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.