Minister wants more Jamaicans to invest in tourism
MAYBERRY Investment Limited recently closed its monthly Investors’ Forum series on a positive note.
Now in its 16th year, the monthly forum aims to share investment opportunities with the firm’s stakeholders.
The final forum for the year was held at the Sabina Park Cricket Stadium in Kingston, with presentations being made by Minister of Tourism and Entertainment Dr Wykeham McNeill, and Chief Executive Officer (CEO) of Caribbean Producers Jamaica, Thomas Tyler.
Speakers encouraged both private and public investors to invest in Jamaica’s growing tourism sector, which continues to undergo significant development.
McNeill explained that some 2,500 rooms are either under construction or being renovated, and will come on stream by the end of the year creating an exceptional expansion in the tourism sector.
“Jamaica’s tourism sector is taking off and doing very well, and there’s a reason for that,” the minister told the forum.
“The first has to do with the current state of our economy. The reality of the situation is that investors are looking at Jamaica and are feeling very positive about the direction our economy is moving,” he added.
He said that expansion will continue over a four-10-year period with the construction of an additional 7,000 new rooms. These include 4,000 rooms to be added by the Karisma Group, 2,500 to be added by China Harbour and 800 rooms to be added by Ocean by H10.
He said, however, that efforts to boost investments by Jamaicans in the sector will require increased access to domestic capital.
McNeill called on players in the financial sector to make capital more readily available to local investors so they too can share in the tremendous opportunities now available in the booming tourism sector.
He also emphasised that these investments could be either direct investment in tourism, or by exploiting its linkages with other sectors such as agriculture, manufacturing, and entertainment. He said that, as the tourism sector continues to enjoy expansion, more Jamaicans should be able to take advantage of the investment opportunities.
“This investment wave is bigger in scope than anything we have ever seen before. But, while this is happening, more Jamaicans should look at the tourism sector as a great area for investment and can reap healthy returns. We need to establish systems to facilitate investment in the tourism sector, finding ways to put management and capital together. So I am encouraging corporate Jamaica to open their doors,” McNeil said.
