TCI News
BAHAMAS: Government Pushing Agenda that Embraces Technology and Innovation
#Nassau, March 7, 2019 – Bahamas – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said the government is committed to pushing an agenda that embraces technology and innovation as a response to the dynamic times.
“This is one of the rationales for the Government’s focus on entrepreneurship. Specifically, we are interested in fostering a culture of entrepreneurship to unleash the full creativity and genius of Bahamian innovators,” the Deputy Prime Minister said at the Deltec Annual Conference at Baha Mar, Monday, March 4.
He said creating a shift cannot be done by the government alone, so he highlighted that the participation of the private sector is necessary.
“We were very encouraged by the fact that commercial banks, including Scotia and the Royal Bank of Canada, joined the Government, the Small Business Development Centre (SBDC), the Bahamas Development Bank and The Bahamas Venture Capital Entrepreneurial Fund to provide a targeted package of capital options for entrepreneurs, including those who are underprivileged.”
He said through this partnership the government leveraged a $5 million commitment from itself to secure up to $9 million in government-guaranteed small business loans, grants and equity for participants enrolled in the SBDC’s training and advisory programmes.
“We are building a strong ecosystem and it is being supported by the independent initiatives or companies like Deltec. The Deltec Initiative for Young Entrepreneurs (DIYE) is a charitable programme that falls under Deltec’s Foundation.
“For too long our young people have been discouraged from pursuing self-employment as the status quo. Instead, we have bred a culture where school leavers automatically look for government jobs or jobs in traditional sectors.
The DPM said the participants in DIYE are proof that the culture is changing. The youngest entrepreneur in this cohort is only 10 years old: Karis Knowles, otherwise known as The Balloon Princess. He said her progressive balloon company creates arrangements for all occasions, including themed events like baby showers and gender reveal parties.
The DPM also commended Deltec on their business mentorship and charitable work. He also noted that The Bahamas is at a nascent stage when it comes to harnessing the power of disruptive technologies, but he noted that the country is making strides nonetheless.
“For us, this is not a choice; this is an imperative. We are an international financial services centre and Fintech is one of the fastest growing and innovating industries.”
DPM Turnquest explained that the opportunities being currently taken advantage of include Digital Currency Initiative, Potential of blockchain for government modernization and Other Fintech Areas of Interest.
He stated that in Grand Bahama, the government set out a vision for its second city to be the tech hub for The Bahamas. Through the preliminary success of the Commercial Enterprises Act, 2018, this vision has already started to take shape.
The DPM said the success in Grand Bahama includes the GIBC Digital global training headquarters; Dev Digital, a leading software and web development company from Tennessee, office opening and Carnival Cruise Lines’ Ocean Medallion Project: wearable devices that enable a personal digital concierge.
By: Llonella Gilbert
Release: BIS
Photo Captions:
Header: Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest speaks with another guest at the Deltec Annual Conference at Baha Mar, Monday, March 4. The DPM brought remarks at the event.
Insert: Minister of Youth, Sports and Culture the Hon. Hon. Lanisha Rolle (left) speaks with another guest at the Deltec Annual Conference at Baha Mar, Monday, March 4.
(BIS Photos/Patrick Hanna)
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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