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Latin American tourism is one of the pillars of the region's development: it has great potential to boost trade, improve infrastructure, contribute to climate change adaptation and create more quality jobs, but we need to improve its capabilities, sometimes in artisanal and other industrial forms to make it a real engine of growth and inclusion and to allow it to compete with other world-class destinations with more guarantees.
Before the pandemic, in 2019, the tourism economy, which includes all sectors revolving around welcoming travelers, accounted for about 26% of total GDP in the Caribbean and 10% in Latin America. In 2024 we will almost exceed these values. The major imprint that the sector leaves on thousands of families and communities in cities and towns, as well as on the economic balance of countries, is compounded by the usual problems of the region's development (informality, low productivity and competitiveness, effects of climate change, poor infrastructure). .
Therefore, it is important that we look at the tourism sector from a perspective that integrates infrastructure, environment, innovation, competitiveness, community empowerment and project financing. This is the approach that the CAF Development Bank for Latin America and the Caribbean is taking at Fitur 2024, the most important tourism fair in the Hispanic world.
At Fitur 2024 we will present a new strategy that will help redefine the region's tourism panorama. One of its cornerstones is improving infrastructure and improving connectivity between destinations; two essential elements for increasing competitiveness in global tourism. In addition, the strategy will focus on raising new financing and integrating green and innovative components to develop projects in different countries in the region. The technology used in tourism as well as the reduction and compensation of the carbon footprint left by tourists will also be a topic of the CAF presence.
Latin America and the Caribbean are well placed to consolidate first-class travel destinations. The countries of the region not only have unparalleled natural landscapes – let us not forget that with 15% of the territory we have 40% of the planet's biodiversity – and cultural riches that represent interesting tourist attractions, but are also gradually recovering from the impacts the pandemic, and we as a region have virtually matched and in some countries exceeded 2019 travel inflows.
According to the World Tourism Organization (UNWTO), 975 million tourists traveled abroad between January and September 2023, an increase of 38% compared to the same months in 2022. Destinations in the Americas reached 88% of 2019 figures, thanks in particular to American demand, mainly in the Caribbean.
This situation, calmer than during the pandemic, forces us to focus on how we can further strengthen the tourism sector in Latin America and the Caribbean. First, it is imperative that we strengthen the focus on sustainability. This is key to minimizing the environmental impact of travel and the carbon footprint of tourist experiences, as well as promoting responsible tourism practices. The good news is that sustainability has been playing a major role in tourism development planning in Latin America and the Caribbean for several years.
Connectivity is also key to offering world-class tourism experiences. It is therefore important that we carry out new aviation connectivity projects, for example to connect the Caribbean islands more efficiently or to build better infrastructure to improve mobility in cities and access to remote areas.
Another important component is technological innovation. We need to adopt digital technologies and innovative solutions to transform the promotion and management of tourist destinations in the region. For example, in a predominantly digital economy, online reservation platforms must be not only advertising, but also reservation and sales platforms and engage with agencies and operators.
Nearby tourism and the so-called slow tourism are other trends that Latin America and the Caribbean could benefit from, thanks to their unparalleled natural ecosystems, the ancient wisdom of their communities, their crafts, their cultures and the increasingly easy access to nearby tourist circuits.
The region is well positioned for tourism to shine even more in global circles. This would help us address our historic development challenges and help our destinations and their experiences compete with key players in global tourism.
Oscar Rueda Garcia He is the CAF Development Bank Tourism Director for Latin America and the Caribbean.