Posted by: Editor on Sep 28, 2006 – 10:16 AM
newsandinfo  The Ministry of Tourism continues to tap into new markets in an effort to increase visitor arrivals to The Islands Of The Bahamas.

Having only recently directed its attention to China, equal attention is now also being focused on Latin America. In fact, a separate department has been established with a specific focus on targeting potential Latin American visitors.

The new head of the Latin American Department, Glenda Johnson, is confident that tremendous potential exists for establishing a strong customer base in this region. “There are a lot of booming economies in Latin America and a rapidly growing affluent class that have both the means and desire to travel,” Ms Johnson said. “Both the timing and the opportunity are perfect for tapping into this emerging market.”

As a first step, the Latin American division and the Airlift Development department are exploring the possibilities of securing direct flights from a number of key transportation hubs in South and Central America.

Panama, with its ideal geographical location, right in the middle of the American continent, is an ideal first place. “Panama is known as the economic hub of globalization for the Americas, so it is only fitting that this should be the first country we would begin with,” Tyrone Sawyer, Director of Airlift Development in the Ministry of Tourism said.

Both Ms. Johnson and Mr. Sawyer are confident that establishing a gateway to The Bahamas via Panama is a wonderful first step. Ms Johnson also noted that with a population of just over 2.3 million and currency that is on par with the United States Dollar, Panama could provide both the volume and socio-economic class of visitors that The Bahamas has grown accustomed to receiving.

Current statistics appear to agree. According to the World Travel and Tourism Council, by the end of this year, Panamanians would have spent some USD $662.5 million on travel and tourism, this adds up to 6.1% of the total annual personal consumption of the country. This figure is expected to grow to USD $1.2 billion by the year 2016.

Panama’s service based economy is very similar in structure to The Bahamas. The three main industries are banking, commerce, and tourism with the Free Trade Zone playing a significant role in the booming commercial environment.

Source: Bahamas Ministry of Tourism