US$3 billion in investment coming to Turks & Caicos

Thursday, January 29, 2004

PROVIDENCIALES, Turks & Caicos Islands: Over the next few years an estimated US$3 billion in investment is planned for the Turks and Caicos Islands, which has earned a reputation of being one of the most attractive destinations for doing business in the Caribbean.

And this British Overseas Territory's Chief Minister Michael Misick says he plans to ensure that this country and its people receive maximum benefits from this huge injection of capital.

"The Turks and Caicos Islands has one of the best names in the Caribbean for inward investment. We have over $3billion on new investment waiting to some and so we have to strike while the iron is hot, because the investment market is very fragile and if you don't act quickly people will take their money and go elsewhere," Misick said.

"We have to encourage people to come and invest their money and also ensure that we have an attractive and friendly investment plan and that when that investment comes, our people are actively involved and are getting a fair share."

Misick noted that the TCI is "on the verge of a construction boom and a boom for new properties", adding that all of the new properties that are slated to come are Five Star, high-quality, world-renowned companies.

Misick added: "We realise that we have a limited amount of people and as part of our plan we intend to enter into an agreement with all of these properties whereby they will be given certain assurances that labour will be available. But in addition to that there must be a training plan.

"The problem is that the majority of our people in the tourism industry are now at the lower tier and it is our plan to push our people up to the middle tier and top management. If you get more hotels you will need people but what we are coming up with is a quota system whereby we will have people coming from different areas instead of having one set of people from a particular place."

The Chief Minister said they are also considering arrangements where guest workers can come to the TCI and work only for the tourist season. 

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