Miranda Rosin’s Post

On March 25th, Tourism Thunder Bay presented our annual tourism report to Thunder Bay City Council and the citizens of the community. Every year we report on major past year departmental initiatives, metrics and industry performance. This year our main focus was highlighting the success of the CEDC Tourism Development Fund. This fund, powered by the CEDC's 50% share of collected municipal accommodation tax proceeds, is the single most important destination development tool we have. In 2023, the TDF supported 37 event and destination development projects with $733 000 invested. This funding helped tourism stakeholders leverage over $2.3 million in other funding sources and supported events generated over $9 million in economic impact in our community. And 2024 is looking amazing. in the first Quarter alone, the 8-member Tourism Investment Committee has approved or recommended 14 projects for over $333 000 in funding. This has leveraged $2.6 million in other funding sources and supported events are anticipated to generate over $4.7 million in economic impact this year. Since its inception in 2019, the TDF has supported 105 projects with $3.9 million in support, leveraging $18.5 million from other sources. If you have a corporate, sport or cultural tourism event or tourism business idea, talk to us about the eligibility for TDF financial support.

Tourism plays a crucial role in current economies facing challenges for several reasons: Economic diversification: Tourism provides an avenue for economic diversification, reducing dependence on traditional industries and creating new sources of revenue. Job creation: The tourism sector is a significant employer, offering jobs across various skill levels, from hospitality to transportation, thereby reducing unemployment rates. Foreign exchange earnings: Tourism generates foreign exchange through expenditure by tourists on accommodation, food, transportation, souvenirs, and other services, which contributes to the balance of payments. Stimulating local businesses: Tourism supports local businesses such as restaurants, shops, and artisans, stimulating economic growth in communities and encouraging entrepreneurship. Infrastructure development: The need to accommodate tourists leads to infrastructure development, including transportation networks, hotels, restaurants, and recreational facilities, which can benefit locals even after tourists leave. Cultural preservation: Tourism can help preserve and promote local cultures, traditions, and heritage sites, fostering a sense of pride among residents and attracting visitors interested in experiencing authentic cultural experiences. Regional development: Tourism can drive development in rural and remote areas by attracting investment, creating employment opportunities, and improving infrastructure, thus reducing regional disparities. Overall, tourism serves as a resilient and adaptable industry that can contribute significantly to economic recovery and sustainability amidst various challenges faced by economies. At Trican Travel, we understand the important of tourism and make plans for you to enjoy your next vacation. visit www.tricantravel.com for more information. Dr. Pat rifka avni mahabir-rosen Dr. Kapender Phogat Dr. Daniel Wicomb Francis Page Frank Omar Merheb City of Toronto City of Toronto Parks, Forestry and Recreation

Tourism can serve as a way to boost world economies because it serves as a key way to generate revenue. Tourism boosts world economies in several ways fews are listed below: Revenue Generation:Tourism brings in significant revenue through expenditures on accommodation, dining, transportation, attractions, and shopping. Employment Opportunities:The tourism industry creates jobs directly in sectors such as hospitality, transportation, and entertainment, as well as indirectly in supporting industries like agriculture and retail. Infrastructure Development:To support tourism, governments often invest in infrastructure such as roads, airports, hotels, and cultural attractions, which can benefit both tourists and locals. Foreign Exchange Earnings:Tourism generates foreign exchange earnings when international tourists spend money in a country, contributing to a positive balance of payments. Promotion of Cultural Exchange: Tourism encourages cultural exchange and understanding between people from different countries, promoting peace and mutual respect. Regional Development: Tourism can stimulate economic growth in less developed regions by attracting investment, creating jobs, and generating income for local communities. Overall, tourism plays a crucial role in driving economic growth, job creation, and international cooperation, making it a vital component of many countries' economies. World leaders should design ways at which the potential in this area can be use for th development and boost of world economies. Panning to travel visit www.tricantravel.com for support. Dr. Kapender Phogat Dr. Pat rifka avni mahabir-rosen Dr. Daniel Wicomb City of Toronto City of Toronto Parks, Forestry and Recreation Francis Page Farhana Rosen

The significance of tourism as a driver of economic growth must be considered. The World Economic Outlook (WEO) report meticulously examines global economic growth, establishing links between performance and critical sectors, with a particular focus on tourism. Notably, economies with substantial travel and tourism sectors demonstrate remarkable economic resilience and high levels of economic activity. Specifically, countries where tourism plays a significant role in GDP have shown swifter recovery from the impacts of the pandemic compared to economies where tourism is not an important sector. The report's preface underscores the strong demand for services that has bolstered service-oriented economies, particularly crucial tourism destinations such as France and Spain. Economies where tourism represents a significant percentage of the GDP have exhibited speedier recovery from the pandemic's effects than those where tourism is less influential.

