Turks and Caicos Islands

House of Lords written question – answered on 10th May 2011.

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Photo of Lord Ashcroft Lord Ashcroft Conservative

To ask Her Majesty's Government what steps are being taken to stimulate economic activity in the Turks and Caicos Islands.

Photo of Lord Howell of Guildford Lord Howell of Guildford Minister of State (Foreign and Commonwealth Office) (International Energy Policy)

The current Government in the Turks and Caicos Islands have taken a number of steps to stimulate economic activity including the introduction of a progressive system of stamp duties on property purchases; significantly reducing rates for all but the most expensive properties; simplifying of highly complex system of customs duties, and in so doing reduced some significant burdens to the benefit of many businesses and of social welfare; approving the investment of US$70 million on an expanded international airport to ensure it remains compliant with international standards and to increase airlift; generating interest from external investors seeking to develop internationally recognised hotels; and introducing a support package and reforms to stimulate and support local agriculture and fishing.

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