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Fiscal stimulus supports Tourism and Jersey Finance

29 June 2010

Treasury and Resources Minister Senator Philip Ozouf has approved fiscal stimulus bids by the Economic Development Department to support 2 of the Island’s main industries: £500,000 for 2010 Tourism marketing and £100,000 for Jersey Finance’s new market development activity.

Jersey Tourism

Jersey Tourism will receive £500,000 for additional UK marketing activity in 2010.

Senator Ozouf said “The success of tourism in Jersey is vital to the Island’s economic prosperity. Over the past two months, market conditions in the UK have changed significantly and we have seen a market downturn in arrivals and forward bookings.”

UK Staying Leisure Visitor numbers showed modest growth in the first three months of 2010, but in recent months the market has contracted as a result of flight disruptions and the collapse of consumer confidence in the UK in the post-election, pre-budget period. A large number of "undecided" UK travellers have yet to book their summer vacation

EDD chief officer Mike King said “In this competitive marketplace many short and long-haul destinations have re-entered the marketplace with TV and other media advertising. To compete effectively it is essential that Jersey increases its marketing effort.

“In addition to the planned programme of newspaper and magazine advertising funded from the 2010 Jersey Tourism budget, the additional funding, which is complimented by a £50,000 contribution from the Jersey Hospitality Association, will allow Jersey Tourism to mount a TV, radio and print campaign to attract undecided UK travellers to take their summer vacation in Jersey.”

Minister for Economic Development Senator Alan Maclean said “I am delighted that additional fiscal stimulus funding has been made available. We operate in a challenging and highly competitive market where raising awareness of Jersey as a destination for undecided late-booking UK travellers is key to a successful season.”

Jersey Hospitality Association president Robert Jones said “On behalf of members of the JHA we would like to thank the States for approving much needed fiscal stimulus funding for marketing Jersey this summer and during the autumn. Currently the marketplace is flat with reducing visitor arrivals so this additional marketing funding should make a real difference to bookings, which have been affected by the downturn. I hope that the JHA has, in the spirit of working in partnership with government, demonstrated its full support in using some of its reserves to add to the funds approved through Economic Development’s fiscal stimulus bid on behalf of the tourism industry and the wider island economy.”

Jersey Finance Limited

Jersey Finance Limited will also receive £100,000 to support its work in emerging markets as money continues to be distributed from the fiscal stimulus fund to protect and develop the Island’s financial services sector.

The money will be used to support marketing initiatives aimed at key emerging markets, including new sections on the Jersey Finance web site and PR support on the ground in India and Hong Kong, using local agencies. Jersey Finance will also be able to increase the number of times it visits those countries for business-to-business meetings.

Senator Ozouf said ‘Despite the global financial crisis a number of emerging markets are seeing strong economic growth. China is anticipated to become the world’s most powerful economy.”

Senator Maclean said “One of the key aims of the fiscal stimulus is to lay the foundations for future economic growth and employment across the economy. Our continued support of the Island’s main industry is fundamental to achieving this.”

Jersey Finance’s chief executive Geoff Cook said “One of Jersey Finance’s main objectives is to progress its programme of overseas visits to emphasise the quality of Jersey regulatory regime and its international standing to Jersey’s key markets, which include Greater China, India, CIS and the Middle East. This allocation from the fiscal stimulus fund is excellent news for Jersey’s finance industry and a further significant step forward in our ability to attract new business from key emerging markets.”

Senator Ozouf, who visited Hong Kong en route to Shanghai to visit the Jersey Finance office, said “I am struck by what a difference it has made having on-the-ground presence and the enormous potential for business flows between Jersey and Hong Kong. My visit to the Hong Kong Stock Exchange and other meetings are designed to raise our profile and compliment Jersey Finance’s work."

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