Tourism and hospitality, number 1 choice for investment in Jamaica

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Tourism and hospitality, number 1 choice for investment in Jamaica

Tuesday, October 15, 2019

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KINGSTON, Jamaica — The Jamaica Chamber of Commerce (JCC)-commissioned business and consumer confidence indices, for the third quarter of the year, indicate that the tourism and hospitality industry show the highest interest for businesses to invest as it generates more significant returns.

The JCC announced the results of the 2019 third Quarter Business and Consumer Confidence Indices at the JCC Secretariat.

“This morning, at the Chamber of Commerce meeting, noted pollster Don Anderson shared the industries which businesses are seeking to invest in the coming future. I am happy to share that the Tourism and Hospitality industries emerged as leaders. This has never happened before, where tourism is seen as the preferred industry in Jamaica, or arguably in the Caribbean,” Minister of Tourism, Edmund Bartlett said in a release.

The Minister was speaking earlier today at the first meeting of the recently announced board of trustees for the recently passed landmark Tourism Workers' Pension Scheme, which took place in the Kingston office of the Tourism Product Development Company.

“In the last 3 years, tourism arrivals has grown by 33 per cent and revenue has grown by nearly 90 per cent. This growth has caused a huge impact on GDP (Gross Domestic Product), in terms of the contribution that the tourism industry is making. In these three years, we have moved from 7.2 per cent to 9 per cent in 2017,” Bartlett added.

Noting current trends, Bartlett said he expects the country to hit the 10 per cent mark by the next review Planning Institute of Jamaica (PIOJ).

“I think that all of this is coming behind these numbers that I just gave you and it makes the point completely that the growth that we are talking about is not fictional. It is being reflected now in investor confidence and investor preference,” Bartlett said.

“I think who we have to lay the accolades to, are the workers of the tourism industry. That is why this activity, that you have agreed to serve, in building out the framework of this landmark legislation, to protect the worker of the industry, is so important. The greatest thanks that we can give the workers, is to make sure that this pension plan works for them.”

According to the ministry, the Tourism Workers' Pension Scheme Board of Trustees will play a critical role in the management of the Scheme starting with the review of the regulations required to make it operational.

The ministry added that the Pension Scheme is a defined contributory plan supported by legislation, and will require mandatory contribution by workers and employers.

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