After a long drought that stretched for several years as a result of profound economic hardships, Costa Rican tourism is beginning to rebound. Tourism Minister Rodrigo Castro explained this recovery stems from the country’s ability to offer a broader assortment of tourist products and offers.

During a recent visit to the Balearic Islands, Nicaragua’s Tourism Minister Lucia Salazar announced her country is implementing very attractive tax breaks for foreign investors in virtue of the National Act on Tourism Incentives that since it was signed into law in 1999 has generated $200 million worth of profits for the local travel sector. Mrs. Salazar hopes this new tax policy, coupled with the juridical security that Nicaragua delivers, will eventually build a fire under Balearic businesspeople to pour heavy cash into the country. The Central American nation is blessed with some 430 miles of beaches and welcomes over half a million tourists each year. During the first half of 2004, Nicaragua has received 17 percent more trippers than in the first six months of 2003.

Tourism Ministers from Iberian-American nations held a two-day meeting in Costa Rica and agreed to call on their governments to tackle the need of earmarking more budget money for training and education of tourism employees during the upcoming Iberian American Summit in that Central American nation. Costa Rican Minister Rodrigo Castro said all countries in the region support the implementation of a harmonic sustainable development project that can generate wealth for all. "But that requires more investment cash," he added.

A revolving fund of approximately 2.8 million euros will be at the beck and call of African, Caribbean and Pacific nations for the implementation of tourism development projects within the framework of PROINVEST, an initiative wielded by the European Union through the European Investment Bank. Members of the European Commission gave details about the new plan during the Meeting of Tourism Investment Associations and Opportunities that took place at the Ritz Carlton Hotel in Montego Bay, Jamaica. An initial grant of 110 million euros was already allotted for this EU-sponsored program that has prompted partners from elsewhere to jump on the bandwagon.

The cash surplus of Mexico’s travel industry scored a big increase in the first eight months of the ongoing year, up a whopping 20.8 percent from the same span of time in 2003. During that period, the country reaped over $2.8 billion worth of revenues, thanks in part to a 13.3 percent climb in tourist benefits that totaled more than $7.3 billion.

Alec Sanguinetti, director-general and CEO of the Caribbean Hotel Association (CHA), said this week that the region’s private sector is playing an increasingly bigger role in the development of the local travel industry. Mr. Sanguinetti uttered these remarks during a recent consulting meeting on merger and business opportunities for the tourist sector that gathered representatives from Africa, the Caribbean and the Pacific Rim. Mr. Sanguinetti’s remarks served to highlight the vast array of investment possibilities that the Caribbean Basin has to offer, not only for building new hotels and remodeling others, but also for spending money in such areas as agriculture, manufacturing, infrastructure and attractions.