Economic impact study for the marine and yachting sector

Yachts at Camper and Nicholson (file photo)

From 3 to 15 February, a survey will be conducted as part of an economic impact study with various businesses to determine their contribution to the marine and yachting sector.

The Marine and Yachting Association of Grenada, in cooperation with the Government of Grenada will be undertaking the study with the aim of collecting data about a sector which over the years has continues to grow and play an ever-increasing role in attracting foreign direct investment.

The sector, according to a news release from MAYAG also complements Grenada’s land-based tourism product, generate revenue for ancillary businesses, provides high-skills job opportunities for Grenadians, and generates significant tax receipts for Government.

“All interviews and survey responses will be strictly confidential. The published results will be compiled as anonymous data with no specific references to individuals or businesses,” said the release.

The completed economic impact study will be used for the strategic planning and development of the sector, by both the private sector and Government of Grenada. It will benchmark Grenada’s product and performance against industry norms and competitive destinations and provide a clear indication of the sector’s economic relevance and contribution.

The study is being conducted by Dr. Andre Henry, a Trinidadian native with extensive regional experience and success on similar projects. This study is part of a project funded by a grant from the Caribbean Aid for Trade and Regional Integration Trust Fund (CARTFund) to create a more enabling environment for the SMEs within Grenada’s yachting tourism sector. The Fund is administered by the Caribbean Development Bank.

By Linda Straker

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