UNWTO presents guidelines for investment in Chilean tourism
13-12-23
In 2022, a new UNWTO study of Chile's status as a top destination for investors reveals, revenues from the country's tourism sector will grow by 52.9%. The latest edition of "Tourism Doing Business: Investment Guidelines" also makes clear the opportunities available to foreign investors and the challenges posed by both domestic considerations and global economic conditions.
Launched during the 2nd Chile Tourism Investment Forum, "Tourism Doing Business: Investing in Chile" highlights the country's main characteristics as a tourism destination and as an attractive place to invest in the sector. The guidelines indicate that:
Chile is characterized by its free market, its diversified and resilient economy, its openness and understanding of global trends, and its support mechanisms for the willingness to innovate in order to adapt to new trends.
Strong macroeconomic fundamentals have enabled Chile to remain resilient to changing global conditions and to gradually diversify its economy, particularly copper as a key sector.
In the tourism sector, the post-pandemic recovery shows a 52.9% growth in terms of sector revenues in 2022, compared to 2021. In addition, tourism accounts for 6.6% of total employment in the Chilean economy.
The UNWTO guidelines show the enormous opportunities that the tourism sector provides for investors - and how investments are essential to build a more sustainable, inclusive and future-proof sector.
UNWTO Secretary-General Zurab Pololikashvili says: "Our focus on Chile marks the culmination of a productive year for UNWTO as we promote investment in tourism, especially in the Americas. The UNWTO guidelines show the enormous opportunities that the tourism sector provides for investors - and how investments are essential to building a more sustainable, inclusive and future-proof sector."
Investment and employment growth in the tourism sector
The guidelines provide a comprehensive overview of the investment landscape in Chile. The main findings are:
A 31% increase in foreign direct investment (FDI) inflows in 2022 compared to 2021, driven primarily by reinvestment of profits and capital increases.
Growing investments in tourism. Chile is ranked among the top ten countries in Latin America and the Caribbean in FDI announcements in new facilities in tourism.
In addition, the Ministry of Public Works' Special Infrastructure Plan to Support Sustainable Tourism to 2030 promotes projects worth US$4.188 billion through 2026.
Chile also stands out for the development of its innovation and entrepreneurship system, with support institutions such as the Production Development Corporation (CORFO) and the Technical Cooperation Service (SERCOTEC). In tourism, the Chilean government promotes investments in digital transformation and innovation, including awards from the National Tourism Service for innovative tourism products.
Value and green investments
The guidelines indicate factors to make Chile an attractive value proposition for investors. These include the quality of its infrastructure, its entrepreneurial ecosystem, its focus on sustainable industries, and its tourism attractions, such as nature tourism, adventure tourism, and astro-tourism, which stands out due to its clear skies, ideal for astronomical observation. The third chapter also provides an overview of business taxes and specific incentives for tourism investments in the country.
Looking ahead, the guidelines provide insights into green or sustainable investments in Chile, highlighting the country's strategies and commitments to sustainability, including the transition to carbon neutrality and the promotion of projects aimed at fostering energy efficiency and resource conservation in the tourism sector.
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