TRINIDAD AND TOBAGO - Caribbean Tourism Organization

4
EXECUTIVE
SUMMARY
THE IMPORTANCE OF TRAVEL & TOURISM TO TRINIDAD
AND TOBAGO IS INDISPUTABLE, ALTHOUGH THE
INDUSTRY’S POTENTIAL IS A LONG WAY FROM BEING
FULLY TAPPED. HOWEVER, BOTH GOVERNMENT AND
INDUSTRY WILL HAVE TO OVERCOME A NUMBER OF
CHALLENGES TO ENSURE THAT MAXIMUM BENEFITS TO
THE ECONOMY AND SOCIETY ARE ACHIEVED IN A WAY
THAT IS SUSTAINABLE IN THE LONG TERM.
With successful energy and manufacturing sectors,
Trinidad and Tobago is much less dependent on Travel &
Tourism than many neighboring Caribbean countries.
Nevertheless, it has been clearly identified by the
government’s Vision 2020 as a means of creating
sustainable employment and economic growth over the
next 20 years.This recognition of the industry’s potential
economic contribution is a step in the right direction,
although there is still insufficient understanding at all
levels of government of Travel & Tourism’s full potential.
In 2005, the wider Travel & Tourism Economy is
expected to contribute 13.8 per cent of Trinidad and
Tobago’s GDP and account for 96,539 jobs,
representing 16.7 per cent of total employment. Over
the next ten years, Travel & Tourism in the country is
forecast to achieve annualized real growth of 5.4 per
cent, in terms of GDP, and 6.5 per cent in terms of
Travel & Tourism employment. This would take the
share of GDP and employment to 16.5 and 19.2 per
cent respectively by 2015.
Moreover, the impact could be even greater than
forecast if the underlying national policy framework is
conducive to growth – ie if underlying conditions for
investor confidence, dynamism and sustainability are
created. However, this depends on government
recognizing and supporting Travel & Tourism as a highpriority
industry and employer, factoring it into all
policies and decision-making.
In a separate analysis of Tobago, undertaken by
WTTC and research partner Oxford Economic
Forecasting (OEF), the results are even more striking. In
2005, Travel & Tourism in Tobago is expected to
account for 46.0 per cent of the island’s GDP and 56.8
per cent of total island employment. Furthermore,
Travel & Tourism Visitor Exports are projected to
account for nearly 96 per cent of Tobago’s total exports.
Clearly these figures make Tobago one of the most
tourism-intensive economies in the world.
In 2005,Travel & Tourism in Tobago is expected to account for 46.0 per cent of the island’s GDP and
56.8 per cent of total employment. Furthermore, Travel & Tourism Visitor Exports are projected to
account for nearly 96 per cent of Tobago’s total exports. Clearly these figures make Tobago one of the
most tourism-intensive economies in the world.
With the delicate balance of tourism-intensive
Tobago on the one hand and Trinidad’s as yet largely
unexplored tourism potential on the other, there is a
need now to focus on increasing income through a
quality and diversified tourism product, rather than
simply increasing arrivals.
Past efforts, including the Tourism Master Plan of
1994 and the work of the Vision 2020 Tourism Subcommittee,
have helped to put Travel & Tourism firmly
on Trinidad and Tobago’s political and development
agenda. The main challenge that lies ahead is to gain
support for the industry from all levels of the public and
private sectors, as well as from the population at large,
and then to ensure that recommendations are followed
up by legislation and implementation.
Recent organizational developments, and the
formation of the Tourism Development Company
(TDC), which will take over responsibility for all