Finance
Finance Minister Saunders says Housing Investments are Paramount for TCI
Rashaed Esson
Staff Writer
#TurksandCaicos, December 21, 2023 – The Turks and Caicos is prioritizing housing investment, says E Jay Saunders, Finance Minister, speaking at the launch of the New Investment Policy which was rolled out at the Wymara resort on December 8, 2023.
He expressed that the government would be more than willing to accommodate an investor with an affordable housing project.
“Affordable housing is very important to us. More than anything else, and I tell developers this all the time; if you came to us with an affordable housing project, we’d roll the red carpet out for you,” he maintained.
He added that this is more important to the Turks and Caicos than the hundreds of millions of dollars of development on Grace Bay.
“We’ve got to get affordable housing fixed,” he continued.
Addressing the Policy’s launch, Saunders said the Government’s vision is to drive the transformation of the Turks
The aim of the policy, he says, revolves around attracting foreign direct investments and foreign domestic investments, “to key sectors and locations that will benefit the growth and developments of the TCI and our people.”
The key areas of investments he mentions are tourism, renewable energy, manufacturing, fishing, agriculture, infrastructure development and the most important, housing developments.
In continuation, the minister points out that the government is committed to economic, social and environmental sustainability, making sure that the TCI’s economic growth strategies meet the needs of the people today, without compromising those of the future.
Additionally, the government is also committed to ensuring a seamless investment experience, improving business conditions across the islands and providing incentives to up the [number in value] number of domestic enterprises.
The government, through the newly launched document, he says, is offering various incentives and support to investors, by incorporating Small Medium Enterprises (SMEs) into the system.
Regarding investment projects, Saunders underscored that the Government has streamlined the approval process which involves initial due diligence, review by ministers and the submissions of a standard development agreement.
In a previous news conference, Deputy Premier Saunders described the policy as a big win for the TCI.
“It’s a win-win win; a win for the economy, a win for investors and a win for the people of the Turks and Caicos Islands,” he maintained.
The policy, as highlighted at the launch, was created with a vision of becoming a catalyst to the islanding achieving the vision 2040s goals and aspirations, and ultimately becoming a global leader in levels of prosperity and human development.