Enhanced economic growth in Latin America's travel and tourism sector may potentially surge by an estimated $260 billion within the upcoming decade.

The World Travel & Tourism Council (WTTC) has released a report titled 'Unlocking Opportunities for Travel & Tourism Growth in LATAM', which emphasises the importance of protecting biodiversity and nature through better water management and the use of low-carbon energy to attract more tourists while ensuring environmental sustainability.

The report suggests that the potential growth of the sector is dependent on three key policies: transport infrastructure, visa facilitation, and tourism marketing. Zubin Karkaria, Founder and CEO of VFS Global, expressed delight at partnering with WTTC to unlock the potential that Travel & Tourism offers in LATAM. VFS Global, with its expertise in visa services and tourism promotion, is committed to playing a pivotal role in harnessing LATAM's potential.

In 2023, the Travel & Tourism sector contributed more than US$629BN to the region's economy and provided livelihoods to over 24.6 million people. With the right policies, the sector could reach an annualized growth of 3.4%, reaching a contribution of nearly US$909.2BN, predicts the report.

The report serves as a roadmap for stakeholders, including governments and National Tourism Boards, to formulate strategies that unlock the continent's economic potential, attract crucial investments, and boost inbound arrivals. The three key LATAM countries implementing decisive measures for the development of the travel and tourism sector are Nicaragua, Costa Rica, and Colombia. Proposed specific actions include promoting unique cultural and natural experiences, investing in infrastructure and marketing at international fairs, and fostering international cooperation to accelerate sector growth.

Last year, the sector was essential for employment, equating to 9% of all the jobs in the region. Julia Simpson, WTTC President & CEO, stated that LATAM's Travel & Tourism sector has witnessed an extraordinary transformation and has significant growth potential. The sector could add nearly US$260BN to the region's economy and create nearly eight million new jobs over the next 10 years, predicts the report in collaboration with VFS Global.

Zubin Karkaria, Founder and CEO of VFS Global, expressed his excitement about partnering with WTTC to unlock the potential that Travel & Tourism offers in LATAM. He reiterated VFS Global's commitment to playing a pivotal role in harnessing LATAM's potential with its expertise in visa services and tourism promotion.

In conclusion, the report 'Unlocking Opportunities for Travel & Tourism Growth in LATAM' provides a comprehensive roadmap for stakeholders to develop strategies that can unlock the economic potential of the Latin American Travel & Tourism sector, attract crucial investments, and boost inbound arrivals. With the right policies and partnerships, LATAM's Travel & Tourism sector has the potential to significantly contribute to the region's economy and create millions of new jobs over the next decade.