Published on : Monday, December 4, 2017
Jamaica The Jamaica National Group says that the small business companies need more involvement in fostering and bolstering the tourism business, which will help to improve the economy of the country.
Morris Dixon who was speaking as a member of a panel discussing From Technical Assistance to Financing – The Multiple Dimensions of Multilateral Development Banks, at the recently ended Global Conference on Jobs and Inclusive Growth: Partnerships for Sustainable Development, in Montego Bay, St James.
In the year 2016, Jamaican tourism directly contributed about 9.3 per cent to the gross domestic product (GDP), or what the country earns from goods and services, the World Travel and Tourism Council documented in its Travel and Tourism: Economic Impact Jamaica 2017 report; and is responsible for 8.4 per cent of employment.
During the signing of a Memorandum of Understanding between the Tourism Development Corporation and the Travel Foundation, at the conference, Tourism Minister Edmund Bartlett also indicated that the establishment of micro and small businesses was responsible for driving up to 80 per cent of tourism business. This will drive more tourism revenue from the foreign countries.
Morris Dixon has underscored that the risk to financing micro and small businesses was not great, contrary to perception.
She indicated that the portfolio at risk for JNSBL was below three per cent. Therefore, she said, how institutions address risk and the collateral is important to dealing with financing for micro and small businesses in the sector.