Providenciales, Turks and Caicos Islands, December 8th, 2023 – Invest Turks and Caicos Agency successfully launched the Turks and Caicos Islands National Investment Policy 2023 on December 8th, held at the Wymara Resort. The event, hosted by Invest TCI, aimed to raise awareness of the revised policy, emphasizing its focus on empowering domestic ownership as a key driver for economic growth and job creation within the Turks and Caicos Islands.
The policy is designed to reflect a shared vision for developing the Turks and Caicos Islands, aligning with the UNCTAD Investment Policy Framework, the 2017 National Skills Audit, and the Vision 2040 document. Notable attendees at the launch included the Hon. E. Jay Saunders, Deputy Premier and Minister of Finance, Investment & Trade of the Turks & Caicos Islands, Chairlady of Invest TCI, Ms. Cindy Ewing, Deputy Chairman of Invest TCI, Mr. Walter Gardiner Jr., government officials, stakeholders, and Invest TCI staff.
Invest TCI’s commitment to connecting the policy to its development strategy is evident, emphasizing environmental, social, and governance factors while prioritizing domestic ownership. The policy’s implementation will rest on three pillars: Strategic Investment, Sustainable Practices, and Stakeholder Cohesiveness.
Key considerations within the investment policy include increased incentives for Turks and Caicos Islander owned investment projects, enhanced incentives for sector and location specific projects, a $10 million threshold for incentivizing Foreign Direct Investment projects, a national linkages program to strengthen the local private sector, incorporation of the Sustainable Development Goals, collaboration forums for potential investment projects, and the promotion of public-private dialogue.
Invest TCI actively supports domestic investors through facilitation and incentives, aligning with the government’s vision of increasing the number and value of domestic enterprises. Notable incentives include increased duty exemption for family islands, 100% duty exemptions for 100% Turks and Caicos Islander-owned projects, expedited work permits and licenses, reduced fees for senior managers, 100% exemption on capital investments in specialty areas, and 100% exemptions on housing developments.
Angela Musgrove, CEO of Invest TCI, expressed enthusiasm for the impactful decisions made to support strategic investments, particularly belonger owned businesses, while preserving the natural beauty and cultural heritage of the Turks and Caicos Islands. She invited stakeholders to explore the comprehensive Turks & Caicos Investment Policy and join in realizing the vision of a prosperous and sustainable future. This investment policy presents a deliberate tool for facilitating meaningful domestic participation in the development process.
The Hon. E. Jay Saunders, Deputy Premier and Minister of Finance, Investment & Trade, delivered remarks at the launch. He expressed profound gratitude to Invest TCI for their relentless dedication in shaping the National Investment Policy. His statement underscored the importance of collaborative efforts involving the government, private sector, and the public to propel unprecedented growth and development in the Turks and Caicos Islands.
Hon. E. Jay Saunders emphasized, “Today’s launch is not merely the introduction of a policy; it is the ignition of a transformative force. The Turks and Caicos Islands National Investment Policy is our beacon for a future that is not only prosperous but sustainable, one that resonates with the aspirations of our people and the unique character of our nation.”
He further stated, “Our stakeholders have demonstrated remarkable foresight and commitment in crafting a policy that not only aligns with global best practices but is specifically tailored to the unique needs of our islands. This is more than a policy; it is a blueprint for a thriving economy, a testament to our shared vision for a Turks and Caicos that stands tall on the world stage.”
For more information or to view a copy of the National Investment Policy, please visit Invest TCI’s website at www.investturksandcaicos.tc or telephone via telephone at 649 338 4772.
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About Invest Turks and Caicos
Invest Turks and Caicos is the Islands’ Investment Promotion Agency, responsible for enhancing the economy through the attraction, growth and retention of overseas investment; and supporting the growth of local businesses.
We provide a free and confidential service to overseas businesses looking to expand and will work with a company project team throughout the investment process, providing advice and support. This can include:
- Information on the local business climate;
- facilitating contact with relevant Government Departments throughout the investment process;
- advice on Government incentives and concessions to investors;
- introductions to local service providers/suppliers;
- advice on work permits and permanent residency procedures;
- ongoing support following set up.
We also work actively to support local businesses’ growth, including managing and delivering the Micro Small and Medium Enterprise programme, which provides concessions and relief to locally owned businesses.
