During March's International Hotel Investment Forum in Berlin, the Questex Hospitality Group hosted a Ministers of Tourism Roundtable, which brought together officials from Antigua and Barbuda, the Dominican Republic, Ecuador, Macedonia and Zambia to discuss opportunities for hospitality investment in their native countries.
The participants in alphabetical order by destination were: Asot Michael, Minister of Tourism, Antigua and Barbuda; Jean Rodriguez, Secretary of State for Investment and Exports, Dominican Republic; Sandra Naranjo, Minister of Tourism, Ecuador; Hristijan Delev, Deputy Minister of Economy, Macedonia; Kristijan Dzambazovski, Director, Agency for Promotion and Support of Tourism, Macedonia; Jean Kapata, Minister of Tourism and Arts, Zambia; and Steven Mwansa, Permanent Secretary, Zambia Ministry of Tourism and Arts.
In U.S. dollars, the direct contribution of travel and tourism to the global economy in 2014 was approximately $2.36 trillion, according to Statista. As more destinations now compete for a share of global tourism investment, the question posed upon the roundtable was: How can your country or region compete and what are the most effective ways for increasing foreign direct investment for tourism development?
All participants were given an allotted period of time to discuss the benefits and virtues of investing in their country—from tax incentives to geography and demand generation. There is no doubt that cross-border flows of capital to emerging destinations will continue steadily, if not rise.
The flow of foreign money into mature economies is at its highest point since 2011, according to research by the Institute of International Finance, and emerging markets have sustained inflows at about $1 trillion per year. This is in part due to such moves as central banks in developed countries cutting interest rates, which has encouraged money to search for higher returns.
So, what are some destinations doing to entice that investment? Check out the video above to find out.