Providenciales, Turks and Caicos Islands, March 1st, 2022 – As part of its strategic planning for 2022, Invest Turks and Caicos Agency (Invest TCI) hosted a stakeholder engagement forum to review the 2018 Investment Policy to encourage dialogue that will facilitate the realignment of investment priorities for the Turks and Caicos Islands. The end goal is to ensure that the Investment Policy Statement clearly communicates the country’s investment goals and the strategies that will serve as guideposts for managing it portfolio of investment projects.
Invest TCI was joined by government departments, industry leaders, and business sectors on February 24th, 2022, at the Blue Haven Resort. The forum kicked off at 10am with opening remarks from the Premier, The Honourable Charles Washington Misick, who thanked the attendees for their participation and Invest TCI for their efforts. In his remarks, the Premier stated, “it is very important that The Turks and Caicos Islands Government make it exceptionally clear what they want the future of the investment climate in the islands to be.” The Premier noted that his government is favourable to green lighting investments that benefit the people of the Turks and Caicos Islands. He stressed that growth needs to not only be organic but intentional and inclusive to the advantage of Turks and Caicos Islanders.
In his remarks, The Honourable E. Jay Saunders, Deputy Premier and Minister of Finance, Investment, and Trade, discussed the government’s vision for investment in the TCI. Honourable Saunders started his remarks by firstly stating, “The most important aspect is that investment benefits Turks and Caicos Islanders; otherwise, it makes no sense.” Honourable Saunders noted that the government envisions investment to go beyond brick-and-mortar development. He stated that there is a focus on a wide range of sectors such as medical and sports tourism, eco-tourism, financial and secretarial services, international law and accounting firms, and fintech services, amongst other areas. Honourable Saunders expressed that MSMEs are vital, and the government looks favourable upon companies that want to assist small businesses by providing venture capital and training for Turks Islanders.
Following the remarks, participants were divided into teams of 6-8. The group was allocated a specific time frame to have an open discussion on various questions regarding Invest TCI’s investment services, process improvement, investment target, and investment incentives. The group then presented their responses to the entire plenary. At the end of the day, a series of practical solutions were generated for consideration to update the Investment Policy.
Acting CEO for Invest TCI, Angela Musgrove, commenting on the outcome of the forum, stated, “I was pleased with the honest and open dialogue from key stakeholders. Our review of the policy seeks to ensure that the investment policy statement encourages the right investor and investment and establishes processes that support and encourage both foreign and domestic investment and further that the policy framework presents optimal benefits for the country”.
Invest TCI would like to thank all participants for contributing to the forum and look forward to future collaborations.
For more information on upcoming events, contact Invest TCI via telephone 649 338 4770 or visit our website at investturksandcaicos.tc.
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 setup.
We also work actively to support the growth of local businesses, including the management and delivery of the Micro Small and Medium Enterprise programme which provides concessions and reliefs to locally owned businesses.