TEF considers app to spur tourism investment
Published:Wednesday | January 8, 2025 | 12:07 AM
The Tourism Enhancement Fund, TEF, wants consultants to develop a mobile app showcasing top investment locations in Jamaica to spur investments by locals and foreigners.
“The average Jamaican may be unaware of how valuable their physical assets are in the sector. This lack of awareness leads to missed opportunities to earn and participate in the tourism industry, one of the most robust industries in Jamaica,” the state agency said in its request for information.
TEF said that the Tourism Entrepreneurship Index App – TEI – will tackle these challenges. Set up in 2004, TEF manages a fund that develops tourism projects independently or with government departments. It is led by Executive Director Dr Carey Wallace.
TEF indicated that it’s not currently seeking bids for the project but rather, information relating to “the scope, cost and feasibility”. Interested developers can submit responses by January 25. However, a response “does not constitute a bid/proposal”, the document made clear.
The app will offer users detailed information on viable business opportunities tailored to specific locations in Jamaica. It will generate an index score based on 20 critical factors, including accessibility, economic viability, safety, entertainment, and more. These factors are derived from a variety of data sources, such as crime statistics, government service maps, and TEF’s digital sites and platforms.
TEF stated that potential entrepreneurs face challenges in obtaining reliable, inexpensive, and up-to-date information on the suitability of different areas for tourism investment. This information deficit, it added, leads to inefficient decision-making, increased risks, and missed opportunities, “especially among locals who aspire to become tourism entrepreneurs”.
Jamaicans benefit indirectly from tourism, which provides the largest source of foreign exchange for the real economy. Tourism is projected to earn about US$4.5 billion in 2024, based on estimates from the Government in October. Overseas-owned resorts control most of the estimated 32,000 hotel rooms across the island, set to hit 50,000 in five years. Jamaicans are finding opportunities in the home rental market.
According to Airdna, which collects data from platforms like Airbnb and Vrbo, there are 13,000 rooms listed for short-term rental. This contrasts with 3,100 listings in Trinidad & Tobago and 56,000 listings in the Dominican Republic, Caribbean countries commonly compared to Jamaica.
TEF said that its app users will be “empowered” to make informed investment decisions.
“The TEI app is expected to involve everyone, from the layman Jamaican to the seasoned investor in the tourism industry, by providing data at their fingertips,” the agency said.