Caribbean News
TCI: The People’s Time Throne Speech delivered; Swearing in under sunny skies in Grand Turk
#TurksandCaicos, March 8, 2021 – Home grown investment appears to be poised to be elevated, incentivized and prioritized according to the new Progressive National Party (PNP) Government Administration in its Throne Speech, which was on Parliament Opening and Swearing in day delivered by Her Excellency, Anya Williams, (Acting) Governor of the Turks and Caicos Islands.
“Over the years, our dependence on FDI driven development has led to unintended consequences, instead of policy driven outcomes and results.
To grow and diversify the TCI economy will require a strong combination of domestic and foreign direct investments.
My Government’s new investment policy will place emphasis on domestic investment, including funding sources for qualifying start-ups and existing entities – especially in the productive sector.”
This was an early message in the 14-page Speech, which is a traditional conveyance on the intention of the new government, which in this case has been given a massive mandate after winning governance 14 to 1, against the People’s Democratic Movement on Friday February 19, 2021.
In order to achieve this more balanced approach to investment, which gives the domestic investor preferential standing is an overhaul of Invest Turks and Caicos Agency, again.
“My Government will revamp Invest TCI to make it more effective in investment promotion and facilitation, attracting new investors and retaining existing ones.
We will augment the team with world class commercial business and legal expertise and balance customer concerns against the different regulatory goals of agencies through better inter-governmental communication.”
Listed were the results these changes of the investment unit should bring, including: Removal of barriers to and direct concessions in favour of domestic investment; Rebalance the current allocation of land use which was driven by foreign investors with an efficient and equitable land use policy; Incentivise joint-ventures and partnerships between FDI and local entrepreneurs especially in the productive sectors; Establish minimum investment thresholds for stand- alone FDI entities and strengthen compliance measures in the restricted business categories.
Development Agreements will also become more simplified and strategic.
“Repeal the Encouragement of Development Ordinance and replace it with a new investment promotion legal framework that focuses on domestic investment, and genuine long-term alliances and partnerships with foreign investors. Restructure the revenue system to eliminate the need for complicated development agreements and Create new types of investments.”
Premier Hon C. Washington Misick and the PNP’s message through H.E. Williams shared a new mantra for the party it seems; that this new session of Parliament is about creating wealth opportunity and equality; Misick dubbed it ‘the People’s Time.’
“We have made significant gains in some of the measurements of development, such as life expectancy; better access by our people to primary, secondary, and tertiary education; healthcare; improved infrastructure and greater access to electricity and clean water.
Regrettably, our people have not benefitted as much as they should from the significant growth in our GDP. Far too many remain on the margins and barely eke out an existence.
The next fifty years must be for and about the people. Everything we do must be centred on their wellbeing, welfare and wealth creation.”
The First sitting of the First meeting of the First session of the 12th Legislature was held on Friday March 5, 2021 at the Parade Grounds in Grand Turk, where Covid-19 public health protocols were observed.
The Speaker for the House of Assembly is Hon Gordon Burton; his deputy is South Caicos Member, Hon. Rev. John Malcolm.
Dana Malcolm
Staff Writer
#TurksandCaicos, March 17, 2023 – Revenue from the Turks and Caicos’ Financial Services Sector will more than double in the next few years, if E Jay Saunders, Deputy Premier and Finance Minister gets his way. It ‘s one of the reasons the country is investing so much capital into getting off of the EU blacklist and becoming a secure trustworthy financial destination.
“The FSC’s revenues for 2020/21 was $10.5M— the figures for 2021/22, would be about similar,” he said. He further explained that $10.5 million from the FSC represented about 2.6 percent of the country’s 408.5-million-dollar
revenue. Though it increased to $14 million in the 2021/22 financial year, finance is still a small fry compared to tourism or even stamp duties but that will change, says Saunders.
“My revenue goal for the Government by the year 2029 [or] the election after the next election – is $500M. By that time, I want the financial sector (FSC) revenues to represent at least 5% ($25M). So that’s my goal for the financial sector by 2029.”
This goal, should it be met, would increase the Government’s revenue by 100 million dollars, a significant increase in spending power for local upgrades and improvements for Turks and Caicos residents and visitors.
Saunders says it’s time for the TCI to diversify its sources of revenue to make sure that what happened in the COVID-19 pandemic, which saw residents out of a job for months, will not happen again. Tourism now makes up around 80 percent of the country’s GDP. The Minister of Finance wants to push that down to 60 or even 50 percent.
Dana Malcolm
Staff Writer
#Haiti, March 17, 2023 – When a CARICOM delegation visited Haiti earlier this month, conspicuously absent was the Turks and Caicos Islands despite being one of the nations most directly affected by the multi-dimensional crisis there. There is no comment, as yet from the Premier, to say why this was the case.
Still, from the expedition, CARICOM heads of Government have informed that there will be lobbying in Africa for assistance in Haiti. They say they have decided that the best course of action for the Caribbean country is to bolster the Haitian National Police and act as intermediaries with Africa and the world. The decision follows a one day visit on February 27th, and a March 5th meeting chaired by the Bahamas.
CARICOM says during the trip delegates ‘met with a broad range of Haitian stakeholders to hear their views on the
way forward to a Haitian-led solution’. With that in mind it has made a decision on how to proceed.
“The Heads of Government agreed to support the Haitian National Police in their efforts to address the security situation. The focus of the Community will be the provision of training for the HNP and the provision of humanitarian assistance to HNP and the wider Haitian society, taking into account the challenging humanitarian and security situation”
It’s not clear yet where and how this training will take place. Also distinctly absent from the report, no more mention of boots on the ground from other countries despite CARICOM Member States indicating they were ready and willing should it come to that.
In addition, recognizing ‘the common historical experiences and the strong African-Caribbean relationship’ CARICOM says,
“Heads of Government also agreed to seek support from African countries for Haiti. They also agreed to work with the Governments of Canada and the United States as well as the UNDP”
Magnetic Media has reached out to the Premier’s Office to get a full debrief of the February 27th visit (led by Jamaica; including The Bahamas and Trinidad and Tobago) to learn of Turks and Caicos’ posture following the critical sessions.
Dana Malcolm
Staff Writer
#TurksandCaicos, March 17, 2023 – Musicians from the New World Symphony will be in the Turks and Caicos in concert next month and residents are invited to attend in support of the future of Ashley’s Learning Center. 
A fairly young orchestral academy based in Miami, the New World Symphony was launched in the 1980s by 1987, Michael Tilson Thomas and Ted Arison,Carnival Cruises founder. From the 1500 applicants who vie for a spot each year, the symphony accepts around 35 music graduates annually for training fellowships.
A select few of those graduates will be in country on April 8th headlining at the Ashley’s Learning Center concert ‘We’re all in this together’. The concert which also feature local artistes will be held at Brayton Hall on Venetian Road from 6 pm to 8:30 pm
Tickets are available ON ISLEHELP $75 PER GENERAL SEAT $125 PER PREMIUM SEAT $195 PER GALLERY SEAT – with /FREFRESHMENTS.
For TICKET RESERVATIONs you can call: 649-341-2304 or email EVENTS@ASHLEYSLEARNINGCENTER.ORG
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