Jamaica needs financing in micro and small business sector for improving tourism benefits

Published on : Monday, December 4, 2017

Jamaica tourismDr. Dana Morris Dixon, economist and executive for business advisory services at The Jamaica National Group, said that opportunities for financing in the micro and small business sector must be further expanded if Jamaica wishes to maintain and improve tourism benefits for the local economy.

 
In 2016, tourism directly contributed 9.3 per cent to the country’s gross domestic product (GDP).

 
During the signing of a memorandum of understanding between the Tourism Development Corporation and the Travel Foundation, the Jamaican Tourism Minister Edmund Bartlett also said that micro and small businesses were responsible for driving up to 80 per cent of tourism business.

 
“How you deal with risk has to be a critical component of dealing with funding to micro and small businesses,” Morris Dixon said. She stressed the need for even more prospects for financing to micro and small business financing in the tourism sector.

 
“You have to find financing opportunities for the smaller players in the industry if we want to see the trickle-down effect of tourism in this country,” Morris Dixon affirmed.

 
Morris Dixon also emphasized the need for stronger partnerships to develop the tourism sector further.

 
“We have to pursue partnerships to move the tourist industry forward,” Dixon said. She added, “The partnership is Government, it’s the private sector, it’s civil society. It’s also the multilaterals too.” She pointed the need for more technical assistance, for honing the ideas of small and micro operators into working businesses.

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