In a bid to bolster Jamaica’s tourism sector and maximize revenue retention, Minister of Tourism, Hon. Edmund Bartlett, has underscored the necessity of sourcing more local supplies.
Highlighting the current retention rate of 40 cents per dollar, Minister Bartlett emphasized the potential for growth by reducing the sector’s import dependency.
Record-breaking revenue projection for fiscal year 2023/24
Preliminary figures for fiscal year 2023/24 indicate a remarkable surge in Jamaica’s tourism revenue, reaching an estimated US$4.38 billion.
This significant uptick, representing a 9.6 per cent increase compared to the previous fiscal year, demonstrates the resilience and attractiveness of Jamaica’s tourism offerings on the global stage.
Minister Bartlett advocates for reduced import dependency
During Wednesday’s (May 1) post-Cabinet press briefing at Jamaica House, Minister Bartlett articulated the critical importance of reducing the tourism sector’s import bill to enhance revenue retention.
By investing more in local supply chains, Minister Bartlett envisions a substantial increase in the percentage of tourism dollars remaining within Jamaica, potentially elevating it to 50 or 60 cents per dollar.
Ministry initiatives aim to foster greater economic participation
Minister Bartlett outlined the dual dynamics of tourism economics, emphasizing both demand and supply aspects.
While demand focuses on attracting tourists to Jamaica, the supply side encompasses the goods and services provided within the country.
Recognizing the pivotal role of local supply in wealth creation, the Ministry is prioritizing initiatives to bolster domestic participation in tourism-related activities.
Empowering local farmers
One such initiative is the Agri-Linkages Exchange (ALEX) platform, a collaborative effort between the Tourism Enhancement Fund and the Rural Agricultural Development Authority (RADA).
This online platform serves as a conduit for connecting small-scale farmers directly with hoteliers, ensuring a sustainable and reliable supply of fresh produce to tourism establishments.
The impact of the ALEX platform has been significant, with more than $1 billion in sales generated for small farmers in 2023 alone.
