Jamaica Minister of Tourism, Hon. Edmund Bartlett, has disclosed that the country earned a record US$2 Billion during the first eight months of this calendar year from 2.8 million visitors.
The figure represents an increase of 8.3 percent in gross foreign exchange earnings than the US$1.83 billion earned last year over the same period. In addition, cruise passenger arrivals were up 5.1 percent for the same period.
“My mission is to enhance the retention of the dollar from this US$2 billion. In fact, the latest report from the World Travel & Tourism Council indicates that the retention of the dollar, from the consumption side has risen to 70 percent. The Tourism Linkages Council is going to drive that value added that is needed to take the retention levels in Jamaica from 30 cents to at least 50 cents, for the total dollar that is spent,” said Minister Bartlett.
He also highlighted that direct contribution from tourism to the GDP at the moment is 8.4 percent but the induced and indirect contribution is now 27.2 percent. So, tourism remains one of the few labor-intensive sectors and directly employs 106,000 Jamaicans while generating indirect jobs for one in four persons, linked to sectors such as agriculture, creative and cultural industries, manufacturing, and construction.
Minister of Tourism, Hon. Edmund Bartlett (second left) engages Tourism Enhancement Fund (TEF)/National Export Import Bank of Jamaica (EXIM) Small Medium Tourism Enterprises (SMTE) Loan Facility beneficiaries Danville Davidson, Director of Irie Safari Tours Ltd (second right) and Patria Kaye Aarons, Director Sweetie Confectionary Ltd (center) in dialogue. The occasion was a press briefing to report on the loan facility at the Ministry’s New Kingston offices on August 30, 2017. Sharing in the moment are TEF Chairman Godfrey Dyer (left) and EXIM Bank’s Managing Director Lisa Bell. While there, Minister Bartlett disclosed that the country has earned a record US$2 billion during the first eight months of this calendar year, from a total of 2.8 million visitors. The figure represents an increase of 8.3 percent in gross foreign exchange earnings over the US$1.83 billion earned last year for the same period.
The Tourism Minister was speaking at the press briefing to report on the year-old TEF/EXIM Bank Small Medium Tourism Enterprises (SMTE) Loan Facility, at the Ministry’s New Kingston offices on August 30, 2017.
According to reports received from the EXIM Bank, as at August 29, 2017, they have received twenty-eight completed loan applications, totaling J$509.9 million, under the SMTE loan program.
“The excellent response of SMTEs to the loan facility is proof that it is welcomed and well needed. Operators of SMTEs, who access up to $25 million dollars at 5 percent interest, over 5 years, will now be able to better respond to the demands of our thriving tourism sector,” said the Minister.
