“Opportunities for Growth and Inclusion for All TCI Stakeholders”.
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Introduction
A business outlook conference was held last week under the theme “Opportunities for Growth and Inclusion for all TCI Stakeholders” Based on the presentations at this conference, I can say that the future of the Turks and Caicos looks very great. As Hon Premier Charles Washington stated that there are unique opportunities in TCI.
However, while I agree there are opportunities and growth for TCI Stakeholders, there must be a level playing field so that Turks and Caicos Islanders do not get left behind and are able to participate and enjoy the fruits of these opportunities.
This article will summarize some of the presentations at the conference.
A bright Future – Hon Charles Washington Misick
Hon. Charles Misick revealed that the dollar value for the successful completion of several high-end projects for Turks and Caicos is about $1billion. He also revealed a summary of approved and ongoing projects for each island in the Turks and Caicos Islands. Based on his presentation, an additional 87 rooms for South Caicos valued at $30mm. 630 rooms for Grand Turk valued at $1.2billion. North Caicos with more than 103 rooms valued at 30.4m. Middle Caicos $170m. Salt Cay $125m and Providenciales $1.3billion and Pine Cay $11m
He also stated that there is a limit on diversification so tourism will continue to be our mainstay, but diversification can take place within the tourism industry. Despite the limits on diversification, TCI Finance was created to explore and expand the Financial Industry.
The Premier also shared with the audience that a feasibility study will be done to connect the Caicos Islands but did not know what that cost will be. He also said that his government does not want anyone to be left behind so they more than tripled the social services budget from $3millionto $10million.
Catalyst for Growing Business – Mrs. Angela Musgrove and Mr. Paul Pirie
Mrs. Angela Musgrove, the CEO of Invest TCI, talked about how Invest TCI is focusing not only on international investors but also local investors. Invest TCI has expanded the categories that are qualified for grants and offer technical assistance. Mr. Paul Pirie, the CEO of the newly created TCI Finance, recognizes the challenges of the Financial Industry (especially since we do not have a developed niche like Cayman, BVI or Bermuda) but is confident with our strategic location and environment, the TCI can attract businesses and individuals to be a part of the Financial Services Industry ultimately increased its share of the GDP by more than 30%
Access to Capital and Future of Banking – Mrs. Kerryl Lyn King-Henry & Mr. Terrance Gibson
Mrs. Kerryl Henry, the Country Manager and Area Vice President talked about access to capital. She stressed that one of the common occurrences that the bank found is that some businesses are keeping financial statements.
Mr. Terrance Gibson, the Country Head of CIBC talked about the future of Banking in TCI from a CIBC perspective. He announced that the Banking Association has started the process of establishing a clearing house which will help all the banks to engage in electronic transfer and customers will be able to transfer funds among the banks creating a game changer. One of the exciting things he announced was that CIBC got the approval to install an ATM on the island of South Caicos and a second ATM on the island of Grand Turk.
Tourism Strategies to Deliver Measure Success – Hon. Joseph Connolly
The Minister reiterated that Tourism is the mainstay of our economy, and they want to ensure that everyone benefits from this industry. She also announced that with Experience Turks and Caicos, there will be a grant of $5,000 for Turks and Caicos Islanders in the tourism industry. She also stated that they are promoting all the islands and as a result they are reaping the benefits of Bambara Beach being number one in the Caribbean. She also announced the airlift to South Caicos opening new possibilities for the island. She also talked about tourism capacity data model that will be used to guide development and make decisions.
Tourism – Investing with Fresh Eyes in Shaping the Future – Mrs. Stacy Cox and Mr. Alvin Hegner.
Mrs. Stacy Cox is the CEO of the Turks and Caicos Hotel & Tourism Association and has reconfirmed that the number of rooms are expected to double over the next couple of years. She also talked about the different possibilities of diversifying the tourism industry and having a niche tourism market.
Mr. Alvin Hegner, Chairman of Experience stressed how the country must diversify the tourism market by looking beyond the USA. Arrivals from Canada and Europe have already increased. The TCI has one of the highest ADR in the country. He also said that at least 8 properties have Virtuous travel agency brand and no other Caribbean Island can say that. He also expanded on the data that Experience TCI is gathering that allows them to predict the pattern of tourists.
Health – Committed to Health and Innovation – Mr. Dennis Deveaux and Dr. Denise Braithwaite-Tennant
Mr. Dennis Deveaux, the CFO of Doctors Hospital, talked about how the Hospital has evolved and is a world-class medical facility. He also stressed the need for collaboration with other countries in the Caribbean such as Turks and Caicos.
Dr. Braithwaite-Tennant talked about the TCI Hospitals and the need to ensure safety, to provide solutions and to be sustainable.
Addressing Infrastructure and Housing Challenges – Hon. Jamell Robinson
Hon. Robinson talked about the significant housing demand that TCI currently faces. To address this crisis, the Government has developed housing initiatives and incentives to encourage individuals to build and restore housing.
Energy Transition – Managing the Transition to a Cleaner Future. – Mr. Delano Arthur and Mr. Devon Cox
Mr. Arthur of the Energy and Utilities Commission talked about using archaic rules and agreements to govern an industry in the 21st industry. Therefore, the Government plans to regulate the industry to ensure that it is bright, sustainable, reliable and affordable.
Mr. Devon Cox, the Vice President of Operations talked about the need to find right balance of affordability, sustainability and reliability. Mr. Cox stated to achieve all these elements, it will require a significant investment.
TCI Bahamas Diaspora – Embracing a new Mindset of Collaboration
The TCIG recently set up a diaspora office in the Nassau and Grand Bahama in the Bahamas. Miss Vernay Mills from the office in Nassau spoke about the importance of this office and the engagement that takes place with Turks and Caicos Islanders in the Bahamas.
Conclusion.
The TCI Business Outlook conference has provided a lot of hope for the stakeholders of the Turks and Caicos Islands. However, I do believe we need a master plan, and we must be very careful how we develop the other islands. We must also ensure that Turks and Caicos Islanders are able to embrace these opportunities otherwise if we continue to develop the country without the people playing a greater role in it, then why we are allowing the development to take place. I know there are a lot of challenges but as the Premier stated that the opportunities outweigh the challenges.