Since 2004, the GDP in the TCI (Turks and Caicos Islands) has been in the double-digits, peaking at 17.9 percent in 2006, with the primary contributing sectors being the thriving tourism, financial service and mariculture industries. During the same time, the Islands attracted more than $5bn of inward investment from around the planet, quite a feat for a nation with a population of only 35,000.
A tour through the Islands during these years would see construction of upscale condominium-resort hotels along Providenciales’ renowned Grace Bay Beach, as well as luxury “escapist” properties, including private homes and villas, on the islands of Ambergris Cay, Dellis Cay and Parrot Cay. This was made possible by several revered and respected groups such as the Gansevoort, Amanresorts, DPS Sporting Clubs, the Ritz Carlton and Mandarin Oriental to name only a few. Many offering the latest presentation technology and meeting/conference spaces, with incentive and group packages readily available.
The increased infrastructural development is complimented by new airlift provided by West Jet direct from Toronto, direct flights from London, daily 75 minute flights to Miami and connections available from several key gateway cities in the US, Canada, and Caribbean, making the TCI more accessible and connected than ever before. All of this is aptly supported by international shipping ports, paved highways and clear road systems throughout the islands, with a causeway linking the two largest islands, North and Middle Caicos. No wonder these islands were recently awarded as having the highest standard of living in the region in a survey of Caribbean and Central American Countries of the Future 2009/10.
Following deregulation of the telecommunications market, Digicel and IslandCom entered to offer a vibrant and competitive telecommunication services with original industry giant Lime (Cable & Wireless), providing many high-speed communication services nationwide. The recent addition of a modernised state of the art healthcare system in its final stages of completion, on both Providenciales and Grand Turk provided by the National Health Insurance Program or NHIP. TCI also hosts a Community College, with campuses in Grand Turk and Providenciales, producing trained skilled employees in fields such as IT engineering, hospitality and economics.
With each new development raising the standards of elegance and service, the TCI is not only a paradise for seekers of sun, sand and sea, gourmet dining, thrilling water sports, world-class spas for pampering and a championship golf course, it is also a dynamic place to conduct business.
To find out more about the islands, their growth and opportunities, TCInvest, the countries IPA (Investment Promotion Agency) serves as a “one-stop” shop for interested investors, with offices in Grand Turk, Provo, New York, Toronto and London. Conrad Higgs CEO explains, “We encourage overseas investors to visit us first, TCInvest can give you a complete portfolio of the services available in the Islands, streamlining the process and putting you in touch with the right people.”
Right now, he says, the TCInvest sees great potential to diversify the Islands’ economy in areas such as retail, communications, medical services, green business such as recycling, green technology, mari-culture such as lobster and shrimp farming and light manufacturing. A number of local IT firms offer high-end services including software development, web hosting and e-commerce, proving to be an ever-growing and fruitful market. Undaunted by the fall hurricanes of 2008 or the global economic downturn, the unique, elite charms of investing in the Turks and Caicos Islands are growing with opportunity.
For more information contact Rebecca Astwood, Tel: (649) 941 4808 or email: rvines@tcinvest.tc