Acting Premier Robinson: “Diversify or Risk Vulnerability” — TCI Economy Must Evolve Beyond Tourism, Business Outlook Told

Deandrea Hamilton | Editor

Turks and Caicos, June 20, 2025 – Turks and Caicos Islands must urgently diversify its economy to ensure resilience in the face of growing global risks, warned Acting Premier Hon. Jamell Robinson during a keynote at the 2025 Turks & Caicos Islands Business Outlook.

“Tourism is, and will remain, a vital driver of growth — but we cannot afford to rely so heavily on one sector,” Robinson told attendees. “We must future-proof our economy.”

Delivering his remarks under the theme Prioritizing Inclusive Sustainable Growth, Robinson, who also serves as Minister of Immigration and Border Services, laid out a strategic case for building a broader economic foundation that will deliver opportunity for all Turks and Caicos Islanders — one that is “more inclusive, more sustainable, and filled with opportunity.”

He pointed to the “fragility” of tourism, given its exposure to external shocks such as pandemics, global recessions, and climate events. In response, government is investing in complementary industries: agriculture and fisheries to enhance food security, renewable energy to drive down costs and emissions, financial services to diversify income streams, and the “orange” and digital economies to foster 21st-century job creation.

“These are not aspirations — these are the pillars we must build,” Robinson said.

The Acting Premier also emphasized fiscal reforms underway, with assistance from IMF and CARTAC, to strengthen government revenue systems and create space for investment in infrastructure, education, and social services.

Small business growth remains another key target. “MSMEs are the lifeblood of local commerce,” Robinson said, noting that over 90% of available MSME funding had been committed, with the fisheries sector and South Caicos emerging as top beneficiaries.

On infrastructure, Robinson acknowledged government’s own need to accelerate delivery: “We are not satisfied with the pace of capital projects — reforms are underway to unlock faster, more efficient execution.”

Energy transition is another priority: “We aim for 40% of electricity from renewable sources,” Robinson declared, with net metering on the horizon to empower residents and businesses to feed solar energy into the grid.

Robinson closed with a call for unity: “It will take bold partnerships and shared purpose to secure an economy that is not only robust and competitive, but also fair, forward-facing — and resilient.”