#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.