📣 Have you registered for our upcoming webinar: Introduction to the Ontario Tourism Regional Economic Impact Model (TREIM) on Tuesday, March 12 yet?? Join Tim Swinarton, Senior Tourism Research Officer, and Sina Motamedi, Team Lead of Research, at the Ministry of Tourism, Culture and Sport, on Tuesday, March 12 at 10:00 a.m. to learn about this important tool for operators and communities can help with evaluating tourism activity, events or investments. Tourism spans multiple industries, making its economic impact challenging to measure. The Tourism-Related Economic Impact Model (TREIM) addresses this by quantifying tourism's contributions to Ontario GDP, employment, and tax revenues, providing comprehensive insights that enable informed decision-making within the tourism sector. https://lnkd.in/e5HB2zrU

✨ WEBINAR: INTRODUCTION TO THE ONTARIO TOURISM REGIONAL ECONOMIC IMPACT MODEL (TREIM) ✨ Join Tim Swinarton, Senior Tourism Research Officer, and Sina Motamedi, Team Lead of Research, at the Ministry of Tourism, Culture and Sport, on Tuesday, March 12 at 10:00 a.m. to learn about this important tool for operators and communities can help with evaluating tourism activity, events or investments. Tourism spans multiple industries, making its economic impact challenging to measure. The Tourism-Related Economic Impact Model (TREIM) addresses this by quantifying tourism's contributions to Ontario GDP, employment, and tax revenues, providing comprehensive insights that enable informed decision-making within the tourism sector. https://lnkd.in/e5HB2zrU

🚨 Tourism Growth Program Application window closing - February 29th 2024 🚨 https://lnkd.in/e6mTDUVe The Tourism Growth Program (TGP) is a key element of the new Federal Tourism Growth Strategy, which builds on Canada's inherent strengths and unique qualities while using a whole-of-government approach to realize the full potential of the tourism industry. The Federal Government of Canada 🍁 through the Department of Innovation, Science and Economic Development Canada and the seven #RegionalDevelopmentAgencies will work in collaboration with provincial and territorial governments and tourism partners to ensure the program is complementary to other supports for the tourism industry, helps to diversify regional economies and contributes to Canada’s economic growth. The program will support Indigenous and non-Indigenous communities, small and medium-sized businesses and not-for-profit organizations in developing local, community-level tourism products and experiences to help more domestic and international visitors discover all that Canada has to offer. Click to attached link for your regional development agency's web page to learn more about the funding available. #DestinationCanada #CanadianTourism 🍁

City leaders should not overlook the tourism industry simply because it doesn't sound like a real industry (real men don't eat quiche syndrome) Tourism is an industry and a very powerful one. If a city can establish a sound tourism base, the industry will grow. First, make tourism a priority and identity, and invest in, what will create a strong tourism engine. You do not need to be a "Dallas" to create a sound tourism engine. Each town has its unique features and/or attractions can be supported and built. Often, the tourism investment also becomes a community development achievement. TOURISM ECONOMIC IMPACT IN DALLAS SOARS TO $7.2 BILLION According to the study, 22.5 million visitors spent $4.4 billion across Dallas in 2021, generating a total economic impact of $7.2 billion for the city and its residents. This impact sustained more than 43,000 jobs and generated $421 million in state and local tax revenue. "The tourism industry is the tenth-largest industry in Dallas and a critical economic engine for the city, generating tax revenue and jobs that residents rely on," https://lnkd.in/gnSSf7hN

WA Government serious about tourism investment   The Australian Hotels Association (WA) has welcomed today’s groundbreaking announcement by the WA Government which will place tourism investment front and centre. The announcement of a dedicated Tourism Investment Committee of Cabinet demonstrates a renewed focus to one of Western Australia's most important industries. AHA(WA) CEO Bradley B Woods said the announcement was a major game changer for the Western Australian tourism industry.  “The hotels and hospitality contribute to over 50 per cent of the tourism industry and a streamlined approvals processes will be very attractive for new development opportunities and investment in WA’s broad tourism industry”. Australian Hotels Association WA commends the WA Government on further positioning tourism as a serious and major pillar of economic diversity in Western Australia. Image: Optus Stadium and Matagarup Bridge Perth WA (credit Tourism Western Australia) The ASEAN Developer VenuesWest Colleen Yates MBA Angela Beechey Rita Saffioti Government of Western Australia #WAaha #aha #WAgovernment #westernaustralia #perthrealestate #perthpropertymarket #tourismindustry #travelindustry #hotelindustry #hotelowners #hoteloperations #hotelmanagement #hotelbusiness #hotelinvestment #hoteldevelopment

The Case for PPP Investment in Tourism: Nigeria and Beyond Public-Private Partnerships (PPPs) have emerged as a strategic approach to address infrastructure gaps and stimulate economic growth. In tourism, PPPs offer a unique opportunity to develop and manage world-class tourism facilities and experiences. This article will explore the compelling reasons for PPP investment in tourism, particularly in Nigeria and beyond. The argument for investment in tourism through public-private partnerships (PPPs) emphasizes the benefits of shared risk and reward, infrastructure development, enhanced efficiency and quality, sustainable tourism, job creation, and economic growth. Nigeria's tourism potential and PPP opportunities include developing world-class tourism destinations, improving tourism infrastructure, promoting local tourism products, and strengthening tourism governance. However, global trends and challenges, such as regulatory uncertainty, political instability, and cultural differences, need to be addressed for successful PPP implementation. Overall, PPPs can accelerate infrastructure development, improve tourism quality, and contribute to sustainable economic growth, making them a promising avenue for tourism investment in Nigeria and beyond.