Getting down to business in the Turks and Caicos Islands

I met earlier this month with the Business Advisory Group that I have invited to meet periodically.

The Group represents a cross section of businesses including retail ( the Do It Store and IGA), construction (Coxco), tourism and new developments ( the Hotel and Tourism Association, Inter- Caribbean Airways, the Grand Turk Cruise Centre and Sailrock), financial services (Scotia and the Accountants’ Association) and the Chamber of Commerce.

I’m pleased that it also involves business people from or representing interests in Grand Turk and North and South Caicos, as well as Providenciales.

The Group is intended to provide an opportunity to hear the views, informally, of representatives of the business community.  On occasions  I hope that we will be joined by the Premier, Minister of Finance, the leader of the opposition and visiting senior business people or British Ministers.

The first meeting got off to a lively and instructive start, with discussion around a short paper prepared by one of the members, Robert Brace( who used to be on the main board of BT, one of the UK’s largest companies). We looked at some of the barriers to growth in TCI, and what are some of the country’s main attractions. At the outset we were all agreed that TCI needed to try and maintain its  “high end ” tourism appeal to North Americans, including to long stay visitors and wealthy retirees.

But we also noted that there remained impediments to business developing as quickly  as it should. Some of these included the difficulties for small business acquiring sufficient funding, and a sense that small companies needed more support. We also discussed the current work permit arrangements, and many local and expat business people felt that there were too many inconsistencies in the system. A more simplified system could help.

There were also concerns about the high cost of energy in TCI, and the need to look at alternative, renewable energy sources.  There was a general agreement that the customs operation worked well, and we also noted the fundamental importance of ensuring that visitors to TCI received a warm, friendly but professional greeting when they arrived and departed, from immigration officers to customs, police and taxi drivers. First and last impressions count.

Our discussion was so animated that we were only able to consider about half of the topics in Robert Brace’s paper. So we will reconvene in three or four months time, including with the Premier or Minister of Finance – to whom the key decisions about business development fall.

The Group is advisory, so nothing is going to change instantly. But I hope that our discussions, and the frankness and openness with which they were held, will mean that I and the Government will be in a better place when we discuss the ways in which we can grow TCI’s economy to the benefit of all our citizens.

As I stressed when I arrived here six months ago I am keen to see the business environment prosper, and to use my experience of working with many major UK and foreign  companies. I am confident this small Group will make an important contribution to that aim.

A happy, peaceful and, I trust, restful Easter!