Feature
REGGAESUMFEST TO BOOST ECONOMY BY $I BILLION
By Baldwin Howe
Jun 6, 2006, 2:57pm

Jomo Cato, the director of marketing for Summerfest Productions the producers and promoters of the annually held music festival, Reggae Sumfest; recently announced that western Jamaica stands to earn in excess of $1billion this year when the Red Stripe Reggae Sumfest is staged in Montego Bay, St. James in July this year.

Mr. Cato noted that , “Well in excess of $700 million is spent by patrons and the business sector each year during Red Stripe Reggae Sumfest. Some $500 million of this goes directly into Montego Bay small businesses, while another $100 million is spent on travel services and $100 million is spent on accommodations.”

He further stated that Red Stripe’s investment will result in tangible spin-offs for the communities.

Mr. Cato said, “Our investments in western Jamaica is quite significant and translates into hundreds of jobs, new business opportunities and several other economic and social spin-offs.  As organisers of Jamaica’s greatest and world’s best reggae music festival, we are proud to know that Red Stripe Reggae Sumfest is contributing to the development of Montego Bay, ‘the Vibes City” and the country’s overall economic progress.”

The marketing executive noted that sponsorship accounted for approximately 25 percent of the overall budget to stage the festival.  He pointed out that 35 percent was designated for production costs while artiste fees represented 40 percent of the budget.

It is understood that this year Summerfest Productions is expecting to invest over $100 million.  In addition to this it is estimated that over $550 million will be spent by visitors in the second city for the entire duration of the event.

Red Stripe Reggae Sumfest, Jamaica’s premier national festival is a major revenue generator for Jamaica and has over the years contributed significantly to the economy.  Apart from being an integral to Jamaica’s tourism landscape, attracting visitors from all across the world, the event has continuously provided a major boost to the local economy of western Jamaica, Montego Bay in particular.

Robert Russell, the chairman of Summerfest Productions, re-emphasised the importance of co-operation between all the business interests in Montego Bay to the success of the annual event.

Jamaican businesses would derive a tremendous benefit from Red Stripe Reggae Sumfest and the festival would not b the world class event it is without the support of the business community. 

The marketing manager of Red Stripe, Carlo Redwood, said that Red Stripe would be investing heavily in the event and promotions surrounding the festival. Over the years Red Stripe has spent $400 million on the sponsorship of the festival.  He said that Red Stripe has long been associated with Summerfest Productions and he expected that this year’s showing would be the biggest yet and consequently the best for the development of Montego Bay.