Garfield Ekon
Staff Writer
Turks and Caicos, October 25, 2024 – The financial year2023-2024 has been a year of “transformative progress,” for Invest TCI, stated its Chief Executive Officer, Angela Musgrove, at the entity’s recent Annual General Meeting.
She said the group has focused on sustainable development, entrepreneurship, and investment growth. She highlighted the launch of the Direct Domestic Investment (DDI) Policy and discussed the ongoing development of the National Linkages Program, which will integrate local MSMEs into Foreign Direct Investment (FDI) supply chains, promoting inclusive and sustainable economic growth.
“Every decision, every action that we take is aimed at creating a positive and lasting impact on our stakeholders, and even in the face of global change, such as inflations and geopolitical uncertainties,” the CEO said.
Stressing that the Turks and Caicos Islands “remains a premiere luxurious destination,” Mrs. Musgrove said with investment interest, the organisation remains committed to its mission to, not only facilitate investment, but, to amplify the positive impact, and to ensure that drive sustainable growth and “long term prosperity for the Islands.
“We have made strides, significant ones, in driving sustainable economic development opportunities, fostering local entrepreneurship, and achieving investment opportunities,” she said, noting that their efforts have been on five strategic pillows, which include strengthening institutional capacity, and achieving domestic competitiveness, and improving the business environment, for the boosting of local investment.
Through “strategic investments and robust support” for local businesses, the CEO said they have laid the foundation for long-term growth, economic resilience, and community prosperity, and they remain committed to driving sustainable economic growth, fostering innovation, and ensuring that TCI continues to thrive as a world-class investment destination.
“These pillars have not only delivered economic benefits, but also created lasting improvements for our businesses, and over the years, we have seen some significant strides in key areas-62% of our team members engaged in individual training and upskilling courses to better serve our community,” she outlined.
She reported that 90% of their Micro, Small and Medium Enterprises (MSME) clients are now doing their application digitally, and they have seen a 71% increase in grant funding, amounting to $1.2 million, and “we supported over 200 local businesses, through grants and financial assistance,” she told her audience.
Launched in December 2015, the Invest TCI agency, which is the Island’s premiere investment promotion entity is also a statutory body which facilitates investment enquiries and operates under the Islands’ Encouragement of Development Ordinance and the 2012 Investment Policy. The ordinances, together with InvestTCI provide a framework for encouraging, prioritising and incentivising domestic and foreign investment.