Over 70 tourism projects in Latin America set to attract estimated investment of US$5.2 bn in capex: UN Tourism

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MADRID, 24th August, 2024 (WAM) - Between 2019 and 2023, the tourism sector in Latin America attracted 1,983 announced foreign direct investment (FDI) greenfield projects, with a total of US$106.7 billion in capital investments. This flow of capital has created nearly 260,000 potential jobs worldwide, underscoring the sector's significant role in economic development and job creation, according to UN Tourism.

Between 2019 and 2023, 212 tourism investment projects were announced in Latin America and the Caribbean, with a total of US$20.5 billion in capital expenditure, expected to create more than 73,000 potential jobs.

UN Tourism Executive Director Natalia Bayona says, "Foreign direct investment is crucial for the development of tourism in our member countries. These investments not only provide the necessary capital for infrastructure and services, but also bring innovation, technology and best practices that strengthen the competitiveness of the sector at a global level.''

Tourism is increasingly emerging as a fundamental pillar for development in the region, offering ample opportunities for economic growth and community empowerment. To harness this potential, UN Tourism has confirmed its plans to expand its series of Investment Guides and Investment Forums, each focused on a specific country in the region. The guides identify key competitiveness factors to build an attractive value proposition for investors, including information on green and sustainable investments, underlining a commitment to environmental responsibility.

According to Bayona: "Investments in the tourism sector are critical to driving economic growth and job creation. Through these investments, destinations can develop sustainable infrastructure and improve the quality of life of local communities, promoting inclusive and resilient development.''

The UN Tourism Investment Guides, part of the "Tourism Doing Business" series, are comprehensive documents designed to provide strategic support and information for potential investors and policymakers in the tourism sector.

The guides address new innovation and sustainability topics, such as debt-for-nature swaps, green and thematic bonds, national climate change adaptation plans, sustainable financing mechanisms, investments in renewable energy applied to tourism, smart infrastructure development, regenerative tourism, and the promotion of community-based tourism. These approaches underscore the commitment to more sustainable and resilient tourism, aligned with the Sustainable Development Goals (SDGs).

The guides launched in Latin America have highlighted more than 70 projects seeking investment, with the potential to attract an estimated investment of US$5.2 billion in capex. These projects include a wide range of initiatives, such as tourism master plans, resorts, hotels, visitor centres, wellness retreats, interpretation venues, and conservation centres. In addition, UN Tourism intends to expand its focus beyond traditional tourism investments, promoting projects that improve all types of enablers, such as power distribution projects, ports, cable cars or civil engineering infrastructure.

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Over 70 tourism projects in Latin America set to attract estimated investment of US$5.2 bn in capex: UN Tourism

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