In Latin America, UN Tourism Drives Growth Through Investment
UN Tourism is driving growth in Latin America by coordinating investments in the tourism sector, recognizing its potential for economic development and community empowerment. To support this, UN Tourism is expanding its Investment Guides and Forums, which provide valuable information on sustainable investment opportunities tailored to each country in the region.
According to UN Tourism Executive Director Natalia Bayona, investments in tourism are vital for economic growth, job creation, and improving the quality of life in local communities. From 2019 to 2023, the tourism sector in Latin America and the Caribbean attracted $20.5 billion in capital expenditure, creating over 73,000 potential jobs.
The UN Tourism Investment Guides are comprehensive resources for investors and policymakers, emphasizing sustainability, innovation, and economic development. These guides promote informed decision-making, sustainable practices, and innovation, aligning with the Sustainable Development Goals (SDGs).
Each guide is launched at a dedicated Investment Forum, where opportunities are presented to potential investors. These forums serve as platforms for discussions on the latest tourism investment trends and offer learning opportunities for host countries to better attract and manage tourism investments.
The guides also focus on green and sustainable investments, highlighting innovative financing mechanisms like debt-for-nature swaps. For instance, Ecuador has implemented the world's largest debt conversion for marine conservation in the Galapagos Islands, reallocating over $323 million to biodiversity preservation, showcasing how sustainable tourism investments can drive economic and environmental benefits.
UN Tourism's collaboration with the Development Bank of Latin America and the Caribbean (CAF) is crucial in promoting the green transition. This partnership supports the creation and updating of investment guides for various Latin American countries, aiming to attract significant capital expenditure in diverse tourism-related projects.
In Latin America, many countries offer incentives such as tax exemptions, specialized visas, and investment promotion agencies to attract foreign capital in the tourism sector. These measures underscore the region's commitment to fostering tourism development and driving economic growth.
UN Tourism's efforts in Latin America have already highlighted over 70 investment projects, with the potential to attract $5.2 billion in capital expenditure. The focus is not only on traditional tourism investments but also on enhancing infrastructure that supports the broader tourism ecosystem.
