REGGAE Sumfest, slated for Montego Bay July 17-24, has been singled out by a leading financial expert as being in a category of sectors that hold the key to Jamaica’s economic progress.

Chairman and CEO of Grace Kennedy Limited Douglas Orane, commented on the festival at a financial forum hosted by the Financial Services Commission at the Pegasus Hotel in Kingston Wednesday evening. He was addressing the forum on sectors that are important for Jamaica’s development following the recent Jamaica Debt Exchange Programme.

According to Orane, the music and film industry is one area that holds potential to significantly elevate Jamaica’s economic performance. “Live concerts such as Reggae Sumfest attract huge crowds and provides spin-off jobs for the hospitality industry,” he stated.

Orane continued by pointing out how important the extended music industry is to the country’s economy, and the opportunities that are available.

“The music industry has developed already but we just don’t know how developed it is, because much of it is underground…there are still opportunities to create a properly packaged sustainable product to the world.”

The power of Reggae Sumfest has been noted and documented as a major influence on the economy. Each year, an estimated 30,000-40,000 people descend onto the second city to partake of the festival and the related attractions in and around the area. This activity is immense and the spin-off in repeat visitors has been encouraging to the Jamaica Tourist Board (JTB), a sponsor of the 2010 staging.

Reggae Sumfest remains the most celebrated and supported reggae festival in Jamaica, and attracts the world’s leading musicians and performers. In its near 20-year history, the show has boasted a superb entertainment package, loaded with the best performances, food, music, and culture.

The “greatest reggae festival” kicks off tomorrow with a Beach Party at Cornwall Beach and continues at Catherine Hall July 22-24. Among the headliners for the festival are Usher, Chris Brown, Shaggy, Queen Ifrica, Bounty Killer, Beenie Man and Etana.