OfReg is legally mandated to promote innovation and facilitate economic and national development. This means competition, new technologies and new products. One of the spaces in which OfReg is actively lobbying for more competition and choice is that of ICT, specifically as it relates to data network capacity and connectivity. The existing subsea cables are not adequate for the country’s growing demand, and there is room for new investment which would result in an increased diversity of product and service.
Much has changed in the local landscape which now makes this type of investment very attractive and feasible. In fact, Cayman is proving to be an ideal jurisdiction for an ICT revolution, much like what Singapore currently enjoys. The establishment of the Intellectual Property Office, the work that has been done around strengthening the intellectual property protection legislation and the positive enhancements to the country’s copyright law (The Copyright (Cayman Islands) Order 2015) all provide layers of security and an assurance that innovators can feel safe bringing their expertise and unique talents to Cayman.
The country is also known internationally for its robust legal framework; tax neutrality laws; stable economic, political and technology infrastructure; access to world class financial services providers; and, of course, its beauty as a tourist destination. In addition, the introduction of Special Economic Zones, with their associated benefits, serves to only increase the viability, ease and appeal of doing business in the Cayman Islands.
OfReg is seeking investors for an additional subsea cable system, and is committed to facilitating the process for interested parties.
In support of this effort OfReg has engaged with the Department of Environment. A number of areas best positioned for landing of Submarine cables in Grand Cayman are indicated on the map below.