Tourism
From The Report: Colombia 2014
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The possibility of a peace deal after decades of conflict promises to be a game changer for Colombia’s tourism sector. Authorities are getting ready to capitalise on this, rolling out a number of infrastructure projects and providing the sector with additional institutional support in preparation for the post-conflict influx of tourists, and efforts seem to be paying off. The sector has grown at an average annual rate of 5.5% in the past three years, according to the Ministry of Commerce, Industry and Tourism. Arrivals increased by 7.34% in 2013, surpassing 3.7m visitors, while revenues rose from nearly $3.2bn in 2012 to more than $3.6bn, making tourism the third-most important source of foreign currency, behind oil and coal. The sector’s recent performance bodes well for achieving the government’s target of reaching 4m visitors and attracting $4bn in tourist revenue by the end of 2014. Meanwhile, the hotel industry continues to attract significant foreign interest through a 30-year tax exemption law.

Articles from this Chapter

Overview

Significant institutional support aims to promote the sector at the national level
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As international media headlines on guerrilla conflict gradually disappear, a picture is slowly emerging of an exciting and open economy and a diverse country. The vast strides that have been made towards resolving the conflict that has plagued Colombia for decades promise to be a game changer for the tourism sector and enable the country to focus its efforts on marketing its diverse attractions – from Caribbean beach appeal to charming colonial architecture. Efforts to promote Colombia as a tourist…

Analysis

Growing competition: Thirty-year tax exemption continues to draw major hotel investments
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With a good investment climate and a 30-year tax exemption for new and refurbished hotels, Colombia’s hotel industry has expanded significantly in the past few years, attracting a growing number of international chains. But while demand is on the rise, the offer is growing at a faster pace and investors are beginning to grow cautious of a temporary oversupply in Colombia’s capital. Meanwhile, intermediate cities and niche markets are becoming increasingly attractive. Capacity Boost According…