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Revenues from travel sector to reach $200 M in 5 years
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Posted on Feb 21 2000
The Commonwealth’s tourism industry is expected to boost government revenues by at least $200 million in five years due to the anticipated success of the programs that will be carried out by the Strategic Economic Development Council.
A report prepared by the Office of the Governor disclosed that revenues generated from the tourism industry are projected to reach $200 million by 2005.
Following projections that visitor arrivals to the Northern Marianas will reach 810,000 in five years, the CNMI government is planning to develop 900 new tourist hotel rooms by 2004.
The plan to build more hotel rooms, although spearheaded by the business community, will be coordinated by the government with major economic players like banks, airline companies, hotels and retail firms.
The growth in tourism is also expected to result from intensified efforts by the Marianas Visitors Authority which has started carrying out programs aimed at encouraging non-traditional visits like charter flights, the U.S, Military and luxury cruise ships.
The Garapan Revitalization Committee is nearing implementation of a plan to completely change the main tourism area on Saipan by creating pedestrian walkways through the major shopping district.
CNMI’s tourism sector has faced a two-year recession due to the turtle-paced growth of the Japan economy. Officials are hoping that deplanement figures will remain steadfast as a result of the various promotional programs carried out by MVA and industry players.
MVA and the business community in the islands are working closely to come up with programs that would encourage increased inbound movement to the CNMI.
Although some non-dollar-based destinations in the Asia-Pacific Region have practically become cheaper due to the regional financial turmoil, Northern Marianas will continue to witness growth in arrivals because of the island’s historical value and proximity to its target markets.
The Northern Marianas is only about three hours air travel away from Japan and Korea.
