News

GOVT. SIGNS US$50 MILLION MOU TO STRENGTHEN BUSINESS ENVIRONMENT

Published

10 years ago

September 25, 2014

KINGSTON, Sept. 24 (Jamaica Information Service): Government has signed a US$50 million Memorandum of Understanding (MoU) with the World Bank, to strengthen the business environment in Jamaica to enable further private sector investment.

The loan agreement was signed by Minister of Finance and Planning, Dr. the Hon. Peter Phillips and Senior Private Sector Development Specialist with the World Bank, Thomas Vis, during the launch of the programme at the Mona Visitors’ Lodge on September 24.

The initiative, which has been dubbed the Foundations for Competitiveness and Growth project, will be implemented by the Planning Institute of Jamaica (PIOJ) over a six-year period from August 2014 to June 2020.
Dr. Phillips said the project will enhance competition in the business environment, facilitate strategic private investments and support Small and Medium Enterprises (SMEs).

The Minister informed that the project will also provide resources for private businesses to undertake pre-feasibility studies in relation to strategic investment projects that are to be implemented.
“It will also facilitate the development of technical studies for critical sectors that the country may choose to emphasise as part of its growth strategy,” he said.

Dr. Phillips noted that in this vein there is a need to explore much further, the global dynamics of the Business Process Outsourcing (BPO) industry, pointing out that this is an area where Jamaica can make a significant mark. “This is an area where we can put tens of thousands of Jamaicans to work,” he argued.

For his part, Mr. Thomas said the project represents an element in a larger partnership between the Government of Jamaica and the World Bank, and is aimed at advancing the prospects for growth, as the country goes through a strenuous economic reform programme that forms part of the agreement with the IMF.

Meanwhile, Permanent Secretary in the Ministry of Industry, Investment and Commerce, Vivian Brown, said a part of the Government’s role, as it strives for greater economic growth and job creation, is to facilitate and enable private investment, both domestic and overseas, in the Jamaican economy.

“It is our belief that this project will support that strategy,” the Permanent Secretary added.
Director General of the PIOJ, Colin Bullock, said under the project, new and existing businesses will benefit from streamlined regulations and processes, opportunities for public-private partnerships as well as training and access to financing.

“It is a timely initiative, as there are investment opportunities available to the private sector, which can be facilitated by enhancement of the business environment,” he noted.
Mr. Bullock said the project seamlessly aligns with the Government’s growth agenda and directly supports the achievement of goal three of the National Development Plan, Vision 2030, which is to make “Jamaica’s economy prosperous.”

Chief Executive Officer, Private Sector Organization of Jamaica, Dennis Chung, said the private sector strongly welcomes the initiative, noting that “it will finally allow us to tackle critical areas affecting our ability to be competitive and grow the economy.”
He emphasised that sustainable economic growth is only possible with the growth of the SME sector, where new innovations tend to be created.

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InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group

Published

3 days ago

May 14, 2024

Deandrea Hamilton

Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.

Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.

Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.

Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.

Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.

Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.

The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.

Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”

He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”

Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”

The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion

Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.

Crime

Male Charged with Robbery

Published

5 days ago

May 13, 2024

Deandrea Hamilton

#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have charged a man who allegedly stole a vehicle.

The accused, DANVANTE BRISCO, 30, of Kew Town, Providenciales, was charged with:

One Count: Robbery
One Count: Taking Motor Vehicle Without Authority
One Count: Using Offensive Weapon to cause fear

Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.

The matter was adjourned to July 05 for a Sufficiency Hearing.

Crime

Dock Yard Male Charged

Published

5 days ago

May 13, 2024

Deandrea Hamilton

#TurksandCaicos, May 13, 2024 – A 20-year-old Dock Yard male appeared in court today (May 13th) charged with a series of firearm-related offences.

The accused, JAMES SIMON, was denied bail and remanded into custody pending a Sufficiency Hearing scheduled for July 05^th, 2024.

Mr. SIMON faces the following charges: 

One Count: Robbery;
One Count: Gang Membership
One Count: Possession of a Firearm for the Benefit of a Gang
One Count: Possession of Ammunition for the Benefit of a Gang.

The charges against Mr. Simon followed investigations by officers of the Royal Turks and Caicos Islands Police Force into a robbery at the parking lot of a Casino where three males robbed a victim.

Additionally, Mr. Simon is charged with the following offences, having been arrested on May 02^nd, 2024, along South Dock Road.