PROVIDENCIALES, TCI (July 1st, 2020) – Invest Turks and Caicos Agency (Invest TCI) has initiated the ambitious task of growing the nation’s financial services sector by contracting the services of FTI consulting to develop a Marketing and Communications plan. One of the largest and top-ranking financial consultancy firms in the world, the company will produce an actionable strategy to brand TCI globally as a competent and capable offshore financial centre (OFC). The aim is to develop the sector to complement our well-known tourism industry.
Diversifying the economy has always been a required objective for past and present TCI Governments. The global pandemic, which has led to a slowdown in the economy and lack of tourists, has further reinforced the need to achieve this.
Developing the financial services sector will be a challenging undertaking for the country, with the TCI finding its niche and place amongst established players in the regions. However, Invest TCI is confident that its engagement with FTI will bolster our ability to become a formidable player in this market. An impressive, proven track record of success, FTI has worked with several governments; most notably, the Singapore Economic Development Board and the Hong Kong Economic and Trade Office. Selected through an open tender, three consultancy firms from around the world submitted proposals with FTI ultimately scoring the highest out of the three firms.
The evaluating criteria included demonstrating knowledge & experience in presenting identifiable outcomes and objectives and delivering solutions tailored to the TCI’s FS sector. The hiring of FTI is a significant stride towards diversifying the country’s economy. The expertise of FTI offers optimism and surety that the TCI will emerge as a reputable jurisdiction for financial services in the future.
The marketing and communication plan will provide Invest TCI and TCIG with an executable strategy, the implementation of which will begin to position TI as a viable and most attractive option for already establish firms to operate and relocate. Additionally, it will create branding and a consistent message to utilize going forward as it builds a reputation and shapes the country’s perception as a serious financial center to the rest of the world. Already well established as a place that attracts high net worth individuals to vacation, developing the sector allows TCI the duality of offering financial services such as family offices, trusts and investment banking to these wealthy individuals.
More importantly, by attracting financial institutions to operate in TCI, there will be an opportunity for the next generation to pursue new career paths, learn about a new industry, increase government revenue through growth of the sector, and offer multiple options in terms of lending institutions.
Since the recommendation of the 2018 KPMG report analyzing the TCI FS sector, The Financial Services Working Group chaired by Mr. David Stewart and Invest Turks and Caicos has led the drive forward to grow the sector. At Invest TCI’s 2nd Annual Economic Conference held in November 2019 centered around diversifying the economy through financial services, Madam Premier, The Honourable Sharlene Cartwright Robinson, Minister of Finance, Investment and Trade and her Cabinet reinforced their commitments to grow the sector. With support from the civil service, the private sector and the FSC, Invest TCI will continue to lead the growth of the sector.
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About Invest Turks and Caicos
Invest Turks and Caicos is the Turks and Caicos Islands’ Investment Promotion Agency, responsible for enhancing the economy through the attraction, growth and retention of overseas investment; and supporting the growth and expansion of local businesses.
We provide a confidential service to overseas businesses looking to invest in the Turks and Caicos Islands, and will work with a company project team throughout the investment process, providing advice, support and facilitation. This includes:
information on the local business climate;
facilitating the inward investments through project review and advice to Cabinet;
coordinating the investor’s interaction with relevant Government Departments throughout the investment process;
advice on Government incentives and concessions to investors;
introductions to local service providers/suppliers;
advice on work permits and permanent residency procedures;
ongoing support following set up.
Invest TCI also works actively to support the growth of local businesses on the islands, including the management and delivery of the Micro Small and Medium Enterprise programme which provides grants, training funding and import duty relief to locally owned businesses.
