Business View Caribbean - June 2024

Our primary objective is to stimulate and facilitate the development of the Turks and Caicos Islands by attracting foreign direct investment, encouraging trade and investment within the economy itself.” The agency’s approach is multifaceted. It focuses on foreign investors and promotes domestic investment to strengthen the local economy. “We stimulate our local economy through promoting direct, domestic investment,” Musgrove continues. Collaborative efforts with stakeholders, whether through public- private partnerships or other commercial alliances, are pivotal to the agency’s mission. As the Chief Executive Officer, Musgrove’s role is comprehensive. She oversees the agency’s mandate, develops implementation strategies, and reports to the government on progress.“It’s exciting, rewarding, challenging,” she says, capturing the essence of her demanding yet fulfilling job. When visible, the results of their efforts bring immense satisfaction and highlight the importance of their work. DIVERSIFYING TOURISM AND INVESTMENT IN TURKS AND CAICOS With its pristine beaches and luxury resorts, Turks and Caicos remains a prime destination for travelers. However, Musgrove emphasizes that the key to sustainable economic growth lies in diversifying the tourism experience and expanding investment opportunities. “When we understand and recognize that tourism is the primary engine that drives economic growth in TCI, we continue to look for ways of diversifying the products we offer,” she notes. She highlights the importance of focusing on luxury hotels and exploring how to expand tourist activities beyond the confines of these establishments. By incorporating experiential tourism, tourists can explore the island’s rich culture and history, creating a more meaningful connection with the destination. Musgrove elaborates, “We have been working with our tourism partners to create greater experiences for tourists, ensuring our tourism product remains fresh and current with trends.” This involves initiatives that allow visitors to experience the islands’ beauty beyond their hotels, engage in various activities, and 55 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 06 INVEST TURKS & CAICOS