Colombia Boosts Investments in Tourism Sector

Colombia invested US$16.47 million (64.33 billion COP) in the tourism sector in the first quarter of 2024, according to the Ministry of Commerce, Industry, and Tourism. Through 27 specific projects, these investments aim to enhance the tourist infrastructure, improve the competitiveness of the country’s tourist destinations, particularly through the professionalization of the sector, and promote events and festivities across the nation.

Tourism is a rapidly expanding sector in Colombia. Due to its incredible natural and cultural offerings, Colombia has enormous potential in tourism, which the authorities are now seeking to exploit more than ever.

Tourism in Colombia, a national cause

Colombia has the second fastest growing tourism industry in Latin America. Last year, 5.86 million tourists were registered in the country, with tourism contributing approximately US$14.9 billion (58.9 trillion COP) to the Colombian economy. These figures are expected to continue growing this year, as the sector receives increasing attention and investments from both public and private investors.

In August 2023, the government launched a national brand named ‘Colombia, the Country of Beauty’ to promote tourism and foreign investments in the country. This project has bolstered the Colombian tourism sector, represented by ProColombia, responsible for promoting the country to investors, and Fontur (National Tourism Fund), a dedicated investment fund aimed at developing the sector.

One of the primary goals is to double the number of international visitors by 2026. To achieve this, the country is focusing notably on the professionalization of the tourism sector. In the first half of 2024, a single project worth US$3.8 million (14.81 billion COP) was approved, aimed at providing scholarships in this sector, particularly to facilitate the learning of a second living language.