Dana Malcolm
Staff Writer
December 13, 2023 – Investors with billions of dollars are knocking on the Turks and Caicos’s doors, anxious to start ventures in the country, and with the launch of the National Investment Policy, the government is attempting to set parameters that will both protect local culture and be mutually beneficial for residents and investors.
“We aim to create a business-friendly climate that encourages
Innovation, entrepreneurship, and job creation while safeguarding our natural resources and cultural heritage,” said Candia Ewing, Chair of the Invest TCI Board, at the December 8th launch of the event, spearheaded by Invest Turks and Caicos. She was speaking on behalf of Washinton Misick, TCI Premier.
Invest TCI conducted a stakeholder engagement forum in March 2023 to get local opinions on whether the policy reflected the country’s investment goals. At the time of the high-level meeting, the Premier had stressed that growth needed to be not only organic but intentional and inclusive to the advantage of Turks and Caicos Islanders.
E Jay Saunders, Deputy Premier and Minister of Finance, echoed that sentiment saying: “The most important aspect is that investment benefits Turks and Caicos Islanders; otherwise, it makes no sense.”
During the launch event, the Premier-maintained policy will also create a framework of transparency that will instill confidence in investors.
“It is designed to provide clarity, transparency, and consistency in our approach to investment, thereby instilling confidence and attracting diverse opportunities that will contribute to the overall advancement of our economy,” Ewing said on behalf of Misick.
Included in the policy is a suite of recommendations, including:
- All major investment projects over a certain threshold must be registered with Invest TCI;
- Reassessment of concessions on the family islands with the aim of promoting development;
- Increased development concessions.
Angela Musgrove, CEO of Invest Turks and Caicos Agency, maintained that the goal of the policy was to empower domestic ownership as a driving force for economic growth and job creation within the Turks and Caicos Islands.
The launch event was attended by various stakeholders across the public and private sectors, including government ministers.
