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Tourism and Hospitality Seen as Number 1 Choice for Investment

Tourism and Hospitality Seen as Number 1 Choice for Investment

The Jamaica Chamber of Commerce-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.

The study indicated that these industries were seen as being able to generate more significant returns, when compared to the other industries in the market.

“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,” said Minister of Tourism, Hon. Edmund Bartlett.

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

He also shared that, “In the last 3 ½ years, tourism arrivals has grown by 33% and revenue has grown by nearly 90%. This growth has caused a huge impact on GDP, in terms of the contribution that the tourism industry is making. In these three years, we have moved from 7.2% to 9% in 2017. We are sure, trending, as we are now, that we would have hit the 10% mark by the next review by the 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.”

The Jamaica Chamber of Commerce (JCC) announced the results of the 2019 third Quarter Business and Consumer Confidence Indices at the JCC Secretariat. Managing Director at Market Research Services Ltd presented on the findings.

In his address to the board, the Minister 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.”

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. Its mandate will also include management of all moneys paid, or assets transferred into the Scheme and the appointment of a Fund manager.

Retired banking and insurance executive, Richard Powell serves as chairperson, with Attorney-at-Law, Hyacinth Lightbourne as deputy-chairman.

The other members are: Retired Actuary, Hon Daisy Coke; President of the Jamaica Hotel and Tourist Association, Omar Robinson; Group Commercial Director of Sandals Resorts, Wayne Cummings; Hotelier, Philipp Hofer; Attorney-at-Law, Carlton Williams; Chartered Accountant, Eric Crawford; Head of the Hugh Lawson Shearer Trade Union Education Institute at UWI’s Open Campus,  Danny Roberts.

The Pension Scheme is a defined contributory plan supported by legislation and will require mandatory contribution by workers and employers.

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