“Prioritizing Inclusive Sustainable Growth,” captures the essence of what our economy must become and underscores our unwavering commitment to this vision. We aim for an economy that grows not just in numbers but in depth, reach, and resilience. One that lifts people, protects nature, and creates space for everyone to participate and thrive.
As Acting Premier, I am pleased to share how the Government is working to position the Turks and Caicos Islands for long-term success—through diversification, smart investment, and meaningful collaboration with the private sector.
Diversifying for Economic Resilience
Our proactive approach to diversification is a testament to our optimism and hope for the future. We must reduce our dependence on any single sector to future-proof our economy. While tourism remains a vital driver of growth, we are focused on building complementary industries that provide balance, stability, and sustainable opportunities.
Our diversification strategy includes investments in:
• Agriculture and fisheries – to strengthen food security and create value-added exports;
• Renewable energy – to reduce costs, ensure energy independence, and meet our climate goals;
• Financial services – to position our jurisdiction as competitive, compliant, and innovative;
• The orange and digital economies – where creativity, culture, and technology drive 21st-century jobs.
• Infrastructure – The bedrock that drives any successful economy
This multifaceted approach will help build a more inclusive and resilient economic foundation that is better prepared to withstand global disruptions. It will also create new job opportunities, enhance food security, and reduce our carbon footprint.
Strengthening Revenue and Fiscal Systems
A sustainable economy relies on strong, fair, and efficient public finance systems.
We are expanding our revenue base, reforming our revenue generation structures for equity and resilience, and enhancing compliance mechanisms to ensure the Government collects what is due. Through consultancy and technical assistance from IMF/CARTAC. They are assisting with Revenue Generation reform in MOF to improve compliance, implementing a new system, and exploring new revenue streams. These efforts are not just about funding services—they are about creating the fiscal space to invest in people, infrastructure, and innovation.
Supporting MSMEs and Local Enterprise
Inclusive growth must begin at home, and our commitment to supporting Micro, Small, and Medium Enterprises (MSMEs) is a testament to this. We recognize that MSMEs are the lifeblood of local commerce and employment and are deeply committed to their success.
We have committed over 90% of MSME funding to date, with 89 projects receiving concessions. The fisheries sector received the highest allocation, and South Caicos recorded nine concessions—the highest ever from that island.
Our support includes financing and technical assistance to help entrepreneurs scale up, modernize, and enter new markets.
Elevating the Tourism Sector
We acknowledge the transformative leadership of the former Minister of Tourism the Honourable Josephine Connolly, under whom the country transitioned from the traditional Tourist Board to a dynamic new agency—Experience Turks and Caicos.
This reform contributed to a historic achievement: 2.0 million arrivals by air and sea in 2024, a record for our destination.
Looking ahead, our strategy is clear: We will protect the exclusivity and value of our tourism brand. This means focusing not just on the number of visitors, but on quality—growing Revenue Per Available Room (RevPAR) and investing in experiences that reflect the uniqueness of our islands.
Real Estate and Investment Confidence
The real estate sector remained stable in 2024, with 2.5% growth, and is projected to grow 3.2% in 2025. These figures reflect investor confidence and underscore the importance of clear planning, sound land management, and predictable regulatory environments.
Building Infrastructure for the Future
No economy can grow without the infrastructure to support it. That is why we are investing in a modern, integrated infrastructure network—fit for 2040 and beyond.
In 2023, we spent $38.6 million on capital projects. While this was an improvement, we are not satisfied with the pace of delivery. The procurement and approvals processes have proven to be a challenge, and we are actively reforming it to unlock faster, more efficient project execution.
For the coming fiscal year, $86.7 million will be allocated to Economic Affairs, covering:
• Infrastructure and land development,
• Tourism enhancement,
• Agricultural support,
• Environmental and coastal protection,
• Utilities, communications, and disaster resilience.
Transforming the Energy Landscape
No sector reflects the urgency of sustainability more than energy.
We are committed to a clean energy transition, beginning with the modernization of our power grid to handle growing demand and enable renewable integration. We aim to generate 40% of electricity from renewable sources, with solar as a central driver.
To support this, we are introducing net metering, allowing residents and businesses to generate solar power and receive credits for feeding excess energy back into the grid.
This is not just about clean power but about economic empowerment, energy security, and lowering the cost of living.
Conclusion
Inclusive, sustainable growth must remain central to our collective ambition as we look ahead.
It calls on us to create an economy that is not only robust and competitive, but also fair and forward-facing—where growth reaches across sectors, across islands, and into the hands of all who call these shores home.
It means embracing innovation, empowering entrepreneurs, protecting our environment, and building resilience in every development layer.
At this forum, we are not just forecasting the future but helping shape it. The partnerships we forge here, the strategies we refine, and the bold ideas we commit to will determine the trajectory of our economy for years to come.
Let us move forward with clarity, courage, and shared purpose toward a future that is more inclusive, more sustainable, and filled with opportunity for all.
Thank you.
