Sizeable GDP contribution untapped
Preliminary results also demonstrate the value of the diaspora to the tourism market. A recorded seven per cent of all stopover visitors are diaspora tourists, spending approximately US$150 million.
Because diaspora tourism is not necessarily as seasonal as international tourism, it may entail a steadier use of infrastructure throughout the year and provide employment opportunities in off-peak times.
The potential value of the diaspora for the tourist market is not simply that more diaspora members and their descendants will visit or spend money, but that the niche that they occupy will attract other non-diaspora customers and grow into a larger and more profitable market. Diaspora populations can help to open markets for new tourism destinations, acting as brand ambassadors and promoters of the Jamaican brand.
In total, the diaspora currently contributes 23 per cent of Jamaica’s GDP (the value of all goods and products of the country), and there is an untapped value of at least another 12 per cent of GDP, which represents a share much larger than the leading foreign exchange earner. Furthermore, beyond capital, relationships, skills and expertise constitute additional value.
Having shared the preliminary findings of its research, CAPRI is currently working towards finalising existing estimates.
The next step will be an assessment of diasporaengagement strategies across the globe, to inform recommendations to effectively engage Jamaica’s diaspora, to realise the potential identified, and sustain current contributions to the economy.