The Antigua and Barbuda Yachting and Marine Association (ABYMA) has launched an economic impact study designed to assess the significance of the yachting sector in the country.
It said that the start of the study coincides with the Antigua Charter Yacht Show, emphasizing the importance of understanding the economic contributions of the marine industry to our nation.
‘The primary aim of the study is to measure and analyse the economic significance of the yachting industry in Antigua and Barbuda. This output will empower industry stakeholders to not only comprehend vital economic data but to also leverage this information to enhance future revenue potential,’ said ABMYA vice president, Bobby Reis.
The ABYMA said that the research will include comprehensive assessments of the consumer side, focusing on various sectors visiting Antigua from super yachts and sailing vessels to racing and cruising yachts and fishing charters.
It said, furthermore, the study will examine the supply side, evaluating the companies that support the industry and significantly contribute to the local economy. This includes assessing both the direct and indirect economic impacts to gain a holistic understanding of the yachting sector’s multiplier effect on our economy.
‘As part of the initiative, participants are also encouraged to give feedback on the industry along with the opportunity to suggest ways in which the visitor experience can be improved. The study is being conducted by consultants Eco-Sustainability and will span a period of 10 months to successfully collate and analyze the necessary data,’ the ABYMA said, urging all visiting yachtsmen to participate in the survey.
‘This information is crucial for informing future policies and actions that support the growth and sustainability of the industry,’ the ABYMA said, thanking other partners including the Antigua and Barbuda Tourism Authority for their involvement in the project.