KINGSTON, Jamaica, Aug 4, CMC – Jamaica says it remains optimistic that the investment climate in the tourism sector remains positive despite it being impacted by the coronavirus (COVID-19) pandemic.
Tourism Minister Edmund Bartlett, says the level of multibillion-dollar investment projects that are now underway or programmed for implementation over the next two years is indicative of investors’ vote of confidence in Jamaica.
He told representatives of the Caribbean Alternative Investment Association (CARAIA) that among the projects completed in 2020 or are nearing completion are the development of the Chukka Ocean Outpost in Sandy Bay, Hanover, at a cost of US$3 million; refurbishing of Overwater Bungalows by Sandals; and refurbishing of the RIU Hotel in Montego Bay.
Additionally, he noted that the construction of 400 additional hotel rooms at Oceans is nearing completion, while ground was broken for the two million US dollar Red Stripe Experience Museum at Rick’s Café in Negril.
Bartlett said projects scheduled for implementation between 2021-2023, including the construction of 2,000 rooms by Princess Hotels in Negril; would amount to over 7,500 rooms.
“What a vote of confidence,” he said, adding that Harmonisation Group Limited is set to continue work on the US$7.5 billion Harmony Cove tourism project in Trelawny during the 2021/22 fiscal year.
He said the development is expected to include several luxury hotels, world-class golf courses, a luxury spa, marina facilities, commercial developments, and private residences, among other features.
“These investment projects have helped to place the sector on a path to recovery while creating more job opportunities for Jamaicans and further fuelling the growth of our tourism and our economy overall,” Bartlett said.
He said that the strategic public-private investment partnerships will be crucial to the tourism industry’s economic recovery from the effects of COVID-19.
“The continued show of confidence by investors, even in a pandemic environment, is evidence that Jamaica is still a coveted destination and a powerful global brand. Jamaica’s tourism is ripe for investment. There has never been a better time to invest in Jamaica’s tourism product,” Bartlett added.