Tourism a Highly Profitabile Industry – President Medina

Photo: JIS Photographer President of the Dominican Republic, His Excellency Danilo Medina Sánchez. (FILE)

Story Highlights

  • President of the Dominican Republic, His Excellency Danilo Medina Sánchez, says global tourism continues to demonstrate a high level of profitability and dependability, ranking third in world exports behind fuels and chemical products.
  • “This is especially important for less-developed countries, where tourism accounts for around seven per cent of goods exports and 30 per cent of services exports. Therefore, the economic impact of this phenomenon is so great that, directly or indirectly, it is responsible for approximately one out of 10 jobs in the world, generating opportunities for progress for nations of all latitudes,” he added.
  • In addition to the economic benefits, he said tourism is one of the most direct ways to weave links among human beings, fostering the exchange of ideas and experiences. “It is also a way to create connections between countries that, until recently, were not known, but that may have a great future in common,” he pointed out.

President of the Dominican Republic, His Excellency Danilo Medina Sánchez, says global tourism continues to demonstrate a high level of profitability and dependability, ranking third in world exports behind fuels and chemical products.

Addressing the United Nations World Tourism Organization (UNWTO) Gala Dinner and Tourism Icon Awards at the Montego Bay Convention Centre on November 28, President Medina noted that in 2016 alone, more than 1.2 billion tourists travelled the world. The number, he said, is projected to reach 1.8 billion by 2030.

“To give us an idea, this means that tourism ranked third in world exports in 2015, after fuels and chemical products, and ahead of automotive products and food,” President Medina pointed out.

“This is especially important for less-developed countries, where tourism accounts for around seven per cent of goods exports and 30 per cent of services exports. Therefore, the economic impact of this phenomenon is so great that, directly or indirectly, it is responsible for approximately one out of 10 jobs in the world, generating opportunities for progress for nations of all latitudes,” he added.

President Medina cited figures from the World Tourism Organization (WTO,) which show that global tourism earnings increased from $2 billion in 1950 to an astonishing $495 billion by 2000.

“And in 2015, tourism earnings globally rose to a trillion and a half dollars, representing 10 per cent of the World Gross Domestic Product (GDP),” he noted further.

In addition to the economic benefits, he said tourism is one of the most direct ways to weave links among human beings, fostering the exchange of ideas and experiences. “It is also a way to create connections between countries that, until recently, were not known, but that may have a great future in common,” he pointed out.

President Medina said that the staging of the UNWTO Global Conference in Jamaica is a great honour for the country and the wider region.

“I see many of the leaders of this great global exchange here, I see the great promoters of the tourism sector, both public and private, and that makes me happy, because tourism, as well as being a creator of experiences, is a great driver of development for the countries that host it,” he said

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