CAF strengthens tourism in Latin America and the Caribbean

24-01-25

CAF -development bank of Latin America- has announced the creation of a Tourism Directorate, based in Santo Domingo, Dominican Republic. This initiative aims to support member countries, governments and entrepreneurs in harnessing their tourism potential, emphasizing environmental, social, cultural and economic sustainability, as well as innovation, regeneration and inclusion. 

CAF's executive president, Sergio Díaz-Granados, highlighted the growth potential of the sector and the synergies that can be promoted: “This new Directorate means not only a further strengthening of relations between the institution and the Dominican Republic, but also a new contribution to the sustainable development and integration of our partners through tourism and the promotion of a dynamic agenda of work with the public and private sectors throughout Latin America and the Caribbean to contribute to such an important engine for the generation of employment and foreign exchange and the welfare of our peoples”. 

The Tourism Directorate will be headed by Óscar Rueda García, a lawyer from the Universidad Javeriana de Bogotá, with a master's degree in Hispanic American Literature from the University of Barcelona. Rueda has a distinguished career in the world of tourism, having been president of the Colombian Association of Travel and Tourism Agencies (Anato), vice minister of Tourism for more than six years, president of the World Federation of Travel Agencies Associations and member of the Executive Committee of the UNWTO for four years. He also served as Colombia's ambassador to the People's Republic of China. 

The creation of this Tourism Directorate by CAF is part of a series of efforts to promote sustainable development in the region. In January 2023, FiturNext, the FITUR Observatory dedicated to promoting good tourism practices that value sustainability, in alliance with CAF, held a series of talks, roundtables and presentations with public authorities and initiatives specializing in regenerative tourism. More than 40 relevant voices from the sector shared reflections on how to promote regeneration in the tourism sector, highlighting the impact of sustainability on the economic, social and cultural development of a destination. 

In addition, in April 2024, the 14th edition of the Dominican Annual Tourism Exchange (DATE) was held in Punta Cana, Dominican Republic. This event, considered one of the most important in tourism marketing in the Caribbean, was attended by more than 800 participants from 300 companies and made it possible to schedule 8,000 business appointments. DATE focused on sustainability and the commitment to preserve the country's tourist attractions, promoting a more environmentally friendly sector. The Minister of Tourism, David Collado, stressed that “this event is proof of the continuity and success of the work between the public and private sectors”. 

Collaboration between international organizations has also been key to tourism development in the region. In April 2011, the World Tourism Organization (UNWTO) and the Inter-American Development Bank (IDB) strengthened their cooperation for tourism development in Latin America and the Caribbean, focusing on improving tourism measurement, strengthening governance and promoting investment in the region. This cooperation program sought to contribute to the region's economic and social development process through tourism, recognizing the sector as one of the largest and fastest growing, playing a critical role in job creation, foreign exchange earnings and wealth distribution. 

CAF's creation of the Tourism Directorate reinforces the institution's commitment to sustainable development and regional integration. By supporting member countries in taking advantage of their tourism potential, it seeks to generate employment, foreign exchange and well-being for local communities, promoting tourism that respects and values the natural, social, cultural and economic environment of each destination.

With the appointment of Óscar Rueda García as head of this new Directorate, CAF is committed to an experienced and knowledgeable management of the tourism sector. His extensive experience and leadership in various tourism organizations will provide a comprehensive and strategic vision to promote projects that benefit the entire region.

CAF's initiative to create a Tourism Directorate based in Santo Domingo represents a significant step towards strengthening tourism in Latin America and the Caribbean. By focusing on sustainability, innovation and inclusion, this new Directorate has the potential to transform the regional tourism sector, contributing to the economic and social development of its member countries and improving the quality of life of its inhabitants.