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Business Profile
Since salt mining went into decline in the mid-1960s and finally ceased a few years ago, the Turks & Caicos Islands have relied on tourism and offshore financial services for most of their income. There is little agriculture but a substantial fishing industry which is both the sole contributor to the islands’ food requirements and a valuable export earner – particularly from the USA which buys much of the catch. The only other notable industry is construction, which is largely geared towards improving tourism infrastructure.
In the mid-1980s, measures were introduced by the Government to attract an offshore financial services industry and these have met with reasonable success. Unfortunately, it brought laundered money and illicit capital fleeing from elsewhere. In the last two years, the Government has been obliged by pressure from London, and more publicly the Organisation for Economic Cooperation and Development, to introduce a tighter regulatory structure to prevent fraud and money-laundering. Meanwhile it has refocused on tourism as the key to the islands’ future economic wellbeing. The sector is now worth about US$200 million to the islands’ economy.
Despite receipts from tourism and financial service, some aid from the UK is still needed to balance the budget and fund capital projects. The USA is substantially the largest single trading partner; the remainder of the islands’ trade is conducted with the UK and with its Caribbean neighbours.
Business: The informal relaxed atmosphere prevails even in business circles. A lightweight suit will be the most needed. Best months to visit are from April to October. Office hours: Mon-Fri 0800-1300 and 1400-1630.
Commercial Information: The following organisation can offer advice: Providenciales Chamber of Commerce, PO Box 361, Providenciales (tel/fax: 946 4748; website: www.provo.net/chamber).
Conferences/Conventions: For information, contact the Turks & Caicos Islands Tourist Board (see Contact Addresses section).
Copyright © 2003 Columbus Publishing Ltd.
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