TCI News
TCI: Premier and Minister of Finance, Investment and Trade attends InvestTCI’s 2nd Annual Economic Conference
#Providenciales, November 14, 2019 – Turks and Caicos – The Premier and Minister for Finance, Investment and Trade attended Invest Turks and Caicos’ 2nd Annual Economic Conference at the Beaches Resort & Spa under the theme ‘Financial Services – Building Block to a Stronger, Diversified Economy’ on Friday, 8 November 2019.
The one-day event featured speeches by International Keynote Speaker, Lorna Smith, Former Executive Director, BVI Finance and Founder and Chief Executive Officer of LGS and Associates, among other speakers.
Premier Hon. Sharlene Cartwright-Robinson brought remarks and made a presentation on ‘The Government’s Role in Supporting a successful Financial Services Industry’ outlining actions taken and commitments already made by her Government to strengthen the Financial Services Sector as a part of a strategy to diversify TCI’s economy.
The Premier and Minister of Finance commenting on the importance of such stated, “The TCI has experienced a real GDP growth rate of 2.5% in 2018 and is expected to see a 3.2% growth rate in 2019. These targets are being achieved in the wake of two major storms in 2017. Economic growth, for the most part, has been carried by the Tourism and Hospitality Sector for the past thirty (30) plus years. Even so, we are ever mindful that a country’s economic health should never be tied to a single industry or market sector.”
As it pertains to the importance of a joint effort between the Financial Services Sector, public and Private sector entities, Premier Robinson further added, “We see the Financial Services Sector as an integral part of the country’s economic advancement, where businesses and industries continually feed off of one another, growing larger and larger as the economy grows. It is a critical component of a diversified economy; creating a sustainable cycle of overall economic activity.
This conference, is an important platform that gathered leading industry players in the Financial Services Sector, the government and its ministries, departments and agencies, as well as other service providers in the various sectors of the economy.
We are able to share, learn and collaborate toward the enhancement and advancement of the Financial Services ecosystem of the TCI, and to ensure that it is one that engenders growth.”
Premier Robinson also shared that her Government commissioned a full review of the Financial Services Sector and had received the report, completed by KPMG in June 2018. She further outlined what was already agreed but not limited to:
· The appointment of a high level team and a Project Manager
· An immigration policy
· Creation of a marketing plan (which has already received funding by TCIG)
· Creation of a five (5) year legislative plan
· To commission surveys and the capacity to facilitate data collection
· To create a cybersecurity and data protection strategy
· To create training opportunities for TC Islanders
InvestTCI, which is the investment promotions arm of the government fall within the remit of the Minister of Finance.
Release: Office of the Premier
Photo Captions:
Header: From left to right (1st Row) : Minister for Education, Youth, Culture, Social an Library Services – Hon. Karen Malcolm; Partner, Griffiths and Partners, Managing Director of Coriats Trust – Mr. David Stewart; Deputy Premier and Minister for Infrastructure, Housing, Planning and Development – Hon. Sean Astwood; Minister for Tourism, Environment, Heritage, Maritime, Gaming and Disaster Management – Hon. Ralph Higgs; Chief Executive Officer of InvestTCI – Mr. James Bursey;
From left to right (2nd Row): Her Excellency Acting Governor – Mrs. Anya Williams; Premier and Minister for Finance, Investment and Trade – Hon. Sharlene Cartwright-Robinson and Former Executive Director, BVI Finance and Founder and Chief Executive Officer of LGS and Associates – Mrs. Lorna Smith.
Insert: Premier and Minister for Finance, Investment and Trade, Hon. Sharlene Cartwright Robinson bringing remarks at InvestTCI’s 2nd Economic Conference.
TCIG knew from April that fuel factor could surge almost 80%; Minister says $500 cost-of-living payment was part of Government’s response
PROVIDENCIALES — The Turks and Caicos Government knew months before July’s shocking electricity bills that consumers faced a potentially massive increase in the fuel factor.
Minister of Information Technology and Energy E. Jay Saunders revealed Friday that Pelican Energy warned his Ministry in April that generation fuel costs were projected to rise from $3.09 per gallon in May to $4.79 in June and July.
That translated into a projected fuel factor jump from about 17.5 cents to 31 cents per kilowatt-hour — an increase of almost 80%.
Saunders said he personally advised Cabinet of the projected increase and presented options for cushioning the impact.
He characterised Government’s $500 cost-of-living payment as its “initial response” to rising fuel costs, before a separate fuel-factor subsidy was approved.
Cabinet records show Government agreed on June 24 to provide funding to mitigate the fuel-factor impact, with the relief programme approved July 8.
Eligible residential customers — those averaging less than $1,500 monthly over the previous three bills — are capped at 22 cents per kWh from July through October.
Pelican confirmed Friday that Government’s contribution was already applied to July bills, meaning the bills now triggering widespread public outrage would have been even higher without the subsidy.
Saunders did not disclose the programme’s total cost.
His admission that Government knew since April, however, raises another question amid the backlash: why were consumers not directly warned by Government about the scale of the approaching increase?
PROVIDENCIALES — New commercial Crown Land applications are facing a six-month pause as the Turks and Caicos Islands Government takes inventory of its holdings.
During Cabinet meetings held July 15 and 16, an immediate six-month moratorium was approved on the acceptance, processing
and approval of new applications for commercial Crown Land grants, leases and allocations.
The pause will remain in place pending completion of the Crown Land Inventory Review. Cabinet’s summary did not state what prompted the review or indicate whether availability of commercial Crown Land is a concern.
The two-day meeting also advanced major consumer legislation. Cabinet approved the National Fair Competition Policy 2026 and drafting instructions for a Fair Competition Ordinance, moving TCI toward stronger consumer protection and fair competition rules.
In Grand Turk, Cabinet approved rezoning land in the North West Suburbs from low-density to medium-density residential use to facilitate a new apartment development.
Cabinet also advanced fisheries reforms, water legislation allowing private and public-private investment, minerals legislation and appointments across tourism, health and finance.
Progress toward establishing a TCI Credit Union was also noted.
PROVIDENCIALES — Major development projects outside Providenciales received Cabinet attention on July 8, with Government approving agreements connected to the redevelopment of Dellis Cay and a resort development in North Caicos.
Cabinet approved a Development Agreement between the Turks and Caicos Islands Government, Desarrollos Hotelco DC Ltd. and
Desarrollos Hotelco Astoria Ltd. for the redevelopment of Dellis Cay.
The long-discussed private island development sits between Providenciales and North Caicos and its return to Cabinet signals another step toward redevelopment.
Cabinet also approved amendments to an agreement involving SPR LND Ltd. (Royal Reef) and TCIG Development Agreement for a resort/hotel development in North Caicos.
Other decisions included approval of the First Supplementary Appropriation Bill 2026 for onward transmission and the appointment of Cindy Ewing as Chair of the Invest TCI Board, effective August 1 for three years.
Cabinet also noted consultation outcomes concerning changes to business licensing, approved professional membership expenses for qualifying Telecommunications Commission staff and approved advice relating to the Interim Clinical and Estates Services PPP.
The July 8 meeting was chaired by Acting Governor Anya Williams.
Photo Credit: Royal Reef (Keith)
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