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Commonwealth Enterprise & Investment Council

Commonwealth Enterprise & Investment Council. Turks and Caicos Islands . OVERVIEW. About the Turks and Caicos Islands TCI’s relationship with CWEIC Major Opportunity Sectors Collective Challenges and Opportunities. About the Turks and Caicos Islands.

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Commonwealth Enterprise & Investment Council

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  1. Commonwealth Enterprise & Investment Council Turks and Caicos Islands

  2. OVERVIEW • About the Turks and Caicos Islands • TCI’s relationship with CWEIC • Major Opportunity Sectors • Collective Challenges and Opportunities

  3. About the Turks and Caicos Islands • British Overseas Territory consisting of over 40 islands with a population of approximately 41,000 • Multi party democracy overseen by a British Governor • 2.1% - 1.5% GDP per capita annual growth expected 2019-2022 • One of the fastest growing economies in the Caribbean • Budget surplus for 2015-2018 and projected 2019 of $11 million + • Acknowledged to be one of the most beautiful places on earth • The Islands receive over 1.3 million visitors per year • USA, Canada and UK largest source of visitors

  4. Turks and Caicos Relationship with CWEIC

  5. TCI’s relationship with CWEIC • The Turks and Caicos Islands through Invest Turks and Caicos Islands Agency, is an Institutional Strategic Partner of the Commonwealth Enterprise Investment Council (CWEIC). • The membership was established in May 2017. • This relationship allows for significant networking and outreach opportunities to businesses across the Commonwealth, as well as providing support in delivering the TCI’s economic objectives in the UK, a strategically important commercial market. PEOPLE + PARTICIPATION = OPPORTUNITY

  6. TCI’s relationship with CWEIC • Support for the strategic and commercial objectives of the Turks and Caicos Islands through high level introductions, referral opportunities, public relations etc. • Invitations to participate in all CWEIC events and activities across the Commonwealth including the biennial Commonwealth Business Forum and Commonwealth Trade Ministers Meeting. • Recognition of Invest TCI as an Institutional Strategic Partner of CWEIC on its corporate brochure, the homepage of its website and all marketing materials STRONG BRAND + CLERAR MESSAGE = VISIBILITY

  7. TCI’s relationship with CWEIC • CWEIC’s flagship SME development programme Commonwealth First, helps UK SME’s identify opportunities in Commonwealth Markets. The programme can also be adapted for TCI’s SME programme. • ITCIA works with CWEIC’s on specific projects, including hosting tailored events focusing on key priority sectors where CWEIC introduces ITCIA to potential investors and developers. • Invest Turks and Caicos is promoting major sectoral investment targets through the network established with CWEIC, notably the Financial Services Sector. OPPORTUNITY + VISIBILITY = INVESTMENT

  8. Major Opportunity Sectors

  9. Opportunity Sector – Tourism and Hospitality • Tourism Infrastructure on the islands has room for development. • Need for additional room inventory Goal 10,000 keys by 2022. • Opportunities also exist in: • Medical Tourism; • Hotel/Convention Centre- There are currently none in the TCI; • Marinas & Marine Industries; • Eco and Dive tourism • Villa development for high net worth individuals • ALL lead to Permanent Residency Opportunities for investors

  10. Opportunity Sector- Financial Services • Currently less than 6% of GDP, financial services has significant opportunity for expansion and new entrants • Retail/Commercial Banking (currently 3) • Private Banks (currently 4) • Retail real estate financing apart from traditional banking activities • Credit Union Formation • Wealth Management Companies, incorporated as Trusts or Commercial companies (currently 2) • Long-term asset management through Trust Companies (currently 4) • Real estate investment Trusts; • Specialty, private, and general insurance companies (over 7,300)

  11. Other Opportunities • Infrastructure • Spine Link Road • Cruise Port/Transshipment Port • Light Manufacturing • Beverages • Containers • Construction Materials • Agribusiness • Including Hydroponics • Food Processing and Packaging

  12. Opportunities and Challenges • Opportunities • Regional Direct Air-links • Co-ordinated Marine Transportation Services • Grow mid-market Investors • Challenges • Clarify and make transparent Financial Regulatory Implementation • Encourage OT/UK Trade by UK-based Multinationals • Make the OTs a preferred location for goods and services exports

  13. KEEP CALM AND SEIZE THE OPPORTUNITIES

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