Connect with us

News

TCI Records First Quarter of Negative Growth Throne Speech reveals

Published

on

By Deandrea Hamilton

Editor

 

#TurksandCaicos, September 15, 2023 – The Turks and Caicos Islands economic hot streak is cooling; within the Throne Speech of September 14 it was explained that the Washington Misick Administration is monitoring the global economy for any trends which may offset the TCI’s fiscal buoyancy after recording negative growth in the first fiscal quarter of 2023-2024.

“My government will continue to watch the world economy and adjust as we see fit to ensure that our people are protected and have a chance for the best outcomes. The global economic contraction is cause for concern. For the first quarter, the TCI revenues were $109.8 million. That is $3.7 million or 3% below estimates.”

The decrease in government income follows two consecutive periods of banner performances in tourism and real estate.

In delivering the message penned by Hon C. Washington, Misick, the Premier of the Turks and Caicos Islands in the Throne Speech, the governor, on his behalf said: “Mr Speaker! The 2022/23 Financial Year was challenging for my government and the people of these islands, but through the mercies of God, we finished the year with much to celebrate and much to be thankful for.

Mr. Speaker! While the TCI’s economic prospects are tied to the rest of the world, this little country is doing far better than many larger economies.

The economy has recovered fully from the downturn caused by the COVID-19 pandemic and over the last two and a half years has seen consistent growth,” said H.E. Daleeni Daniel-Selveratnam, Governor of the Turks and Caicos Islands.

The IMF has warned that the global economy is poised to slow.  Already, Canada is reporting that it has had a first quarter of negative growth.  Now, the Turks and Caicos is revealing the same.

“As we enter this legislative year, we must be mindful that as a tourist-dependent economy, we will remain vulnerable to global economic conditions.

That is why my government is striving to build an economy that has a strong foundation, is sustainable, diversified and above all gives every islander and resident an equal opportunity to create the best life for their families.”

The government explained in that parliamentary speech that while there have been pioneering strides in devising savings’ plans, managing debt, decreasing unemployment and raising salaries, according to the Speech, the Turks and Caicos is not absolved from external shocks.

“The Russia-Ukraine war continues to have a negative impact on us.  Over the last year, we have seen the cost of fuel and food increase significantly.

My government is mindful of the hardships that many families are facing. As we have done over the last two and a half years, we will continue to find ways to ease the burdens.”

Governor Daniel-Selveratnam, on behalf of the PNP Administration shared that spending will not be paused on previously touted Government initiatives.  In fact, it was announced that crowd Funds and Programs are advancing.

“The National Wealth Fund stands at $50.8 million. This is a testament to our journey toward posterity. It is a testament to an economy built to withstand external shocks and has the ability to bounce back quickly after a catastrophic event or natural disaster. The fund is valued at about 4% of the Gross Domestic Product (GDP). It is distributed in four specific ways:

  • The Stabilisation Fund has the lion’s share with $30.7million
  • The Infrastructure and Competitiveness Fund has $8.8 million
  • The Heritage Fund has $4.3 million and
  • Citizen’s Empowerment Fund $7 million. The first project of the Citizen’s Empowerment Fund is the creation of the National Credit Union to benefit all status holders and British Overseas Territories Citizens (BOTCs) who live in the TCI. I am happy to report that this is well underway.”

The Speech reflected on raised salaries for the Public Sector, establishment of an e-system to support a government worker pension fund and $1 Million invested in a reverse osmosis system for the once beleaguered facility in Grand Turk.

However, in addition to earnings being down for the first quarter, government spending dropped significantly.

“Total Expenditure was $20.9 million below estimates.  These results are for the 1st quarter only and could change.”

The Turks and Caicos is courting investments and in the Throne Speech, the nation learned of infrastructural projects which have the potential to boost earnings for the country, however, at no point in the presentation was the topic of economic diversification broached; no mention of new earnings streams and no mention of the current number two and three industries: Financial Services and Agriculture adn Fisheries.

The absence of potential remedies to the heavy reliance of Turks and Caicos on Tourism, raises questions about how the government plans to broaden the recurrent revenue stream or weather a possible global recession.

The Throne Speech was delivered to a packed galley on Thursday September 15, 2023 at the House of Assembly in Grand Turk.  It was the first Throne Speech for Her Excellency Daleeni Daniel-Selveratnam as the newest governor of the Turks and Caicos Islands.

News

Crown Land Unit Leads Multi-Agency Enforcement Exercise in Five Cays

Published

on

Providenciales, Turks and Caicos Islands – Wednesday, 21st October 2026: The Crown Land Unit, with coordination and support from the Informal Settlements Unit (ISU), conducted a multi-agency enforcement exercise in the Five Cays area of Providenciales on October 8, 2026, as part of the Government’s ongoing efforts to address the illegal occupation and unauthorized use of Crown land.

The exercise brought together representatives from the Crown Land Unit, ISU, TCI Border Force and Royal Turks and Caicos Islands Police Force. Inspections were conducted across several parcels of Crown land in Five Cays, where instances of illegal occupation and unauthorized use had been identified.

