Travel and tourism are among the world's fastest growing industries and are the major source of foreign exchange earnings for many developing countries. According to the World Tourism Organization (WTO) receipts from international tourism grew by an average annual rate of 9 percent between, 1988-1997.

The numbers of international tourist arrivals reached more than 664 million in 1999 (well over 10 percent of the world's population), and international arrivals are expected to reach one billion by 2010.

The Bahamas and the Caribbean have over the years have enjoyed substantial economic benefits from this very lucrative industry.

According to official statistics, conservative estimates indicate that approximately 60 percent of our nation's GDP, valued at some $5 billion dollars are directly linked to the Tourism industry.

While many economists and analysts have argued the dire need to diversify our economy to reduce our reliance on Tourism, all indications are that our economic development, if not survival, will continue to be dependent on this industry into the immediate future.

The good news is that we have a comparative advantage in an industry for which world demand is almost unlimited and we have been blessed to have credible industry performance over the years.

The unfortunate news: is firstly, the Bahamas and the Caribbean as a whole is facing fierce competition as the world's premier warm weather destination; and secondly the new trends in regional tourism have been more focused on "growing" instead of "developing" the industry, and therefore, countries are facing several environmental and social problems, in addition to possible loss of market share.

Obviously not all of this growth will be good for the environment. The "sun and sand" market remains a very big factor in tourism supply offerings worldwide.

Experts predict that sun and sand tourism will not diminish but will not grow as quickly either, because it will be increasingly perceived as potentially damaging to the environment.

At the same time, ecotourism is seen as having high growth prospects over the next 15 years, because it will increasingly fit with the growing environmental concerns of travelers worldwide.

On the home-front

We are noticing a disturbing trend in tourist arrivals: the make-up of tourists, arriving by air as opposed to sea has been steadily decreasing over the years, and as we are all quite aware, stop-over visitors spend more and offer greater opportunities for growth for our economy.

According to Central Bank statistics, in 1994 of the total 3,446,376 tourists that visited our shores, 2,114,096 were sea arrivals and 1,332,280 were air arrivals. In 2004, of the 5,003,691 tourists, 3,553,654 were sea arrivals and 1,450,037 were air arrivals.

These alarming statistics beg the question, Are the tourists that are coming to our shores getting enough "Bang for their Buck."

If the Bahamas intends to remain a competitive entity in the Tourism industry, we must address the following – do we want to grow or develop our Tourism industry.

If we say development, how can we ensure its sustainability? Ecotourism has been recognized as a viable form of sustainable tourism development.

Its capacity to generate economic benefits by contributing to the protection of natural and cultural resources and involving the local communities, has made it an alternative form of tourism, not only in Nassau but also in the Family Islands.

What is Ecotourism?

Ecotourism is environmentally responsible travel and visitation to relatively undisturbed natural areas, in order to enjoy and appreciate nature (and any accompanying cultural features – both past and present) and promotes conservation, has low negative visitor impact and provides for beneficially active socio-economic involvement of local populations." (World Conservation Union).

Based on the above definition, it is quite obvious that Ecotourism is not a new concept for the Bahamas.

As we have been blessed with a generous tropical climate, lush and breathtaking landscapes, numerous bird species, not to mention our well-known sandy beaches and astonishing coral reefs, our country has been welcoming visitors in search of this natural world well before the Ecotourism concept was coined.

However, given the changing times, and increasingly competitive nature of this industry, have we truly capitalized on the concept of making our visitors' stay in the Bahamas a truly cultural experience...

Ecotourism and sustained development...

Ecotourism is a growing niche market within a larger travel industry, and has the potential of being an important sustainable development tool.

It is estimated that worldwide in 1988 there were 235,000,000 international eco-tourists. The economic impact was US$233 billion.

With billions of dollars in annual sales, ecotourism is a real industry that seeks to take advantage of market trends.

At the same time, it frequently operates quite differently than other segments of the tourism industry and is defined by its sustainable development results: conserving natural areas, educating visitors about sustainability and benefiting local people.

Ecotourism is a moderate, but growing, part of the tourist market. The financial impact is greatest in rural areas near important ecotour attractions.

Some countries, specifically Costa Rica, Kenya, and Australia, depend heavily on this market.

We believe that, while New Providence and some of the Family Islands have received benefits, the other Family Islands with proper planning and greater focus can benefit as well.

Unintended Costs of Ecotourism

While ecotourism has the potential to create positive environmental and social impact, it can unfortunately be as damaging as mass tourism if not done properly.

Current market trends are indicating that visitation to natural areas will continue to increase, and that tourists will become increasingly aware and concerned if they see that destinations are not being properly managed.

With the advent of technological advancements such as the internet and other such media, consumer's word of mouth could become quite devastating to destinations that do not do their homework.

Going forward...

No one would argue that in the Bahamas, Tourism is our "bread and butter." Do we as a matter of urgency, seek to establish an institutional entity comprised of persons from both the Tourism and Financial Sector Ministries, whose prime mandate – helping the tourism, culture and recreation industries increase its competitiveness and continued sustainability by supporting new product development and investment in the Bahamas? Dominica, for example, has embraced the potential economic benefits of Ecotourism by merging its investment and tourism portfolios into one agency.

Should more attention

be given to educating Bahamians, should the importance of protecting and preserving our ecosystems be enshrined in the school's curriculum?

Should we adopt national campaigns that on a regular basis, clean up the beaches and the surrounding environment? Should we revisit our current environmental laws and legislation to ensure that we are doing our best to protect its future? Should we implement some form of accreditation to current eco tour operators?.

We contend that going forward, the potential for ecotourism to provide a powerful economic engine that will help conserve natural environments and benefit Bahamians for future generations, has never been higher and we must review all policies in this regard.

We have to take the necessary steps to capitalize on the new internet-savvy, environmentally conscious consumers of the future.

The potential economic benefits simply cannot be ignored.

Please send questions and or comments to info@colinafinancial.com