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Economic Impact Study on Sint Maarten's Yachting and Maritime Industry.

grisha12052024PHILIPSBURG:--- The Minister of TEATT, Grisha Heyliger Marten, announced that the Economic Impact Study on the Marine and Maritime Industry has been completed, and she received the final reports on the study. This comprehensive study was made possible through public-private partnerships involving the Ministry of Tourism, Economic Affairs, Transport, and Telecommunication (TEATT), the Port of Sint Maarten, and the Sint Maarten Marine Trades Association (SMMTA).
These three key partners formed a project management team to oversee the process, and following a competitive bidding procedure, the consultancy EcoSustainAbility Ltd. was selected to carry out this vital study.
Key Findings from the Report
The findings underscore the importance of the maritime sector as a cornerstone of Sint Maarten's economy:
• Significant Economic Contribution: The Yachting and Maritime Industry accounts for 16.3% of Sint Maarten’s GDP.
• Growth and Vessel Arrivals: Since the 1960s, yachting has grown substantially. In 2023 alone, we recorded 4,029 vessel arrivals, including:
o 418 superyachts
o 1,484 sailing yachts
o 284 motor yachts
Together, these vessels contributed $140 million in direct spending, with 26,386 yacht visitors.
• Major Events: The Heineken Regatta remains a pivotal event for the sector, attracting 63 visiting yachts, 453 international crew members, and 275 volunteers, generating $3.6 million in economic activity.
• Employment and Business Impact: The industry supports over 300 businesses and sole proprietors, creating approximately 4,769 jobs and contributing $242 million in annual expenditures.

**Vision for a Sustainable and Competitive Future**
This study confirms that the maritime industry is a significant driver of our economy and emphasizes the need for sustainable practices to ensure its long-term growth. We are committed to:
• Enhancing the management of our territorial waters.
• Developing new policies and modernizing legislation to improve efficiency and competitiveness.
• Promoting innovation and fostering systemic changes to align the sector with global best practices.
My vision is to position Sint Maarten as a global leader in the maritime industry. This report is the foundation of that journey, offering insights that will guide strategic decisions and development in the years ahead.

The Minister thanked the partners—the Port of Sint Maarten, the Sint Maarten Marine Trades Association, and the Ministry of TEATT team—for their dedication and collaboration. Together, they chart a course toward a thriving and sustainable maritime industry.
The full report will be available on the government’s official websites for public review. A detailed presentation of the findings is planned for 2025, where we will engage stakeholders to discuss the next steps for the industry’s development.

 


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