BARBADOS AND OTHER?regional tourism destinations face several challenges going forward following economic downturns since 2004 that led to declining arrivals and spending.
Country manager for the InterAmerican Development Bank (IDB) in Jamaica,?Ancile Brewster, said those challenges included increased competition, slow global recovery, the high import content of the tourism product and natural disasters.
He added that since most countries imported fuel, this too, was a significant cost.
“If we begin to see a greater frequency of earthquakes and hurricanes, our response would be to look at diversification and tourism markets other than North America,” Brewster said.
“We have to continue to seek a greater take from the tourism dollar. IDB will provide technical assistance and the necessary research . . . but we must look at new markets [and] secure investments from further afield – including China, Latin American and South American markets,” he noted.
He said the region needed to respond to these challenges by, among other things, deepening linkages to the local and regional economy through agro-food production, processing and linking destinations.
During the Caribbean Hotel & Tourism Association and the Caribbean Tourism Organisation’s Caribbean Hotel and Tourism Investment Conference in Jamaica, last week, Brewster noted that the region imported US$4.5 million in food each year, and receives about US$11 billion annually from the IDB. In addition,
between 1970 and the present, US$2 billion was invested in the tourism industry.Brewster said the 2004 crisis impacted the region significantly and all Caribbean economies were negatively affected. (CH)
