has signed a contract with Tech City Cayman Islands Ltd. (also known as TechCayman) requiring the company to provide hundreds of Caymanian tech-related jobs.
- In turn, the government has agreed to provide the company with expedited permitting and licensing processes as well as infrastructure investments.
- The contract states that TechCayman will establish a training center and data center on the Brac.
- Company directors include Gene Thompson and Harry Chandi of Health City, and Silicon Valley entrepreneur Samir Mitra.
- Thompson states that within a few years, TechCayman will have more than 150 employees in the Cayman Islands. 38 Caymanian jobs will be created in 2019, while over 600 Caymanians will be employed by 2023.
- TechCayman is already visiting schools to make students aware of future employment and internship opportunities that will be offered within the tech organization.
- The contract, however, hinges upon a variety of government promises and concessions, some of which the public is not privy to.
Caymanian Tech on the Horizon
The government has signed a contract with Tech City Cayman Islands Ltd. (also known as TechCayman) requiring the company to provide hundreds of Caymanian tech-related jobs in exchange for expedited permitting and licensing processes as well as infrastructure investments. Although the contract was signed by both parties in last August of 2018, the agreement has been kept from the public until early this month.
What’s in It for Cayman?
Company directors (including Gene Thompson and Harry Chandi of Health City, and Silicon Valley entrepreneur Samir Mitra) state that TechCayman will continually work with schools to provide internship opportunities for interested students. In fact, TechCayman representatives have already begun visiting schools to make students aware of future employment opportunities that will be offered to Caymanians.
Thompson states that within a few years, TechCayman will have more than 150 employees in the Cayman Islands. 38 Caymanian jobs will be created in 2019, while over 600 Caymanians will be employed by 2023. TechCayman will also establish a training center and data center on the Brac.
Pre-Conditions and Concessions
Pre-conditions for the agreement include the installation of a third sub-sea internet cable and a one-stop shop with the Ministry of Commerce that will fast-track permitting and licensing processes for businesses sponsored by TechCayman.
A variety of concessions are also being made for TechCayman. For example, the government has also agreed to remove and requirement for work permits for visitors coming for less than 15 days to do business of TechCayman, as well as the removal of visa requirements for Indian nationals with U.S. or U.K. visas who travel through either country on their way to Cayman.
A Confidential Agreement
While the promise of over 600 Caymanian jobs is enticing, the lack of transparency regarding the exchange made between TechCayman and the government is somewhat disconcerting. Officials have continually declined requests to make the contract public and have only released a heavily redacted version for review.
Thompson stated at a press conference that he was not in favor of making the agreement public, arguing that “The reality is that the agreement is governed be a confidentiality agreement. […] We’ll talk with the government and see what their position is on it. Our position is that it’s best not to do it; to be blunt.”