Turks And Caicos Shuts Investment Promotion Agency

by Phillip Morton, Investors Offshore.com

16 January 2012

The Turks and Caicos Islands government has called time on the jurisdiction's investment promotion agency TCInvest, with Governor, Ric Todd stating that the government body had 'run its course'.

TCInvest was established in 1995, employing 20 staff, with the stated mandate to operate as an independent agency to attract foreign investment, encourage domestic entrepreneurship and to provide financing to local businesses and social projects. However in a recent review, as part of government retrenchment efforts, the government found "very serious problems" with the TCInvest loan book, that could cost the government some USD10m were action not taken.

Todd said despite the best efforts of staff, many of TCInvest's internal systems had not kept pace with the modern needs of an increasingly sophisticated business community.

The Governor confirmed the agency would be wound up with some members of staff transferred to continue inward investment and business licensing functions within the government, while others will be offered positions in other areas of government.

“It has become clear that TCInvest has run its course,” Governor Todd stated. “Its key function of economic development is important to the future of TCI. A new inward development team will be created at the heart of government as part of the CEO’s Office, capable of developing with the five new ministries a tailored set of services to offer to local and international developers.”

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