Narayan AmmachchiThe Cayman Islands will invest millions of dollars to upgrade all three of its airports in an effort to boost foreign currency earnings, as inflation makes living costs increasingly expensive in the Caribbean country.
The investment, which is part of a wider plan to boost tourism and the offshore financial services industry, will see the construction of new runways, terminals and other facilities.
The upgrades will begin with an extension of the runway at Owen Roberts International Airport, the main gateway to the Caiman Islands, improving air traffic control and taxiway. The upgrade is expected to have a cost of KYD55 million (US$66 million)
Airports in the other two islands, Cayman Brac and Little Cayman, will also be upgraded at a cost of KYD30 million (US$36 million).
The Cayman Islands Airport Authority (CIAA) is encouraging private firms to invest in airport infrastructure, and reports say the government is also considering raising funds in the bond market.
The investment in airport infrastructure is the latest in a series of initiatives undertaken by the island’s government to boost the economy. This includes plans to build a new cruise port on Grand Cayman.
In 2021, the Cayman Islands Tourism Board reported that more than 1.2 million foreigners visited the island, an increase of 92.4% from the previous year. The majority of visitors came from the United States, followed by the United Kingdom, Canada and Germany.
The Cayman Islands is also known for its offshore financial services industry. As many as 60,000 companies are registered in the country, thanks largely to the secrecy it offers to offshore financial transactions. In 2021, the sector accounted for 25% of the country’s economy, employing over 10,000 people.
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