TCI Premier talks Expansion and Opportunities at first-time Business Outlook

Garfield Ekon

Staff Writer

#TurksandCaicos, June 18, 2024 – The future of the Turks and Caicos Islands (TCI) is “looking bright, according to Premier, Hon. Charles Washington Misick, as he highlighted that the investment climate on the islands is blooming.

Delivering the keynote address at the inaugural (TCI) Business Outlook event, held recently at the at Beaches Resort, Villages, and Spa on Providenciales, under the theme: “Opportunities for Growth and Inclusion for All TCI Stakeholders,” the Premier said the growth in investment is driven by established and “new luxury brands, particularly in the hospitality sector.

“This island’s strategic location, political stability, and growing tourism sector continues to attract investments to our shores. Its sustained environment is also a draw,” he said, noting that “proper management” is required to ensure that the islands continue to be investment ready.

He said the island’s investment’s agency, TCI Invest, is facilitating 52 major projects, and local people need to make a decision of being intentional about steadfast and inclusive growth.

He reported that over $1 billion has been invested in the tourism industry, and over $500 million is in the pipeline to build 1,600 hotel rooms over the next two years, with most of them being constructed in Providenciales, adding that high-end brands such as Marriott will be developed on some of the other islands.

Declaring that hundreds of investments projects are at the approved stage, the Premier said polices will continue to be updated, to ensure that “indigenous islanders are not left behind,” and tourism will be a mainstay in the TCI economy, for the foreseeable future.

“We have to ensure that it is sustainable, and focus on redesigning our system, making sure that there are linkages back to,” other key industries, he said, stressing that the private and public sectors have prospered together, and “that is the direction that we want to continue in,” he said.

The forum was attended by 90 participants, and the Premier told his audience that his administration has moved its social budget from $3 million to $10 million, as part of ensuring that the State is a care organ, and while also noting that the Government is ensuring that taxes are more equitable.

Invest TCI was established to assist local and foreign investors in accessing government concessions for investing in the Turks and Caicos Islands and to provide investors with introductions to local service providers/suppliers.