Investments in Travel & Tourism in Colombia Reached 4.7% of Total National Investments in 2011, According to Timetric

29 Jun 2012 • by Natalie Aster

Colombia is the sixth-most-visited country in Latin America, registering 1.6 million international arrivals in 2011. In terms of the Americas, the Travel and Tourism Competitive Index (TTCI) ranked Colombia as the 15th most-attractive destination to develop business in the travel and tourism industry in 2011. The Colombian travel and tourism industry contributed 1.8% to national GDP in 2011, and directly accounted for 2.5% of the country’s total employment. According to the World Travel & Tourism Council (WTTC), investments in travel and tourism reached 4.7% of the total national investments in 2011. During the review period the total number of trips undertaken by residents increased from 9.6 million in 2007 to 15.7 million in 2011, registering a CAGR of 13.11%. Such growth can be attributed to factors such as the expanding economy, an increasing awareness of the country as a safe tourism destination, improved infrastructure, the expansion of air routes and government initiatives to increase both domestic and inbound tourism.

According to the report “Travel and Tourism in Colombia: Key Trends and Opportunities to 2016” by Timetric, Colombia accounted for the 10th-largest number of inbound tourist arrivals in the Americas in 2011. The favorable trend in inbound arrivals is the result of the country’s expanding economy, the hosting of internationally recognized events, promotional campaigns, increasing government investments in infrastructure and the addition of new air routes. There were 1.6 million inbound tourist arrivals in 2011, and the three-leading countries, the US, Venezuela and Ecuador accounted for 40.8% of the total inbound arrivals. The North American, South and Central American and European regions collectively accounted for 98.4% of the total arrivals in 2011. The peak season for inbound tourism is from December–February and June–August. International tourist arrivals are expected to increase at a CAGR of 2.67% over the forecast period (2012–2016), to reach 1.8 million tourists in 2016. The main growth drivers over the forecast period will be government efforts to increase inbound tourism, helping to improve the country’s image as a safe tourist destination.

Report Details:

Travel and Tourism in Colombia: Key Trends and Opportunities to 2016
Published: June, 2012
Pages: 79
Price: US$ 500,00

Medical tourism in Colombia is gaining in popularity due its highly-qualified medical professionals and advanced healthcare technology. Increasing medical costs in Western countries are forcing patients to seek medical treatment in low-cost destinations. The most popular treatments include cardiovascular surgery, bariatric surgery, plastic surgery, oncology, orthopedics, general surgery and dentistry. Due to the increasing number of medical tourists, the government is expecting to generate US$270 million in revenues through medical tourism over 2012.

Cruise tourism in Colombia registered significant growth with the number of passengers reaching 270,000 in 2011 due to the country’s increasing popularity as a safe destination and rising levels of disposable income. Cruises are playing a key role in supporting the country’s economy and the government is taking various initiatives to promote the nation as an international cruise line destination. Because of the increasing levels of demand, several new cruise liners such as Paul Gauguin Cruises and Kristina Cruises have added Colombia to their itinerary, while existing cruise liners such as Royal Caribbean, Celebrity Cruises and Holland America are increasing their visits.

More information can be found in the report “Travel and Tourism in Colombia: Key Trends and Opportunities to 2016” by Timetric.

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