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Minister Bartlett also discussed the findings with agricultural purveyors and stated that the study was an important tool for restructuring the tourism industry in a way that ensures maximum returns from visitor arrivals.
The study indicates that the annual leakage, due to imports, amounts to $65.4 billion in the manufacturing sector. The study also reveals that there is a gap of some $41 billion in unfulfilled demand for select manufactured items as only J$24 billion in demand is now being met locally.
“J$65 billion represents nearly 10% of our GDP. It means therefore, that if Jamaica’s production levels enable the satisfaction of these tourism demands we can grow GDP by 10%. A growth of that nature immediately brings down your debt to GDP ratio. This will have enormous potential for fiscal space to deal with capital expenditure for infrastructure and growth,” said Bartlett.
Metry Seaga, President, JMA, said, “We are happy to partner with the Ministry of Tourism to ensure that the goals outlined by the Minister can be met. We know that in order for us to get the right policies in place, JMA have to be at the table from very early.”
Source: travelnewsdigest.in