The creation of a new inward investment agency for the Turks and Caicos Islands (TCI) took a major step forward with the appointment of its first Board members, it was announced today, Friday 17 April 2015.
The TCI Cabinet appointed two Turks and Caicos Islanders, Anton Faessler as Chair, and Mrs. Tremaine Swann-Harvey as Deputy Chair of Invest TCI.
Once the full Board of Directors is appointed, it will be the responsibility of that Board to appoint staff for the new Agency in the usual way, including a chief executive and other senior positions. Turks and Caicos Islanders are encouraged to apply for these roles at the appropriate time.
Separately, on 20 November 2014, the TCI Government issued open tenders for consultancies for the TCIG Business Reform Strategy. One consultancy was for a Programme Director to lead the Business Reform Strategy initiative and the other consultancy was for an Investment Promotion Expert to assist the Board to develop institutional capacity; to strengthen and support investment promotion and economic development and; develop practical tools for the planning and managing of investments. Interested Bidders were invited to apply for one or other of the consultancies. Two tenders from within the TCI were received.
In line with the Public Procurement Ordinance 2012, the Public Procurement Board recommended that the contract should be awarded to TCI permanent resident Colin Heartwell’s consultancy firm British West Indies (BWI) Consulting. Heartwell is the Director of the National Insurance Board and would have to be released before his firm takes up this consultancy work with the Invest TCI agency.
“I am very excited by the potential of Invest TCI, given that we are already one of the fastest growing economies in the Caribbean,” said Minister of Finance Hon. Washington Misick.
“Our economy can only benefit by having an expert team working to bring together the needs of business and government in a more co-ordinated and coherent manner.”
Invest TCI will work with investors who want to do business in the TCI, as well as advising government on how it can create the right environment to encourage trade and streamline the investment process. It replaced the defunct TCInvest, following the coming into force of the Invest Turks and Caicos Ordinance on 1st April 2015, and is planned to be operational by 1 July 2015.
The new Invest TCI agency will build upon the resources of the Ministry of Finance’s Investment Unit, transforming it into a fully functioning statutory body independently operated by a Board of Directors, Chief Executive and other key professionals.