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Tuesday, July 23, 2024

Global Tourism Revives: Surges in Investment Indicate Robust Future and Job Growth

The Effect of Global Warming on TourismAmidst economic uncertainties, the global tourism sector showcases a dramatic rebound. A ground-breaking report co-developed by UNWTO and fDi Intelligence paints a vivid picture of renewed optimism and substantial growth.

Drawing from fDi Markets – the specialized database from fDi Intelligence on greenfield FDI projects – and critical tourism data from UNWTO, the study offers a comprehensive analysis of the recent investment trend in the tourism realm. The data’s granularity further facilitates a deeper understanding of regional investments, dominant segments, and influential companies.

The tourism sector witnessed a 23% surge in FDI projects, jumping from 286 in 2021 to 352 in 2022. Concurrently, job creation mirrored this growth, with an estimated 36,400 positions in 2022, marking a 23% ascent.

Western Europe emerged as a beacon for tourism FDI projects last year. They announced a remarkable 143 investments with an estimated consolidated value of $2.2 billion. In contrast, the Asia-Pacific region observed a modest growth of 2.4%, concluding 2022 with 42 projects. Over the five-year span from 2018 to 2022, hotels and tourism represented almost two-thirds of all undertakings in the tourism niche. Projects in this segment soared by 25% between 2021 and 2022.

Such exponential growth signifies a future powered by a skilled workforce primed for unparalleled growth, technological integration, and innovation. This workforce’s vigour is expected to fortify the tourism sector’s resilience and competitive edge.

Jacopo Dettoni, fDi Intelligence editor, reflects on the journey of greenfield FDI in tourism, noting its renaissance after nearly disappearing in the pandemic’s grip. With COVID-19 in the rearview, Dettoni underscores the sector’s next significant challenge: addressing the imminent climate crisis and its sustainability mandate.

UNWTO Secretary-General Zurab Pololikashvili emphasizes the pivotal role of education and talent investment. By honing professional skills and launching technical programs, we can empower the youth, many of whom haven’t finished secondary education, to flourish in this industry. This will, in turn, catalyze growth, foster innovation, and strengthen the tourism sector’s resilience.

Echoing this sentiment, Natalia Bayona, UNWTO’s executive director, underscores UNWTO’s commitment to innovation, education, and strategic investments, which are vital for navigating the fluid market dynamics.

The list of top investors in tourism FDI from 2018 to 2022 saw North America and Asia-Pacific regions contributing three companies each. Europe’s presence is also notable, with significant contributions from Spain’s Melia, the UK’s Intercontinental Hotels Group and Selina, and France’s Accor.

In conclusion, as we stand on the threshold of a new era in global tourism, strategic investments, innovation, and a focus on education pave the way for a brighter, more resilient future.

 

 

 

Written by: Supaporn  Pholrach (Joom)

 

 

 

 

 

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