News

Bahamas Prime Minister Appoints Committee To Review Specific Provisions Of The Hawksbill Creek Agreement

Published

9 years ago

March 6, 2015

Deandrea S Hamilton

PRESS STATEMENT BY

THE RIGHT HONOUORABLE PERRY G. CHRISTIE, M.P.

PRIME MINISTER & MINISTER OF FINANCE

ON COMMITTEE TO REVIEW AND MAKE RECOMMENDATIONS WITH RESPECT TO THE EXPIRATION OF CERTAIN PROVISIONS OF THE HAWKSBILL CREEK AGREEMENT AND OTHER APPROPRIATE MEASURES TO PROMOTE AND SUSTAIN ECONOMIC GROWTH IN GRAND BAHAMA

MARCH 5th, 2015

As indicated in my extensive presentation this morning at the Grand Bahama Business Outlook. I have called this Press Conference to announce a timely significant intervention which my Government is making with a view to charting a path forward to positively impact economic growth in Grand Bahama within a framework suited to the present and future, that also has due regard to the provisions of The Hawksbill Creek Agreement.

Certain provisions of The Hawksbill Creek Agreement with respect to exemptions on business licence fees and real property tax are due to expire in August of this year. For some time the Grand Bahama economy, despite the broad incentives and tax concessions under the Hawksbill Creek legislation, has remained stagnant with limited exceptions, thus adversely impacting economic growth in the private sector and Government revenues. In the absence of aggressive policy interventions to jumpstart a new round of development, and enhance returns on existing investments, Grand Bahama’s economic performance could remain sub-par relative to other islands in The Bahamas. Thus the expiration of these Hawksbill Creek Agreement incentives provides an opportunity for the Government to secure a comprehensive set of new arrangements which can spur economic development and increase the Island’s contribution to net fiscal receipts. Several months ago the Government retained the international consulting firm McKinsey and Co to consult with the Grand Bahama Port Authority and other stakeholders and to undertake a study of the economic situation within the Port Area, the implications of the expiring incentives, and measures which might be taken to spur economic development. McKinsey and Company has presented its Report to the Government.

Following upon the McKinsey Report, the Government has therefore appointed a Committee to hold discussions and negotiations with representatives of the Grand Bahama Port Authority, investors, relevant public, private sector and community interests, with a view to making appropriate recommendations to the Government on arrangements for securing both an economic package to promote more robust sustained growth, and a fiscal package that enhances Grand Bahama’s contribution to the Government’s revenue base.

In this regard there are several main objectives:

(i) Agree with the Grand Bahama Port Authority and principal licensees a long term economic development plan which both protect and promote the shipping, industrial, logistics, tourism, real estate and other commercial sectors as the focus for Grand Bahama Island;

(ii) Create a framework for immediate and long-term investment promotion on the island to attract investors which can operate assets competitively at a world class standard, and effectively and efficiently utilize the land resources with proper environmental safeguards;

(iii) Ensure that the mechanisms are in place to align the Grand Bahama Port Authority’s quasi-regulatory authority with the policies of the Government and that a regulatory framework exists in keeping with present and changing international business best practices.

(iv) Agree a suitable framework for property tax and business license that would note impede economic growth, and contribute along with other suitable measures to the enhancement of the Government’s revenue base.

The Committee will report to a Ministerial sub-committee chaired by the Prime Minister and Minister of Finance. It is expected to conclude its work before the real property tax and business license exemptions expire in August 2015. The Committee is comprised of the following persons:

Dr. Marcus Bethel, Chairman
Sir Baltron Bethel
Mr. James Smith
Mr. Kevin Seymour, President Grand Bahama Chamber of Commerce
Mr. Maurice Moore
Ms. Cassietta McIntosh

The Committee will carry out its duties in collaboration with and the support of the consulting firm of McKinsey and Company. It will be assisted by a technical team from the Office of the Prime Minister, the Ministry of Finance and the Office of the Attorney General. The Ministry for Grand Bahama would coordinate administrative support.

My Government looks forward to the full cooperation of all concerned parties in facilitating the Committee’s work, and to a successful outcome of this important exercise.

Related Topics:bahamas hawsbill perry christie

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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

4 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

4 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.