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TEF Business Model to be repositioned to grow Jamaica’s Tourism Industry

Ministry of Tourism | 2016-06-17 00:00:00

In keeping with efforts to transform the country’s tourism sector, Minister of Tourism, Hon. Edmund Bartlett has revealed that the business model of the Tourism Enhancement Fund (TEF) will be repositioned to respond effectively to the demands of the new growth strategy.

He expressed that “for 10 years TEF has been driving infrastructural improvements in keeping with the goals set out in the Tourism Master Plan. However we have reviewed the way TEF’s resources have been allocated and moving forward we are going to ensure that these funds, which are derived from visitor arrivals, are used for projects which will directly enhance the tourism product.”

“The agency will fund strategic and targeted projects which support key activities aimed at realising growth targets. These include: supporting the development of a hospitality school; artisan villages, the craft institute; and boosting safety and security within the sector. TEF will also have a key role to play in funding the initiatives which will fall under the five pillars of tourism growth as well as the five networks,” added Mr. Bartlett.

It was underscored that by repositioning TEF, its resources will be used to improve the tourism product, thereby attracting more visitors which in turn will increase the amount of money which will then go back into the fund itself. 

This new business strategy will require Memoranda of Understanding (MOU) with all the key agencies with which the TEF partners and will require a business plan to be presented for projects. These plans will outline the sustainability of each project, the management structure and the return on investments. The agreements will differentiate between projects which have a commercial element for which there should be a return on investment (ROI) and those that are for the public good.

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