September 21, 2005, Port of Spain, Trinidad � Today, the World Travel
& Tourism Council (WTTC) presented the results of its economic and
policy research on the Trinidad and Tobago Travel & Tourism economy
to Senator Howard Chin Lee, Minister of Tourism, Trinidad and Tobago and
the country�s Travel & Tourism community.
The research contained economic projections for the growth of Travel
& Tourism in Trinidad and Tobago and a series of policy recommendations
intended to maximize the potential of Travel & Tourism to the islands�
economy and tap its position as a leading catalyst for economic development
and job creation.
In Trinidad and Tobago for 2005, WTTC is forecasting:-
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Demand: Encompassing all components of Travel & Tourism consumption,
investment, government spending and exports to grow 8 per cent (real terms)
and total US$2,616 million (TT$ 16,481 million) in 2005. The ten-year
annualized growth (2006-2015) forecast is 5.2 per cent per annum, making
Trinidad and Tobago the second fastest growing Travel & Tourism economy
in the Caribbean, after Grenada which is recovering from last year�s Hurricane
Ivan.
-
Visitor Exports: Spending by inbound international visitors is expected
to total TT$3287 million in 2005, representing 5.5 per cent of total exports.
In Tobago alone, visitor exports are expected to total TT$257 million (US$40.8
million) which represents 95.9 per cent of the island�s total exports.
-
Gross Domestic Product (GDP): Travel & Tourism�s contribution
to Trinidad and Tobago�s economy is illustrated by the direct industry
impact of 4.8 per cent of total GDP and the combined direct and indirect
impact of the Travel & Tourism economy which is expected to total 13.8
per cent in 2005.
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Employment: The Trinidad and Tobago Travel & Tourism industry
is expected to account for 33,771 jobs or 5.8 per cent of total employment
in 2005. The broader perspective of the Travel & Tourism economy
(direct and indirect), which includes the spillover employment associated
with industry capital investment and government spending, is expected to
account for 96,539 jobs dependent on Travel & Tourism or 16.7 per cent
of total employment. In Tobago, the Travel & Tourism economy
is expected to account for 14,800 jobs in 2005, of 56.8 per cent of total
employment on the island. In general, Tobago�s employment produced
from Travel & Tourism is nearly four times more intense than that of
Trinidad.
In order for Trinidad and Tobago to realize its potential in Travel &
Tourism, WTTC�s principal policy recommendations included:
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Identify and recognize the Travel & Tourism potential in Trinidad as
well as Tobago.
-
Establish a National Convention Bureau (NCB) to manage all of MICE business
for Trinidad & Tobago
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Provide a one-stop shop for Travel & Tourism investors to reduce bureaucracy
and streamline the process
-
Raise awareness of the economic and social benefits of Travel & Tourism
throughout all levels of the population
-
Update the Tourism Satellite Account on a yearly basis to ensure that adequate
data is available to factor Travel & Tourism in to economic and employment
strategies
-
Implement strategic plans through a strong Ministry of Tourism in collaboration
with the private sector
-
Integrate environmental management and tourism development plans to ensure
that development of tourism and protection of the environment are mutually
supportive
-
Pull together a concerted campaign involving government ministries, the
private sector and training institutions to promote the benefits of working
in Travel & Tourism
-
Increase communication between the private sector employers and Travel
& Tourism training institutions to ensure that the supply of qualified
tourism employees meets the varying demands of the industry, and vice versa
-
Improve air access to Trinidad and Tobago by consolidating the position
of BWIA and upgrading existing airport facilities
-
Identify a body with clear responsibility for tourism product development
and invest in diversifying the tourism opportunities within Trinidad and
Tobago to ensure sustainability of the tourism product
-
Develop a clearly identifiable �brand� Trinidad and Tobago to raise awareness
of the country as a destination throughout the world
-
Ensure that strategic plans reflect issues specific to Tobago
At the launch in Port of Spain, Trinidad, Jean-Claude Baumgarten, WTTC
President said, �Trinidad and Tobago is in prime position to develop a
diverse, high quality and sustainable tourism industry. Bolstered
by successful and growing energy and financial sectors, Trinidad is seeing
a rising demand in business tourism. Tobago, on the other hand, is
already one of the most tourism intense places in the world. The demand
is there, now is the time to build new products. We applaud the commitment
of TIDCO and now TDC to development of the country�s tourism and we urge
the government to take on board the findings of this report. Travel
& Tourism will clearly have a very important role to play in the future
of Trinidad and Tobago and the opportunities offered by this industry �
to the economy, to employment and to social development � will be enormous.�
Senator Howard Chin Lee, Minister of Tourism for Trinidad and Tobago
commented, �We welcome this study from WTTC and its findings. It comes
at time of new energy in our country�s Travel & Tourism, with the newly
formed Tourism Development Company all set to drive the industry forward.
We recognize the important contribution made by Travel & Tourism to
our economy and are committed to ensuring that its considerable potential
is realized.�
About The World Travel & Tourism Council
The World Travel & Tourism Council (WTTC) is the forum for global
business leaders comprising the presidents, chairs and CEOs of 100 of the
world's foremost companies. It is the only body representing the
private sector in all parts of the Travel & Tourism industry worldwide.
Its members are leaders in all sectors of the industry, including accommodation,
catering, entertainment, recreation, transportation and other travel-related
services. WTTC's mission is to raise awareness of the full economic
impact of the world's largest generator of wealth and jobs - Travel &
Tourism. Governments are encouraged to unlock the industry's potential
by adopting the Council's policy framework for sustainable tourism development.
Travel and Tourism is one of the world�s largest industries, employing
some 200 million people and generating over 10% of the world�s GDP.
For more information on WTTC, please visit www.wttc.org.
About the Trinidad and Tobago Research
The WTTC Research for Trinidad and Tobago is the latest in a series
of research produced by the World Travel & Tourism Council using standard�s
developed by the United Nations Statistics Commission (called "Tourism
Satellite Accounting") and a detailed independent policy assessment by
leading Travel & Tourism analysts. Research on the Report for
Trinidad and Tobago began at the end of 2004.
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