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• GDP: US$297 million (2003).
• Main imports: Foods and beverages, tobacco, clothing, manufactured goods and construction materials.
• Main exports: Lobster, dried and fresh conch and conch shells.
• Main trade partners: UK and USA.
• Main imports: Foods and beverages, tobacco, clothing, manufactured goods and construction materials.
• Main exports: Lobster, dried and fresh conch and conch shells.
• Main trade partners: UK and USA.
Economy
Since salt mining went into decline in the mid 1960s, and finally ceased during the 1990s, the Turks & Caicos Islands have relied on tourism and offshore financial services for most of their income.
There is little agriculture but the sizeable fishing industry is both a major 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. Under pressure from London and, more publicly, the Organisation for Economic Cooperation and Development, the government has now introduced a tighter regulatory structure to prevent fraud and money-laundering.
Meanwhile, it has refocused on tourism as the key to the islands' future economic well-being. The sector is now worth about US$500 million to the islands' economy. Despite receipts from tourism and the financial service, some aid from the UK is still needed to balance the budget and fund capital projects.
There is little agriculture but the sizeable fishing industry is both a major 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. Under pressure from London and, more publicly, the Organisation for Economic Cooperation and Development, the government has now introduced a tighter regulatory structure to prevent fraud and money-laundering.
Meanwhile, it has refocused on tourism as the key to the islands' future economic well-being. The sector is now worth about US$500 million to the islands' economy. Despite receipts from tourism and the financial service, some aid from the UK is still needed to balance the budget and fund capital projects.
Business Etiquette
The informal relaxed atmosphere prevails even in business circles. A lightweight suit is advised. Best months to visit are from April to October.
Office hours: Mon-Fri 0800-1300 and 1400-1630.
Office hours: Mon-Fri 0800-1300 and 1400-1630.
Conferences & Conventions
The Williams Auditorium offers facilites for 1,000 people. Allegro and Beaches also offer conference facilities.
Business Contacts
Providenciales Chamber of Commerce
PO Box 361, Providenciales, Turks & Caicos
Tel: (649) 231 2110.
Website: www.provochamber.com
For information on conferences and conventions, contact the Turks & Caicos Islands Tourist Office (see Contact Addresses).
PO Box 361, Providenciales, Turks & Caicos
Tel: (649) 231 2110.
Website: www.provochamber.com
For information on conferences and conventions, contact the Turks & Caicos Islands Tourist Office (see Contact Addresses).
