Investments recommended for tourism recovery

The Covid-19 pandemic transformed tourism when it lost 4.5 trillion (million million) dollars in 2020, and capital investment dropped by 30%, experts of the sector admitted.

The World Travel and Tourism Council (WTTC) reiterated the importance of boosting investment to accelerate the recovery of an industry that generated one in 10 jobs in the world before the health crisis.

WTTC President Julia Simpson said that as this sector revives, it is essential to understand the priorities to drive public and private intervention in order to rebuild the economy and unlock the full potential of the travel and tourism sector.

Simpson pointed out that at this time one of the most significant challenges in the sector is the implementation of taxes on non-productive assets that discriminate against tourists and travel agencies, hence the WTTC recommended promoting equity, fair income generation, efficiency, simplicity and effective stimulus for growth.

The WTTC conducted a study that provides recommendations for governments and destinations, with the aim of rebuilding and growing the industry, and also demonstrated how crucial it is to attract greater investment through an enabling environment.

Said proposals include tax incentives, travel facilitation policies, diversification, integration of health and hygiene, effective communication, and a qualified and trained workforce.