Wednesday, March 22, 2023

Velocity Networking Occasions Make Over $650M for Small Enterprise

Jamaica Minister of Tourism made an announcement on the eighth annual Velocity Networking occasion, hosted at Montego Bay Conference Centre.

Jamaica Tourism Minister, Hon. Edmund Bartlett, shared on March 16 on the occasion that since 2016, small enterprise house owners have earned roughly $653 million from taking part within the Ministry of Tourism’s Velocity Networking occasions.

“When you think about that since 2016, excluding the pandemic years of 2020 and 2021, tourism suppliers earned some $653 million from taking part in Velocity Networking occasions, it could actually moderately be argued that over the eight years of its existence, near a billion {dollars} in items and companies have been traded proper right here and the cash stays right here as a result of our sellers are all Jamaican producers, a lot of them striving to be small and medium tourism entrepreneurs,” stated Minister Bartlett.

Velocity Networking is a business-to-business occasion that enables small suppliers to have brief conferences with consumers at main motels and points of interest. It has grow to be one of many extremely anticipated calendar occasions created by the Tourism Linkages Community, a division of the Tourism Enhancement Fund, in a continued bid to strengthen linkages and improve enterprise between the tourism trade and native suppliers of products and companies from different sectors.

“Tourism has by no means earlier than been as inclusive as it’s at the moment.”

“Since COVID-19, even the salaries paid all through the sector have seen no less than a 20% improve at each stage. When the trade grows, all people will get an opportunity. We’re in a progress cycle, not a restoration. We’re practically 5% over 2019 for the yr thus far. So we’re rising. With progress, you will note the advantages.,” stated Bartlett.

“The numbers communicate for themselves, as 95 % of tourism suppliers have participated twice or extra beforehand, signaling a excessive return price for the occasion. Take final yr, as an illustration, when a complete of 174 sellers and consumers interacted within the house: 94 % of motels surveyed as tourism consumers stated they had been happy with the merchandise introduced to them. Equally, 93.9 % of tourism suppliers reported receiving enterprise leads on account of taking part within the Velocity Networking Occasion,” he added.

Velocity Networking is led by the Tourism Linkages Community, which is a division of the Tourism Enhancement Fund (TEF); in collaboration with the Jamaica Resort and Vacationer Affiliation (JHTA); Jamaica Producers and Exporters Affiliation (JMEA); Jamaica Promotions Company (JAMPRO); Rural Agricultural Growth Authority (RADA) and the Jamaica Enterprise Growth Company (JBDC). This yr, practically 150 contributors registered, representing tourism entities, suppliers and HR Managers.

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