The Caribbean yachting and marine sector will be receiving a grant of Euro 47,000 from the European Commission through its private sector investment promotion arm PROINVEST. The grant is to assist the Caribbean region in establishing a vibrant private sector association. The grant application was a combined effort by the Yacht Services Association of Trinidad and Tobago (YSATT), the Antigua Marine Trades Association (AMTA), the Marine and Yachting Association of Grenada (MAYAG) and the Marine Industries Association of St. Lucia (MIASL) with the support of CDN Management Services Ltd. which has a handholding contract with PROINVEST to assist intermediaries with their grant application. However, it is expected that all Caribbean countries, including the Spanish, French and Dutch speaking islands will benefit. The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) office in Trinidad will provide technical assistance and project management. 

The yachting and marine sector has been a major contributor to the region’s economies for many years, but this contribution has been largely unrecognized by governments and peoples of the region. The formation of a regional private sector association aims to challenge this lack of understanding. Focusing on matters of common interest the objectives of the regional association will include representations to governments and regional organizations; promotion and market development, training, environmentally sound marina and yachting development. Important outcomes will be attracting greater private sector investment, policy dialogues with governments of issues of mutual importance, a regional marketing strategy and representation on the same level as the Caribbean Hotel Association (CHA) and the Florida Caribbean Cruise Association. A constituent meeting is scheduled for later this year. “We welcome the EU’s support and consider this a great opportunity to gain recognition for yachting tourism as a vibrant component of the Caribbean tourism product”, said Christopher Marshall, President of YSATT.