TCI News
TCI: Exports weak at just over 1% of Imports; Department of Trade to change the trend
#Providenciales, June 1, 2019 – Turks and Caicos – A soaring increase in imports has bolstered the country’s revenues generously but the story is far more concerning when it comes to export earnings for the Turks and Caicos Islands. Statistics Department figures from 2018 expose income from exports as just barely over one percent of income from imports, and the experts have advised the Turks and Caicos to fix this problem.
The biggest export for the Turks and Caicos Islands is rum. Hard liquor accounts for some 20 percent of the reported $10.5 million in export earnings according to the OEC or Organisation of Economic Complexity.
The OEC website tracks countries across the globe and gives the TCI a ranking of 210th in the world for exports. The OEC shares that conch is the second largest export accounting for 11 percent and lobster is third, at 9.3 percent of exported goods in 2017.
The Turks and Caicos Statistics Department reports that in 2018, the country earned a mere $5.8 million from exports. Imports are listed as have brought in $487.3 million dollars in 2018.
The Organization of Economic Complexity posts that export earnings have been sinking by an annual rate of over 33 percent since 2012. The TCI Department of Statistics reveals that exports plummeted in 2017 to a mere $2.3 million in earnings but rose significantly in 2018.
What all facts point to is that the TCI is charting a negative trade balance. This archipelago brings in over $480 million dollars more in goods than it sends out; at least that this the 2018 picture.
But there a Department coming for that, says Premier and Trade Minister, Sharlene Robinson. Trade is the facet of her cabinet portfolio which gets the least amount of attention and that fact is expected to be radically altered within this new fiscal year.
“Following the conclusion of the COSME program the Government decided accept and implement much of the proposed recommendations and strategies and consequently approved the establishment of a Department of Trade, Industry and Consumer Affairs to facilitate the development and growth of trade and business in the Turks and Caicos Islands.”
The concept of a Department of Trade has already been ratified at the Cabinet Level and Magnetic Media questions about this intriguing announcement revealed that a myriad of opportunities and new legislation is coming to govern trade in the TCI.
“The department will see three staff members; Director of Trade, Director of Consumer Affairs and Trade Officer all are required to have a legal background. Under the department a National Trade Facilitation Task Force will also be established and will develop and implement a comprehensive action plan on measures to improve and increase trade.”
Although it is very, very slow going, Brexit is influencing this strategy by the Turks and Caicos explained the Office of the Premier.
‘The Premier and Minister of Finance Investment and Trade during her Budget Address for the 2019/20 Fiscal Year said, “The timeliness of this undertaking is especially significant given the anticipated impact on our access to the European market on account of the UK’s planned withdrawal from the European Union. We have commenced discussions with the UK Department for International Trade on participating in future UK free trade agreements should the UK cease to be a member of the European Union”.
Initially, the work of the department will be exploration of opportunities and adequate response to that information with the creation of a climate of trade in the Turks and Caicos Islands. This is no easy feat.
“The department’s main aim will be to develop bilateral trade agreements or formal arrangements with new and existing trading partners. The Department also seeks to provide assistance to entrepreneurs and businesses (particularly MSMEs) as it relates to laws and procedures governing international trade including exports, rules of origin, market access etc. The aim is also to promote consumer education and awareness and will ensure the enforcement of the Consumer Protection Ordinance (2016).”
As for when the appointments will happen and when the requisite legislation will be drafted, approved and passed into law, there were no specifics. However, the Office of the Trade Minister did say, “It is expected that support legislation will be completed and posts for Trade Officer and Director of Consumer Affairs filled within the 2019/20 Financial Year.”
The Department of Trade, Industry and Consumer Affairs will fall under the Ministry of Finance, Investment and Trade.
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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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