South American tourism on the rise
More and more US investors are looking for opportunities outside of the country's housing market troubles and credit scare and are turning to Latin America for opportunities. The same can be said for British, European, Asian and even Middle Eastern investors…why South America?
With its revenue directly benefiting both individuals and corporations, tourism is emerging as one of the strongest economic factors in Latin America.
In 2007, the continent received a record 68.6 million international arrivals. This was an increase of 2.9 per cent. Tourism receipts in this period were $58.9 billion, or an increase of 9.7 per cent. The growth was also higher than the world average of 5.6 per cent, and these numbers represent the highest growth worldwide, except for the Asian markets.
Brazil, of course, is leading the trend, with the World Travel and Tourism Council estimating that the South American powerhouse has seen its tourism economy grow by 7.2 per cent in 2007, almost two per cent higher than the global average.
Chile has put travel and tourism on the shortlist of industries that should form the base of further economic development too. The positive effect on employment and the opportunity to revive economically depressed areas has motivated the government to encourage development in tourism. The policy objective for tourism is to position Chile as a key destination based on sustainable and special interest tourism, mainly targeted towards long-haul travelers. Seventeen new casino licenses were also granted in 2007.
Costa Rica with 7.5 per cent and
Panama with six per cent are two other countries with high tourism revenues. The report reveals that Panama has experienced the largest increase in tourist visitors while
Uruguay had the largest increase in revenues derived from tourism.
In
Argentina, tourism is becoming more important as it now generates more jobs than ever. In 2007, both incoming and domestic tourism increased significantly due to a devalued peso and overall development of the Argentinean travel and tourism product. The country, which expects eight million tourists this year, is now reaching out to the Middle East and is likely to sign a draft tourism agreement with Jordan, according to reports in The Jordan Times.
Liquid News - 19 Mar 2009
