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Investing in nature management is crucial to TCI’s economy – Strengthening nature management in TCI through capacity building and long-term financing

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7 years ago

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#TurksandCaicos, August 18, 2017 – Providenciales – DECR staff and representatives from the Ministry of Finance, the Ministry of Tourism, Environment, Heritage, Culture and Gaming, and the civil society are meeting in Providenciales with research consultants from Wolfs Company to discuss the preliminary findings of the AGRRA reef assessment conducted in May, and discuss the importance of nature for TCI’s economy and opportunities to increase financing for nature management and monitoring in TCI.

During the meetings, representatives from Wolfs Company presented the key findings from the sustainable finance project conducted in 2015-2016 with the support from the partnerships of the Gulf and Caribbean Fisheries Institute and the US National Oceanic and Atmospheric Administration (NOAA).

“The meetings provided valuable information to the participants on the importance for nature to TCI’s economy. This will support DECR and other nature management organizations in building a fact-based business case to increase financing for nature management”, said Viviana Luján Gallegos, partner at Wolfs Company. Wolfs Company is a research company on environmental economics based in Bonaire and Amsterdam.

The project estimated that the natural resources of TCI contributed an economic value of USD 45.5 million per year to the tourism industry. This analysis did not quantify other ecosystem services provided by nature, such as coastal protection, fisheries and local recreation. Based on a financial plan that calculated the budget needs for DECR to improve their management of marine protected areas, an incremental investment needed to effectively manage and protect TCI’s natural resources could be covered by, for example, earmarking only 1.8% of the tourism-related revenues (around USD 1.1 million from USD 61.5 million).

“The economy of the Turks & Caicos Islands (TCI) depends in large part on tourism, and tourism in turn is heavily dependent on TCI’s natural resources – especially its beaches, natural landscapes, clean coastal waterways and vibrant coral reefs. However, there is a large disconnect between the revenues that are generated from, amongst others, tourism and the investment that has been made in the management of the natural capital that underpins these revenues. A relatively small incremental investment in the financing of the organizations responsible for the natural resources of TCI would contribute significantly to improve the management and protection of essential natural capital.  DECR would encourage further use of Natural capital valuation by TCIG to further demonstrate the value of nature to TCI’s economy in planning and development strategies for TCI” said Mr. Ethan Griesbach, acting Director of the Department of Environment and Coastal Resources (DECR).

The meetings also served to present the preliminary findings and suggestions of the ongoing BEST 2.0 project financed by the BEST 2.0 initiative with funding from the European Commission.

The preliminary results of the assessments conducted during the AGRRA training, held in May in Providenciales, in the framework of this project, show that in the two sites surveyed (one inside and one outside the Princess Alexandra Park) the coral cover has decreased in comparison to the findings of a baseline monitoring survey conducted in TCI in 1999. Other reef health indicators show improvement, which could be attributed to effective conservation policies, like the fishing ban on parrot fish.

To assess whether in general the health of the coral reefs in TCI is declining, a new baseline survey of all the sites assessed in 1999 will need to be conducted. In addition, suggestions were presented for other management and socio-economic indicators that could be applied by DECR to track and report the benefits of more investments in nature management. Finally, discussions were held on suggestions to improve the long-term financing for monitoring and nature management in TCI, including potential sources of revenue and legal mechanisms that will guarantee that these funds will be only used for nature management.

“I am convinced about the importance of our natural resources to the health of our economy. These types of initiatives are important to provide fact-based information to decision makers to support policy that will enhance our capabilities to manage and conserve our valuable natural resources. I will support the consideration by our government of options to achieve this, including mechanisms that could be similar to the Conservation Fund we had in the past” said Honorable Minister Higgs, Minister of Tourism, Environment, Heritage, Culture and Gaming. The Conservation Fund that provided additional financing for nature management organizations in TCI was abolished in 2009.

For more information please contact:

Mr. Ethan Griesbach at egriesbach@gov.tc

Mrs. Viviana Luján at viviana.lujan@wolfscompany.com

Press Release: TCIG

 

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InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group 

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4 days ago

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May 14, 2024

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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.

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Crime

Male Charged with Robbery

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5 days ago

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May 13, 2024

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#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.

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Crime

Dock Yard Male Charged  

Published

5 days ago

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May 13, 2024

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#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 05th, 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 02nd, 2024, along South Dock Road.

  • One Count: Possession of a Firearm
  • One Count: Possession of Ammunition
  • One Count: Unlawful Entry

Officers also charged a teenage minor who was in the company of  Mr. Simon on May 02nd with One Count of UNLAWFUL ENTRY. 

The accused, seventeen and from Kew Town, Providenciales, pleaded guilty and will be sentenced on May 20th.

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