March 20, 2024
Jamaica’s tourism sector remains bullish on achieving its ambitious triple five objective, aiming for US$5 billion in earnings, five million tourist arrivals, and a series of key performance indicators over a targeted 5-year period ending in 2025. Despite global challenges like inflation and labor shortages, the sector has shown resilience, already surpassing expectations with over a billion in revenues since the beginning of the year.
According to the Jamaica Observer, Minister of Tourism Edmund Bartlett highlighted the sector’s rapid recovery, “within the first year of reopening our borders, we welcomed one million visitors and earned just a little over US$1 billion. We continued to grow and in 2023 we broke the four million barrier to have 4.1 million visitors and year to date 1.1 million visitors and US$1.25 billion. In just two and a half months we, therefore, have seen over a million tourists and earned over US$1 billion for Jamaica which shows that we remain on track to achieve our objective”.
Plans include adding 15,000 new hotel rooms, creating thousands of job opportunities, and increasing retained earnings. The recent launch of the Caribbean Travel Marketplace is expected to boost stakeholder engagement and promote regional tourism growth. Despite a US travel advisory regarding crime and violence, the US market remains a significant source of revenue for Jamaica, with efforts underway to expand into new markets.
Discussions with Saudi Arabia for investment opportunities are ongoing, with potential investments anticipated by 2025/26. Additionally, the start of commercial flights to Ian Fleming Airport is expected to further stimulate the local economy, with American Airlines expressing satisfaction and potential plans for increased frequency based on demand.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.