WTTC, the World Travel and Tourism Council, in partnership with VFS Global, revealed that Ibero-America’s travel and tourism sector could add nearly US$260 billion to the region’s economy.
In this way, nearly eight million new jobs will be created in the next 10 years.
According to him Report‘Unlock opportunities for travel and tourism growth in LATAM’, this potential growth depends on three key principles to unlock 3.4% annual growth, reaching a contribution of nearly US$909.2 billion.
The report includes a policy package focused on promoting LATAM growth in terms of transport infrastructure, visa facilitation and tourism marketing. Travel and tourism is a powerful sector in the region, contributing over US$629 billion to the region’s economy by 2023, welcoming 86 million international travelers.
The sector was vital to employment last year, providing livelihoods to more than 24.6 million people, equivalent to 9% of all jobs in the region.
Julia Simpson, President and CEO of WTTC, said, ‘The LATAM travel and tourism industry has seen an extraordinary transformation. In recent years, it has grown significantly, contributing greatly to the region’s economy.
‘The growth potential for travel and tourism in LATAM is significant. It has already seen substantial growth since 2000 and, with the right policies, could unlock an additional US$260 billion over the next decade. Countries in the region need better transport infrastructure, simplified visa processes, better protection of biodiversity and nature, and effective marketing campaigns to highlight the richness of destinations in this vibrant region.
Zubin Karkaria, Founder and CEO of VFS Global said: ‘We are delighted to partner with WTTC to unlock the immense potential of travel and tourism in LATAM. Since establishing our presence in LATAM in 2009, we are now a trusted partner of 18 governments and serve 29 cities in 17 countries in the region. VFS Global, with its expertise in visa services and tourism promotion, is committed to playing a key role in realizing LATAM’s potential. Our participating destinations will also help improve workforce skills, an important component of the tourism industry.
‘This comprehensive report serves as a roadmap for stakeholders, including governments and national tourism boards, to devise strategies that will unlock the continent’s economic potential, attract critical investment and increase tourist arrivals. The region will benefit significantly from our experience in facilitating cross-border mobility through highly secure, reliable, efficient and innovative technology solutions.
The report analyzes the historical trajectory of the travel and tourism industry in Latin America. From the global financial crisis of 2008 to the aftermath, it is a story of facing challenges head-on. ,Due to disease outbreaks and political instability.
Despite these challenges, the travel and tourism industry is on the road to recovery. According to the World Organization, 2024 is predicted to be a record year, contributing more than US$650 billion to GDP, as well as creating one million additional jobs, bringing the total to 25.7 million.
Prospects for Latin America
The report highlights a strategic approach to boost tourism by consolidating infrastructure investments, improving air connectivity and simplifying visa procedures.
The report highlights the importance of protecting biodiversity and nature through better water management and the use of low-carbon energy.
These initiatives aim to attract more tourists while ensuring environmental sustainability.
Leveraging digital technologies improves the travel experience and can improve marketing strategies supported by data-driven insights. Investing in local people and nature conservation enriches the visitor experience and ensures that the travel and tourism industry is sustainable and inclusive.
Finally, ensuring security measures build confidence and sustain growth in the travel and tourism industry. This integrated strategy aims to strengthen the region’s position as a globally competitive and attractive destination.
These initiatives can open up possibilities for environmental protection, job creation and economic development in Latin America’s travel and tourism industry.
Expresso. Correction. JR
