Private sector seeking to reassure government that it is ready to contribute to FSS

Dana Malcolm

Staff Writer

#TurksandCaicos, September 9, 2023 – The private sector is assuring the people of the Turks and Caicos islands that they are ready to drive the growth of the Financial Services Sector following a call out from E Jay Saunders Finance Minister and Deputy Premier.

“If I could slightly recast your recollection of events… the private sector isn’t in wait-and-see mode,” said David Stewart, Managing Director of Coriats, a  licensed Trust company in the Turks and Caicos. “We are very seriously raising funds and it will just take a little while to understand the scale of the contribution that we are being asked to make.”

The remarks came after Saunders said the Government was shouldering the brunt of the marketing for the Financial Services Sector.

“We expect that the private sector will help out the industry, I think this is maybe the only jurisdiction where the private sector, particularly the financial services sector, prefers to take a wait-and-see approach. I don’t expect the private sector to lead from behind, I expect us to be partners.” Saunders had explained, putting the industry on blast for not pulling their share of the weight.

Stewart expressed that the sector was grateful to the Government for its efforts as well

“We are committed to supporting TCI Finance Limited– and we are very excited to start yodeling with you as we become the Switzerland of the Caribbean,” he maintained.

Described as the liaison between TCI Finance Limited (the government agency charged with marketing the financial services sector) and the private sector, Stewart reaffirmed the commitment of business owners to the growth of the number two industry.

“Don’t worry the private sector is adamantly and enthusiastically here to support this initiative.” he maintained.