Trinidad and Tobago
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TRINIDAD AND TOBAGO THE IMPACT OF TRAVEL &TOURISM ON JOBS AND THE ECONOMY CHAIRMAN: Alan Parker Laurence Geller John M Noel José Antonio Tazón Vincent A Wolfington Chief Executive Chairman & CEO President & CEO President & CEO Chairman Emeritus Whitbread PLC Strategic Hotel Capital The Noel Group Amadeus Global Travel Distribution Carey International, Inc Lalit Suri Naresh Goyal Tom Nutley Jeffrey Toffler Chairman & Managing Director Chairman Chairman Chairman VICE CHAIRMEN: Bharat Hotels Ltd Jet Airways Reed Travel Exhibitions Coventry Partners Jean-Marc Espalioux Chairman of Management Board & Jonathan Tisch Stelios Haji-Ioannou Jean Gabriel Pérès Simon Vincent CEO Chairman & CEO Chairman & Founder President & CEO CEO Accor Loews Hotels easyGroup (UK) Ltd Mövenpick Hotels & Resorts Opodo Jonathan S Linen Bill Waite Murray Hennessy Fernando Pinto Daniela Wagner Vice Chairman Managing Director, COnsumer CEO CEO Managing Director, International American Express Company Growth, Corporate and Leveraged Avis Europe Plc TAP Air Portugal octopustravel.com Finance CIBC World Markets Pansy Ho Wolfgang Prock-Schauer Philip Wolf EXECUTIVE COMMITTEE: Managing Director Chief Executive Officer CEO Akbar Al Baker GLOBAL MEMBERS: Shun Tak Holdings Limited Jet Airways PhoCusWright, Inc CEO Giovanni Angelini Peter Yesawich Qatar Airways CEO & Managing Director Brent Hoberman Duan Qiang Chairman & CEO Shangri-La Hotels & Resorts Co-Founder & CEO Chairman Yesawich, Pepperdine, Peter Armstrong lastminute.com Beijing Tourism Group Brown & Russell President & CEO Ted Balestreri Rocky Mountaineer Railtours Chairman & CEO James Hogan David Radcliffe Mei Yunxin Cannery Row Company President & Chief Executive Chief Executive David Babai Hogg Robinson plc President Gulf Air Beijing Tourism Group Chairman Simón Barceló Vadell Gullivers Travel Associates Kurt Ritter CEO Samuel L Katz Sarmad Zok Barceló Hotels and Resorts Chairman & CEO President & CEO Andrew Cosslett Rezidor SAS Hospitality Chief Executive Officer Travel Distribution Services Kingdom Hotel Investments CEO Henrik Bartl Division InterContinental Hotels Group PLC Managing Director & Head of Real Cendant Corporation Christopher Rodrigues Estate Structured Finance CEO Sebastián Escarrer Visa International HONORARY MEMBERS: Aareal Bank AG Larry Kellner André Jordan Vice Chairman Chairman & CEO Peter Rogers Chairman Sol Meliá Jürgen Baumhoff Continental Airlines President & CEO André Jordan Group CEO Manuel Fernando Espírito Santo Diners Club International Qatar National Hotels Company Sol Kerzner Lord Marshall of Knightsbridge Chairman Chairman Chairman Espírito Santo Tourism Carl Ruderman Raymond Bickson Kerzner International Ltd Pirelli UK plc Chairman Managing Director Edouard Ettedgui Universal Media The Taj Group of Hotels Dara Khosrowshahi Sir Frank Moore,AO Group Chief Executive President & CEO Chairman Mandarin Oriental Hotel Group Mary Salfen Regis Bulot Expedia Inc Taylor Byrne Tourism Group General Manager, Global Travel & Chairman of the Board Maurice Flanagan CBE Transportation Industry Relais & Chateaux Nigel Knowles Frank Olson Vice Chairman & Group President IBM Joint CEO Chairman of the Board The Emirates Group Marilyn Carlson Nelson DLA Piper Rudnick Gray Cary The Hertz Corporation Bruno Schöpfer Chairman & CEO Michael Frenzel Chairman of the Board Carlson Companies J T Kuhlman Gérard Pélisson Chairman Mövenpick Hotels & Resorts CEO Co-Chairman, Supervisory Board TUI AG Accor SA Alex Christou One&Only Resorts Per Setterberg Managing Partner Stephen P Holmes CEO Henry Silverman Vice Chairman Accenture Krishna Kumar Global Refund Group Vice Chairman Chairman Cendant Corporation Cendant Corporation Jennie Chua The Taj Group of Hotels Eric J Speck David House Chairman Executive Vice President Raffles International Ltd Gerald Lawless Tommaso Zanzotto Group President & Chief Marketing Officer President American Express Company Chief Executive Sabre Holdings Corporation David Clifton Jumeirah International TZ Associates Ltd Richard R Kelley Managing Director, Europe & Asia Jean-Cyril Spinetta Interval International Leong Wai Leng CHAIRMAN EMERITUS: Chairman Chairman & CEO James D Robinson III CEO Outrigger Enterprises, Inc Air France General Partner Jim Compton Raffles International Ltd RRE Ventures Senior VP,Marketing Geoffrey J W Kent David Stein WTTC Chairman (1990-1994) Chairman & CEO Continental Airlines Manuel Martin Chairman Partner Abercrombie & Kent The Stein Group IMMEDIATE PAST Fernando Conte CyberDodo Productions Ltd CHAIRMAN: J W Marriott, Jr Chairman & CEO Barry Sternlicht Sir Ian Prosser Chairman & CEO Iberia,Airlines of Spain Wolfgang Mayruber Chairman & CEO Retired Chairman Marriott International, Inc CEO Starwood Hotels & Resorts InterContinental Hotels Group Glen Davidson Lufhansa German Airlines WTTC Chairman (2001-2003) David Michels Senior VP,Worldwide Travel Ron Stringfellow Chief Executive Insurance & Related Services Paul McManus CEO FORMER CHAIRMEN Hilton Group plc American International Group, Inc President & CEO Tsogo Sun Group Harvey Golub Hilton International The Leading Hotels of the World Retired Chairman & CEO Alain Demissy Ian Swain American Express Co Curtis Nelson President of the Executive Armin Meier President WTTC Chairman (1996-2001) President & COO Committee President & CEO Swain Tours Carlson Companies Mondial Assistance Group Kuoni Travel Holding Ltd Robert H Burns Andrew C Taylor Chairman Mike Ness Rod Eddington Alan Mulally President & CEO Robert H Burns Holdings Limited President Chief Executive Executive Vice President Enterprise Rent-a-Car WTTC Chairman (1994-1996) The Travel Corporation British Airways plc The Boeing Company Kathleen Taylor PRESIDENT: P R S Oberoi Rakesh Gangwal Devin J Murphy President,Worldwide Business Jean-Claude Baumgarten Chairman Chairman, President & CEO President & CEO Operations The Oberoi Group Worldspan Carey International, Inc Four Seasons Hotels and Resorts 18 July 2005 ©2005 WORLD TRAVEL & TOURISM COUNCIL 1-2 QUEEN VICTORIA TERRACE.SOVEREIGN COURT.LONDON E1W 3HA. UNITED KINGDOM TEL: +44 (0) 870 727 9882 or + 44 (0) 207 481 8007 • FAX: +44 (0) 870 728 9882 or + 44 (0) 207 488 1008 • [email protected] • www.wttc.org THE WORLD TRAVEL & TOURISM COUNCIL (WTTC) IS THE BUSINESS LEADERS’ FORUM FOR TRAVEL & TOURISM, WORKING WITH GOVERNMENTS TO RAISE AWARENESS OF THE IMPORTANCE OF THE LARGEST GENERATOR OF WEALTH AND JOBS WORLDWIDE. With chief executives of more than 100 of the world’s leading companies in membership, WTTC has a unique mandate on and overview of all matters related to success in Travel & Tourism. WTTC is delighted to have collaborated with the Tourism and Industrial This significant contribution should not be underestimated, but Development Company of Trinidad and Tobago to produce this report, neither should the industry’s potential for growth be taken for granted. which presents the first simulated Tourism Satellite Account for Trinidad As illustrated in the Tourism Trends and Policy Framework sections of and Tobago. this report, several important challenges continue to limit Travel & Undertaken by WTTC, together with our research partners Oxford Tourism’s full potential for growth in Trinidad and Tobago.These must Economic Forecasting, this report quantifies all aspects of Travel & be addressed to ensure the long-term sustainable development of Tourism Demand, from personal consumption to business purchases, Trinidad and Tobago’s Travel & Tourism, with maximum benefits for all capital investment, government spending and exports. It then translates stakeholders. Challenges include the development of much needed this information into economic concepts of production, such as gross infrastructure and human capital, the enhancement of product and domestic product (GDP) and employment, which can be compared with service quality,and raising awareness and support for the industry within other industries and the economy as a whole to provide credible statistical government and the public at large. information that will assist in policy and business decision-making. This report also sets out WTTC’s recommendations on policies that Given its prime location in the Caribbean, the world’s most tourism- we believe will help optimize the potential benefits of Travel & Tourism intensive region,Trinidad and Tobago is under no illusions as to Travel & in Trinidad and Tobago, ensuring longer-term sustainable development Tourism’s importance.The industry currently represents 13.8 per cent of and spreading the benefits equitably across all levels of the economy and total GDP and is expected to increase its share by nearly three percentage the country.Trinidad and Tobago’s Travel & Tourism could do even better points to 16.5 per cent by 2015. Similarly,Travel & Tourism in Trinidad than the baseline forecasts suggest, as long as certain factors are assured. and Tobago today accounts for 16.7 per cent of total employment, and These include a favourable government fiscal policy, a climate that is this is forecast to rise to 19.2 per cent by 2015.The industry’s strong role conducive to business – offering incentives for investment – sustained as a generator of wealth and employment across all parts of the country and effective marketing and promotions, and policies that respect the is difficult to match by any other single sector. It also acts as a catalyst for environment and local cultures. WTTC stands ready to support the growth in related areas such as retailing and construction, which would adoption and implementation