1674009995 Latin Americas new voice in global tourism

Latin America’s new voice in global tourism

Latin Americas new voice in global tourism

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In addition to the natural, cultural and gastronomic treasures hidden in Latin America and the Caribbean, tourism represents an important source of wealth generation and has the potential to become one of the great engines of growth, development, innovation and sustainability. Because it is a cross-industry sector (including transport, hotels, restaurants, culture, gastronomy, leisure and nature), it can also become a spearhead for the region to lead the global fight against climate change and biodiversity conservation .

The sector’s importance to the region’s economy is undeniable: in 2019 it represented 42% of total exports from the Caribbean and 10% from Latin America; the tourism economy, which includes all sectors revolving around welcoming travelers, accounted for 26% of GDP in the Caribbean and 10% in Latin America; and generated 35% of jobs in the Caribbean and 10% in Latin America, with a participation of over 40% women.

The magnitude of this data explains the severity of the impact of the pandemic that has caused the worst crisis in international tourism history. In 2020, the sector shrank by 73%, resulting in more than $900,000 million in lost revenue. Countries like Honduras, the Dominican Republic, Colombia and El Salvador are recovering, reaching tourist arrivals above pre-pandemic levels between January and September 2022. However, most Caribbean and South American countries are still below 2019 levels.

In any case, the socio-economic shock from the pandemic has also brought new opportunities for tourism in Latin America and the Caribbean: travelers are increasingly looking for local and authentic experiences and are willing to pay more for sustainable destinations (from adventure tourism to nature, ecotourism). and agritourism to gastronomic and cultural tourism), a reality that has the potential, given the exceptional wealth of its natural heritage, to particularly benefit the countries of the region.

In this scenario, while advanced economies adopt reactive tourism measures to mitigate the impacts of climate change, Latin America and the Caribbean is a region that has contributed little to greenhouse gas emissions and is particularly vulnerable to the impact of natural disasters caused by extreme weather events, has the opportunity to promote sustainable and regenerative tourism, which not only avoids negative effects on the environment, but also leads to the recovery and enhancement of its natural and cultural heritage, thereby increasing the well-being of its citizens.

Global trends such as Slow Tourism, which promote local, local tourism with a low environmental impact, have a good breeding ground in the region, as they contribute to the development of the business and commercial fabric in cities and towns, as well as the development of new cultural and natural tourist routes and new gastronomic itineraries.

This new reality represents an unprecedented opportunity for Latin America and the Caribbean to conceive of their destinations not only as generators of wealth, but also as articulators of socio-economic and productive development with a positive impact on the environment and for mitigation and adaptation to climate change contributes .

To promote this agenda and ensure that the voice of the region finds a global echo, the CAF – Development Bank of Latin America – will present its new work proposal at FITUR 2023 to promote a model of living and regenerative tourism aimed at mitigating the impact of climate change, to conserve biological diversity, to promote cultural heritage and to reactivate the economy. The proposal is part of our commitment to invest $25 billion in green finance over the next five years and become the green bank in Latin America and the Caribbean.

With this in mind, our tourism agenda aims to improve the well-being of rural communities, indigenous peoples and Afro descendants; to protect and restore biological diversity and value ecosystem services; reducing vulnerability to natural disasters resulting from climate change through more resilient infrastructure and monitoring and forecasting systems; improve government planning processes; promoting the circular economy; and to create new spaces to foster creative and cultural economies, such as museums, galleries, theaters or creative districts.

In the coming decades, Latin America and the Caribbean must harness its great natural potential to become a global benchmark for regenerative tourism, something that would contribute to economic growth, the creation of quality jobs, the strengthening of the business fabric and generation of social returns, especially in local communities.

Alicia Montalvo is CAF Manager for Climate Action and Positive Biodiversity