During the exercise, a total of seven (7) Section 22 Notices of Unauthorized Occupation were issued in accordance with the provisions of the Crown Land Ordinance. The notices related to the unauthorized placement of shipping containers and derelict vehicles, as well as the construction of an incomplete concrete structure on Crown land. Where occupants or other responsible persons were not present, notices were affixed to the relevant structures or items.

The exercise forms part of the Crown Land Unit’s continuing efforts to prevent squatting and encroachment on Crown land and to ensure that instances of unauthorized occupation are identified and appropriately addressed.

The Government of the Turks and Caicos Islands reminds the public that occupying, developing or otherwise using Crown land without lawful authority is an offence under the Crown Land Ordinance. These inspections and enforcement activities form part of a sustained program aimed at safeguarding public lands, discouraging unlawful development and ensuring that Crown land is managed in the best interests of the people of the Turks and Caicos Islands.

The Crown Land Unit will continue to work closely with the ISU and other partner agencies to identify and address instances of illegal occupation across the Islands. Persons occupying Crown land without authorization are encouraged to comply with all notices issued and to seek guidance from the relevant authorities where necessary.

Continue Reading

News

Invest TCI Strengthens Regional Investment Connections at Caribbean Investment Forum 2026 in Barbados

Published

on

Providenciales, Turks and Caicos Islands – Monday, 19th October 2026: Invest Turks and Caicos Agency (Invest TCI) strengthened its regional presence at the Caribbean Investment Forum (CIF) 2026, held October 5 – 7, 2026, in Bridgetown, Barbados, participating as both a sponsor of the Forum and representative of the Turks and Caicos Islands’ investment landscape.

The Caribbean Investment Forum brought together regional and international investors, government representatives, business leaders, entrepreneurs, investment promotion agencies, and development partners to explore investment opportunities, strengthen partnerships, and advance sustainable economic development throughout the Caribbean.

The Agency’s sponsorship of CIF 2026 formed part of its continued commitment to strengthening the visibility of the Turks and Caicos Islands within the regional investment community and building relationships with investors, development partners, investment promotion agencies, and businesses across the Caribbean.

The opening of the Forum was attended by the Honourable Mia Amor Mottley, Prime Minister of Barbados, who emphasised the importance of scaling regional investment, strengthening economic cooperation, and transforming innovative ideas into commercially viable opportunities. Invest TCI was represented by Ms. Alexa Cooper, Domestic Investment Officer, and Mr. Hezron Henry, Marketing Support Officer. Throughout the Forum, the delegation engaged with stakeholders and promoted the Turks and Caicos Islands as a competitive investment destination while exploring opportunities for greater regional collaboration and knowledge exchange.

Speaking on her experience at the Forum, Ms. Alexa Cooper, Chief Domestic Investment Officer, said:

“CIF 2026 provided another valuable opportunity to engage with donor organisations, investors and Investment Promotion Agencies (IPAs) from across the Caribbean. A highlight for me was the introduction of an exclusive masterclass for fund managers, investors and support organisations, which offered practical insights into unlocking capital, strengthening investment ecosystems and supporting investment-ready businesses. I was equally impressed with the quality of projects pitched, which showcased the region’s innovation and investment potential. It was encouraging to see projects presented with a clearer understanding of investor expectations, reinforcing the importance of not simply developing projects, but ensuring they are well-structured, investment-ready and positioned to attract the right investment partners.”

Accompanying the Invest TCI delegation was Mr. Sean Penn, Chief Executive Officer of Sky Poultry Farm Ltd., the first commercial egg and poultry production facility in the Turks and Caicos Islands. Mr. Penn’s participation provided an opportunity to showcase the development of domestic enterprise within the Turks and Caicos Islands while highlighting the potential of agriculture and food production as part of the country’s broader economic diversification efforts.

Through his participation at CIF 2026, Mr. Penn had the opportunity to engage with regional stakeholders, gain exposure to developments within the Caribbean agricultural sector, and explore potential partnerships and opportunities related to agricultural investment, innovation, and enterprise development.

For Invest TCI, the combination of sponsorship, investment promotion and local business representation provided a multifaceted platform to advance the Agency’s mandate. It allowed Invest TCI not only to promote the Turks and Caicos Islands to prospective investors but also to facilitate greater exposure for a local enterprise operating within an emerging sector of the economy. The Forum also provided opportunities for the Invest TCI delegation to exchange knowledge with regional counterparts, strengthen institutional relationships, and gain insight into investment trends and opportunities affecting Caribbean economies.

As the Caribbean Investment Forum continues to expand its regional reach, Santo Domingo, Dominican Republic, was announced as the destination for the next edition of the Forum, providing another opportunity to bring together investors, policymakers, investment promotion agencies and businesses from across the Caribbean and beyond.

Invest TCI looks forward to the continued growth of the Caribbean Investment Forum and the opportunities it creates to deepen regional partnerships, promote investment, and connect Caribbean businesses with new markets and sources of capital. The Agency remains committed to attracting sustainable investment, supporting domestic enterprise, encouraging economic diversification, and developing partnerships that contribute to the long-term economic development of the Turks and Caicos Islands.

Continue Reading

Bahamas News

Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

Published

on

NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

Continue Reading

FIND US ON FACEBOOK

TRENDING