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In a booming economy, how can TCI get the most out of direct foreign investments?

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Ed Forbes
Concerned citizen of Grand Turk

 

#TurksandCaicos, August 30, 2022 – Turks and Caicos Islands is at an inflection point, which means, there needs to be “profound changes” to the way we attract foreign investors.

While many countries are still reeling from the devastating impact Covid-19 pandemic had on their economy, most of the tourism sector in TCI is on a rebound.

From the looks of it, our economic recovery plan appears to be in full gear and beginning to move again at a very fast pace. In my opinion, this in itself, is a signal of attraction to potential investors.

During a time of genuine crisis such as this prolonged covid19 pandemic, I must say, I was pleased to see how both administrations worked arduously together to find effective solutions to help save lives and keep our economy afloat.

This was done, regardless of the circumstances in order to achieve the desired outcome for the country.

Sadly, we loss a number of our citizens to this horrible virus including my own mother. Nevertheless, throughout the Covid-19 pandemic, both infection rates and hospitalization were relatively minimal compared to many other Caribbean countries.

A big thank you to our dedicated medical team, to include the Cuban medical brigade who assisted.

Our country needs more politicians who are willing to work across party lines, avoiding divisive social issues and focusing on promoting businesses and tourism for the benefit of our people. At the same time, it’s also important to maintain that balance of power in these islands.

With such rapid development and big corporations poised to reap huge profits, in my opinion, the country is in a good position to demand more from potential foreign investors wanting to do business in our islands.

With that being said, this brings me to my main points. With this economic boom, are we seeing enough of the trickle-down effect? Secondly, at this stage in our development, is TCI intentionally and purposely luring and incentivizing the right investors?

With TCI’s financial stability, how do we capitalize on this momentum to win on an even bigger front? What we cannot afford to do is to have our citizens losing faith in the shared enterprise of our country.

Whilst hotels and villas bring many job opportunities, it should not be the only economic engine of growth at this stage in our development. There are only so many buildings you can erect on a small developing island like Providenciales before we turn our towns into a concrete jungle.

Maybe it’s time to slow down a bit and start planning the future of the country more strategically. Not just in terms of physical structures, but workforce assessment, human investment, and development.

Furthermore, to optimize development and for a more sustainable economy, we must move beyond the creation of just service jobs. Not to take anything away from these kinds of jobs, but traditionally they are held by migrant workers and come with low paying wages unless you’re in top management positions.

Erecting more and more hotels mean there will be a need for more transportation, which drives the demands for more vehicles and additional access roads. There will also be a need for more grocery stores and products on demand etc.

What our citizens would like to see more off from our politicians, is a stronger push for foreign investments in our basic infrastructure needs. This may require more community driven discussions to help determine the pathway.

Arguably, there isn’t enough emphasis being placed on these critical areas to support such growth. For example, there is a growing need for a public transportation system, farming on a larger scale, waste management and recycling opportunities etc. These types of investments will help to alleviate a number of our socio-economic issues.

Perhaps, the creation of more higher paying jobs for our people, and jobs that will attract citizens in diaspora who may have the necessary skill sets beneficial to our country’s development.

With wages not keeping up with the growing rate of inflation, our people also need real paying jobs that match their qualifications, not just any jobs.

If we fail to change course, I’m afraid we run the risk of losing more of our young people to crime or some becoming diaspora as we have seen over the years.

We cannot and should not let big foreign investors dictate the outcomes for TCI without giving back to our communities in a meaningful way. This could be in the form of direct investment in trade schools, banking, reefs, and sea life sustainability projects etc.

This is our moment Turks Islanders!

In a free enterprise economy like ours, the truth to the matter is, the strength of our democracy will only work when everyone has an opportunity.

Not only should our country be in a position to attract private investment but to retain and leverage it for inclusive and sustainable economic growth.

 

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Caribbean News

PM INVITES INDIAN INVESTORS TO EXPLORE OPPORTUNITIES IN JAMAICA

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KINGSTON, October 8 (JIS): Prime Minister, Dr. the Most Hon. Andrew Holness, has invited Indian investors to explore business opportunities in Jamaica.

He cited prospects for innovative business investment in tourism, infrastructure development, renewable energy, animation, medical tourism and health.

He noted that, with the island’s extensive harbour and port systems, “We are the gateway for Indian innovation in the Americas.  I think the time is right for a trade and business delegation from India to visit Jamaica. I mentioned this to Prime Minister [Shri Narendra] Modi and he welcomed the possibilities of such a trade delegation.”

The Prime Minister was addressing a dinner reception on Tuesday (October 1), during his working visit to India.

He said that his trip is intended to herald a new era of Jamaica-India friendship and partnership.

Dr. Holness said that Jamaica is looking forward to working with the Confederation of India Industry (CII) to explore areas of cooperation.

Of special interest, he noted, is working with Indian companies on joint research projects and technology transfer “to enhance Jamaica’s research and development landscape, particularly in the areas of biotechnology, as well as products and drug development, using Jamaica’s natural resources”.

“We also want to welcome Indian companies providing software development and maintenance, cybersecurity, back-office, finance and accounting services,” he added.

Based in New Delhi, CII is a non-governmental trade association and advocacy group that represents the interests of Indian businesses in various sectors, chiefly engineeringmanufacturing, consulting, and services.

The organisation works to create and sustain an environment conducive to the development of India.

