TCI to tap into multi-billion dollar industry

THE CARIBBEAN is rapidly emerging as one of the most attractive destinations for the multi-billion dollar industry of business process outsourcing (BPO).

And ready to tap into the trade is the Turks and Caicos Islands, according to Premier Sharlene Cartwright Robinson.

BPO is the contracting of the operations and responsibilities of a specific business process to a third-party service provider.

It is worth a massive $140 billion and has a projected growth of $163 million by the end of 2021.

According to the premier, the TCI has the political solidity and geographic positioning to take advantage of the industry.

She listed its advantages: "The TCI is a place for investors, TCI’s political stability, close proximity to the USA, easy access with flights from the UK, USA and Canadian markets, no direct taxation, well-regulated financial services sector, prime undeveloped land, effective judicial system based on English Common Law and our commitment to diversify our economy.

Ministers of Finance, representatives from 26 countries and more than 200 participants attended the first ever Outsourcing Caribbean Conference (OCC) held in Jamaica on Wednesday and Thursday (December 6 and 7).

Delivering the keynote address at the conference, Cartwright Robinson said that globally the outsourcing industry is growing exponentially and the Caribbean is well positioned to take advantage of this growth.

She pointed out that several countries in the region had already made outsourcing a staple in their economies.

Highlighting her reasons in support of the Caribbean region assuming a prime role in developing the outsourcing industry she explained that the Caribbean’s location, skilled and comparatively priced labour, labour retention, friendly business environment, high quality of life and modern infrastructure would immensely benefit the field.

She further called on leaders at the conference to commit to a ‘One Caribbean’ approach which would see more collaboration amongst Caribbean countries.

"The industry can have a significant economic and social impact on the region helping us to achieve our developmental goals,” she said.

The premier said the first ever OCC signals to the rest of the world that the Caribbean is serious about improving the conditions of the region and on attracting, retaining and growing outsourcing businesses.

"The Turks and Caicos Islands is proud to support this ground-breaking initiative,” she said.

The conference featured panellists from across the Caribbean and North America and included representatives from critical regional institutions such as UWI, CSEC and Caricom (CSME).

The OCC is a Regional Investment Promotion Conference of Caribbean Export Development Agency and the Caribbean Association of Investment Promotion Agencies of which Invest TCI is an active member.

Source: Turks and Caicos Weekly News