Jamaica, October 21, 2019 – Tourism Minister, Hon. Edmund Bartlett, says there is no cause for concern by Jamaicans over the increasing levels of foreign direct investments (FDI) in the country’s tourism industry.
“As a tourist resort [destination], we are fortunate to be appealing to
the world’s top hotel brands wanting to [invest in and] be part of destination
Jamaica,” he said, in a message delivered by Tourism Enhancement Fund (TEF) Executive
Director, Dr. Carey Wallace, at the 5th Anniversary Awards Ceremony of
Cornwall Funding Services Limited, at Sunscape Resort & Spa in Montego Bay,
on Saturday (October 19)
Minister Bartlett noted that without FDIs, Jamaica
would not have attained the level of development growth achieved to date. He argued that previously, successive
administrations would build hotels and lease them to foreign entities, an
arrangement which, in a number of instances, did not redound to Jamaica’s
benefit.
“With the restoration of
confidence in government and stability in the country, foreign investors are
now putting their money where their mouth is. Not only are they investing in
concrete and steel, but they develop their own market to ensure their rooms are
occupied. So they have a long term vested interest in sticking with it,” the
Minister added.
Mr. Bartlett said this is evident
in the number of new rooms being added to the country’s stock annually to
accommodate increasing tourist arrivals. Additionally, he said there is an uptick in
visitor spending and retention of the tourism dollar in Jamaica, while assuring
that “the welcome carpet is also rolled out for any Jamaican entrepreneur or
investor wanting to also go big in tourism… and we do have some”.
“They along with our FDI
partners are opening up greater opportunities for our small and medium-size
business partners. They control the service side of tourism and are strategically
placing themselves in a position to provide many inputs that are needed for the
successful operation of the hotels,” he explained.
During the ceremony, several
awards were presented to new and longstanding clients of Cornwall Funding Services Limited.
Mr. Bartlett, in lauding the
entity’s management and staff, said they, like the TEF, “help to provide
financing to allow Jamaicans to be able to capitalize, build their businesses
and take advantage of the tourism dollar”.
Contact: Okoye Henry
Release: JIS
Header: Executive Director of the Tourism Enhancement Fund (TEF), Dr. Carey Wallace (right), delivering a message from Tourism Minister, Hon. Edmund Bartlett, during the 5th Anniversary Awards Ceremony of Cornwall Funding Services Limited, at Sunscape Resort & Spa in Montego Bay, St. James, on Saturday (October 19).
1st Insert: Co-Director of Cornwall Funding Services Limited, Junior Gordon (left), makes a presentation to the company’s first ever client, Ann McKenzie, during the entity’s 5th Anniversary Awards Ceremony at Sunscape Resort & Spa in Montego Bay, St. James, on Saturday (October 19).
2nd Insert: Co-Director of Cornwall Funding Services Limited, Junior Gordon (left), addresses guests during the entity’s 5th Anniversary Awards Ceremony at Sunscape Resort & Spa in Montego Bay, St. James, on Saturday (October 19). Listening is business partner, Joe Hylton.
Okoye Henry Photos