 

CONTACT: SIMONE HYLTON

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Caribbean News

OLD HARBOUR HIGH SCHOOL RECEIVES BUS FROM JAPAN

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KINGSTON, October 8 (JIS): Some students at Old Harbour High School in St. Catherine, now have reliable transport after the institution received a 29-seater bus, donated by the Japanese Government.

The vehicle, valued at more than $11 million, will cater mostly to students who travel long distances, filling a gap for safe, reliable, and efficient transportation.

It will also be used to transport students on field trips, sporting events and other activities.

Speaking at the handover of the bus at the school on October 4, Minister of Education and Youth, Hon. Fayval Williams, lauded the Government of Japan for providing the funds through the Grant Assistance for Grassroots Human Security project (GGP), to purchase the bus.

Mrs. Williams said that special thanks must be given to the people of the donor country as “we continue to deepen the partnership with Japan”,  adding that the GGP project “has played a vital role in the development of our schools”.

Meanwhile, Ambassador of Japan to Jamaica, His Excellency Yasuhiro Atsumi said his country “stands together with Jamaica to strengthen the education system, so that all students can pursue their education and lifelong skills training opportunities”.

For her part, Custos of St. Catherine, Hon. Icylin M. Golding, who is also Chairman of the school, told her audience that the bus will enable the students to reach school much easier, and to “participate in more sporting events”.

Principal of the institution, Lynton Weir, said the students will reach school and return to their homes on time, with the acquisition of the bus.

He added that this will also result in reduced cost for parents who used to pay the public transport operators.

For Executive Director of the National Education Trust (NET), Latoya Harris Ghartey, getting the Japanese to fund the acquisition of the vehicle shows the strength of partnerships.

“It also stands as a testament to the deep-rooted commitment we have in providing our children with the tools they need to excel,” she said.

Student at the school, Ashanti Jones, said the “life-changing donation and invaluable gift will aid in students not missing classes due to unreliable transportation”.

Another student, Dormel Hamilton, said the students will have a safe and reliable vehicle in which to travel to school, and appealed to motorists to take care on the roads.

 

CONTACT: GARFIELD L. ANGUS

RELEASE: JIS

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Caribbean News

Sanovnik Destang Elected New President of the Caribbean Hotel and Tourism Association (CHTA)

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Bay Gardens Resorts Executive Director to Lead Organization for Next Two Years

 

Sanovnik Destang, a respected hotelier from St. Lucia and Executive Director of Bay Gardens Resorts, has been elected as the new President of the Caribbean Hotel and Tourism Association (CHTA). His appointment was confirmed at CHTA’s Annual General Meeting (AGM) last week, succeeding outgoing President Nicola Madden-Greig. Destang will serve a two-year term, leading alongside a newly elected slate of executive officers.

Destang brings extensive leadership and hospitality experience to his new role, having served as a key figure in the growth of Bay Gardens Resorts in St. Lucia. His commitment to CHTA began in 2012, and he is ready to lead the organization into a new chapter, focusing on people and technology as well as creating stronger linkages with other sectors of the Caribbean economy.

Destang expressed gratitude to his predecessors and emphasized the importance of collaborative leadership: “Thank you all once again for putting your faith in me and my generation. Being CHTA’s first president born in the 1980s, I fully understand the responsibility ahead of me. I’m ready to lead, but, more importantly, I’m ready to serve. My focus areas will be people, technology and linkages to other sectors of our economies and communities. This strengthened advocacy is aimed at attracting more members to our association, bolstering ourcollective voice and impact.”

Reflecting on her tenure, Madden-Greig highlighted CHTA’s achievements during a challenging period. She praised the resilience of the Caribbean region as it emerged as the fastest-recovering tourism market in the world post-COVID-19. Under her leadership, CHTA along with regional and international stakeholders helped implement and promote recovery measures and initiatives, including Caribbean entry portals and the Caribbean Public Health Agency’s (CARPHA) Healthier Safer Tourism program.

“The past three years, taking over at the height of the COVID-19 pandemic, were both challenging and very rewarding,” said Madden-Greig. “Nothing has given me more joy than having headed the hard-working team that led the Caribbean to be the fastest recovering region in the world, coming out of a once-in-a-century pandemic,” she added.

The newly elected CHTA Officers will work closely with Destang over the next two years, along with CHTA Regional VPs, Committee Chairs, and other Executive Committee Members, who will be announced shortly.

The officers include:

  • 1st Vice President: Karen Whitt, The Hartling Group, Turks & Caicos
  • 2nd Vice President: Craig Marshall, Blue Diamond Resorts, Antigua & Barbuda
  • 3rd Vice President: Clifton Reader, Palace Resorts, Jamaica
  • 4th Vice President: Kendra Hopkin Stewart, Blue Horizons Garden Resort, Grenada
  • 5th Vice President: Bill Clegg, BW Hotels, At-Large
  • Treasurer: Jim Hepple, Tourism Analytics, Aruba

CHTA, as the voice of Caribbean hospitality and tourism, will build on the strong foundation laid by Madden-Greig. Destang’s leadership will advance growth through innovation, people-centered initiatives, and stronger linkages with key sectors, keeping the Caribbean at the forefront of global tourism.

Supported by a team of regional leaders, Destang will drive new initiatives that propel the industry and CHTA members to greater heights.

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