Turks and Caicos Islands

House of Lords written question – answered at on 21 July 2014.

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Photo of Lord Ashcroft Lord Ashcroft Conservative

To ask Her Majesty’s Government what steps are being taken to promote economic growth in the Turks and Caicos Islands.

Photo of Baroness Warsi Baroness Warsi Senior Minister of State (Foreign and Commonwealth Office) (Jointly with the Department for Communities and Local Government), Senior Minister of State (Department for Communities and Local Government) (Faith and Communities) (also in the Foreign and Commonwealth Office)

The Turks and Caicos Islands and other British Overseas Territories are small, open and dynamic economies that offer opportunities for investment and trade. UK Ministers and Territory leaders have agreed, through the Joint Ministerial Council last year, an ambitious practical agenda to support our shared vision for the Territories as vibrant and flourishing communities, proudly retaining aspects of British identity and generating opportunities for their people. This agenda includes working together to promote trade and investment opportunities in the Territories, to deliver on the G8 tax and transparency agenda, and to maintain high standards of governance and rule of law. The EU has recently agreed improved market access for Territory services and UK Trade and Investment (UKTI) have opened their overseas market introduction service to Territory companies.

The Government is committed to continuing to build a strong partnership with the Turks and Caicos Islands government to help them develop their economy. Since 2008, the UK has supported far reaching reform, including strengthening of economic governance and the management of public finances, and provided a loan guarantee worth up to $260 million. Further, the UK agreed to proposals for the redevelopment of passenger facilities at Providenciales International Airport. The redevelopment should increase its capacity and improve the customer experience. It is expected to be completed later this year.

The Government is continuing to support reform in the Turks and Caicos Islands, including through a Technical Assistance programme supporting capacity building work across a number of Ministries (budget of £1.5 million in financial year 2014-15).

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