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UNWTO Launches Tourism Investment Guidelines for Chile
The tourism sector in Chile experienced a 52.9% growth in income 2022, new UNWTO research into the country’s status as a top destination for investors reveals. The latest edition of the UNWTO “Tourism Doing Business: Investment Guidelines” also makes clear the opportunities available to foreign investors and the challenges caused by both national considerations and global economic conditions.Launched during the 2nd Tourism Investment Forum of Chile (Santiago, 7 December), highlights the main attributes of the country as a tourist destination and as an attractive place to invest in the sector. The guidelines note:
- Chile is characterized by its free market, diversified and resilient economy, its openness and understanding of global trends, as well as its support mechanisms for innovation readiness to adapt to new trends.
- Solid macroeconomic fundamentals have allowed Chile to stay resilient in the face of changing global conditions and gradually diversify its economy, with mining, particularly copper, as a key sector.
- In tourism, post-pandemic recovery shows 52.9% growth in the sector's income in 2022 compared to 2021. Furthermore, tourism represents 6.6% of total employment in the Chilean economy.
Investments and tourism employment growing
The guidelines offer a comprehensive overview of the investment landscape in Chile. Key takeaways include:- A 31% increase in the flow of foreign direct investment (FDI) in 2022 compared to 2021, guided mainly by the reinvestment of profits and the expansions of capital.
- Growing investments in tourism. Chile is ranked in the top 10 in Latin America and the Caribbean in greenfield FDI investment announcements in tourism.
- In addition, the Plan of the Ministry of Public Works to Support Sustainable Tourism to 2030 (Plan Especial de Infraestructura del Ministerio de Obras Públicas de Apoyo al Turismo Sustentable a 2030), advances projects worth USD 4.188 billion until 2026.