TOURISMINVESTMENT2023GlobalgreenfieldinvestmenttrendsintourismInassociationwithOutnow:ThefDiReport2023GlobalgreenfieldinvestmenttrendsThefDiReport2023istheannualassessmentofcrossborderinvestment,basedondatafromfDiMarkets–aservicefromtheFinancialTimes.Keyforeigndirectinvestmenttrendsspottedinclude:•Fora4thyearrunning,therenewableenergysectorhasattractedthehighesttotalcapitalinvestmentglobally•InboundFDIforChinadeclinedfurtherin2022.Comparedto2019,thenumberofprojectsintoChinalastyearweredown60%•FollowingRussia’sinvasionofUkraineinearly2022,thenumberofannouncedFDIprojectsintoRussiaplummetedtoonly13Downloadyourfreecopyofthereport:fdiinsights.com/fdi/report2023TOURISMINVESTMENT2023EDITOR’SCOMMENT3Nowthattourismisbouncingback,sustainabilitymustbethepriorityTheglobaltourismsectorcanlookattheaffectedtourismflowsacrossthewholeAsia-Pacificregion,whereIffacemasksandlockdownareafadingmemory,therealityfiguresinthisreportwithasenseofrelief.arrivalsremainfarbelowpre-pandemiclevels(–46%year-on-yearofclimatechangeisaspalpableasever.Wildfires,triggeredbyInternationalarrivalshavebouncedback—inthefirstquarterof2023,butbouncingbackattremendousextremehightemperaturesasmuchasbyrecklessarson,havetheyarenotquiteyetatpre-Covidlevels,pace).beenravagingtouristdestinationsacrosstheMediterranean,buttherecoverymomentumhasbuiltup.leavingthousandsoftouristsstranded.ForeigninvestorshavefinallystartednavigatingthenuancesAndthereismoregoodnews:greenfieldoftheglobaltourismrecovery.AlthoughcapitalexpenditureMajortouristiccitieslikeRomehavesetinmotionemergencyforeigndirectinvestment(FDI)intothefigureshaveyettorecover,theyannounced21%moreprojectsinprotocolstoclosemainattractionsduringheatwaves.Meanwhile,tourismsectorisshowingsignsoflifethetourismclusterin2022thantheydidinthepreviousyear,asintheSanBlasarchipelago,atropicalparadiseinPanamathatafterallbutvanishinginthepandemicyears.WithCovid–19shownbytheanalysisthatfollowsinthisreport,whichisbasedishometoindigenousKunapeopleandafewboutiquehotels,behindus,theindustryhasnotimetowasteinaddressingtheonfDiIntelligenceproprietarydatabaseofgreenfieldFDIprojects,awholeislandcommunityof300familiesisbeingmovedtobiggestchallengeofourtimes:climatechangeandtheresultingfDiMarkets.ThenumberofjobscreatedbyFDIprojectsbouncedthemainlandbecauseofrisingsealevels.Thesearejustafewsustainabilityimperative.backtoo.Thatmarksacleardeparturefromthelowsof2020examplesofhowclimatechangeisdisruptingtourismhotspots,Onceagain,fDiIntelligencehasteamedupwiththeWorldand2021,wheninvestmentactivityinthetourismclusteralmostbutthelistismuchlonger.TourismOrganizationoftheUnitedNations(UNWTO)tolookatevaporated,comingoffrecordyearsin2018and2019.Ifwelookatthecurrentstateoftheglobaltourismclusterthroughthelensofthedataatamoregranularlevel,foreigninvestorshavefavouredTheclimateshockcallsforimmediateclimateresilienceactioninternationalarrivalsandgreenfieldFDI.countriesthathavebeenquicktobounceback,suchasthetolimitthedamageasmuchaspossible.AssertiveagendasatAsmentioned,internationaltourismarrivalsarenotquitethereDominicanRepublicandtheUAE.nationalandlocallevelsarealsoneededtosecuresustainabilityinyet,buttheyarecomingback.Theymorethandoubledgloballythelong-term.Theywillinevitablyaffecttourismtoo,andthewayfrom2021to2022,reducingthegapwithpre-Covidlevelsto34.3%.Foreigninvestorshavewealltravelandspendoursparetime.Therecoverypickedupfurtherinthefirstquarterof2023,whenthefinallystartednavigatinggapnarrowedfurtherdownto20.4%,UNWTOdatashows.thenuancesoftheglobalIfanything,theCovid–19pandemicgavepolicymakersaButthisrecoveryisverynuanced.TheMiddleEastisthebrighttourismrecoverychancetogobacktothedrawingroomandbetterincorporatespot,beingtheonlyregionwherearrivalsinthefirstquarterofsustainabilityandnet-zeroapproachestotheirdevelopment2023exceededthoseofthesameperiodof2019(+15.4%)asthestrategies.Thetourismecosystem,whichisamajorsourceoflight-touchapproachtolockdownsandtravelrestrictionsofmanywealthandemploymenttheworldover,hasakeyroletoplayingovernmentsintheregionsetthesceneforaquickcomeback.shapingthesepoliciesandreducingitsenvironmentalfootprint.ItPolicymakersinChinatookaverydifferentapproach,leavinginisnotonlyaboutitsownsurvival.Itisaboutourownsurvival.placedraconianzero-Covidrulesuntilearly2023.Inevitably,thisJacopoDettoniiseditor-in-chiefoffDiIntelligence,theFinancialTimes’sspecialistunitdedicatedtoforeigndirectinvestmentTOURISMINVESTMENT2023GLOBALOVERVIEW4GlobaloverviewTOP10COUNTRIESFORTOURISMFDIGLOBALLYTOP10COUNTRIESFORTOURISMFDIPROJECTSTOURISMFDIPROJECTS2018–20222018–20222018–2022YearCapitalinvestmentDestinationcountryTotal($bn)201874.50–33100–132•Foreigninvestorsannouncedatotalof2415foreigndirectUS198201960.934–66133–165investment(FDI)projectsinthetourismclusterbetween2018and2022accordingtofDiMarkets,thegreenfieldinvestmentmonitorUK160202018.2oftheFinancialTimes.Theseprojectsinvolvedatotalcapitalinvestmentof$175.5bnandcreatedanestimated388,000jobs.Spain133202111.667–99166–198•WhileinternationaltravelcontinuestoreboundfromtheGermany133202210.2coronaviruspandemic,thenumberofgreenfieldforeigndirectinvestment(FDI)projectsinthetourismclusterstarteditsUAE114Source:fDiMarkets(www.fdimarkets.com)tentativerecoveryin2022afterpostingdeclinesinboth2020andEstimatesincluded2021.Mexico105•FDIprojectnumbersandjobcreationinthetourismclusterFrance96grewby23%from286investmentsin2021to352in2022.JobcreationintourismFDIovertheperiodalsoincreasedby23%toanChina79estimated36,400in2022.Portugal58Japan57FRANCE96Source:fDiMarkets(www.fdimarkets.com)UKGERMANY160133USCHINAJAPAN1987957•Thesectorentered2020offthebackofaverystrongFDIUAEperformancein2019,with753greenfieldprojectsannounced—a5.8%increasefrom2018andthepeakyearfortourismprojects114sincefDiMarketsbeganrecordingdatain2003.PORTUGAL58•AsoneoftheareasofFDImostaffectedbythecoronavirusMEXICOpandemic,tourismhastakenalongtimetorecoverfromtheinitialshockof2020—whenthesectorexperienceda59%year-on-105yeardecreaseinthenumberofprojects,droppingto312.Capitalinvestmentinthesectoralsoexperienceda70%decrease,withestimatedcapitalinvestmentdroppingfrom$60.9bnto$18.2bn.•TheleadingdestinationregionfortourismFDIprojectsinSPAIN2022wasWesternEuropewith143announcedinvestmentsatacombinedestimatedvalueof$2.2bn.133Source:fDiMarkets(www.fdimarkets.com)TOURISMINVESTMENT2023GLOBALOVERVIEW5TOURISMFDIGLOBALLY2018–2022(PROJECTSANDJOBS)LOCATIONOFGLOBALFactsandfiguresFDIPROJECTS2018–2022TheUSwasthelargestrecipientProjectsJobsoftourismFDIbetween2018and2022with198projects,followed150000800bytheUK(160),Spain(133)andGermany(133).Jobs700Projects120000Thetop10countriesfortourism8.2%USFDIattractionaccountedfornearly600half(47%)ofallannouncedtourism900006.6%UKprojectsgloballybetween2018and2022.5005.5%SpainCapitalinvestmentinthesector600005.5%Germanytotalled$175.5bnbetween2018and4002022withSpainbeingtheleading4.7%UAErecipient($19.4bn),followedby30000China($11.5bn)andthePhilippines3004.3%Mexico($11.1bn).4.0%FranceJobcreationintourismFDIwashighestinMexicobetween20183.3%Chinaand2022withanestimated31,000jobscreatedinthesector,followedbyChina(22,130)andSpain(20,590).02002.4%Portugal201820192020202120222.4%Japan53%OtherTotalprojectsTotaljobsSource:fDiMarkets(www.fdimarkets.com)2415387,964Source:fDiMarkets(www.fdimarkets.com)EstimatesincludedTOURISMINVESTMENT2023INTERNATIONALTOURISTARRIVALS6InternationaltouristarrivalsINTERNATIONALTOURISTARRIVALSBY(RSEUGBIO)RNEIGNIO2N02,200–2160–222020ShareChange2023Monthly/quarterlydataKeystats%ChangeInternationaltouristarrivals(million)(%)(%)2023versus20222023versus2019byregionin2022202020212022202221/1922/19Q1JanFebMarQ1JanFebMarWorld407456963100–68.9–34.3861218665–20.4–22.0–20.1–19.3World963mAdvancedeconomies¹22124454156.2–68.6–30.4901268770–18.4–21–18–16Emergingeconomies¹18621242243.8–69.2–38.8831168559–22.4–23–22–22Europe594.5mEurope239.6304.9594.561.8–59.0–20.152814737–9.6–8.5–9.2–10.8NorthernEurope23.721.971.77.4–73.8–14.4731517237–9.2–11.1–8.1–8.4WesternEurope83.587.7167.417.4–57.2–18.457885440–8.4–6.3–7.1–11.2Americas155.6mCentral/EasternEurope44.156.388.79.2–62.7–41.245533744–27.8–28.6–28.7–26.3Southern/Medit.Eur.88.4138.9266.727.7–54.3–12.3457539320.64.21.2–3.1Asia-Pacific100.5m-ofwhichEU–27182.7225.9440.645.8–58.1–18.353864937–7.7–6.4–6.8–9.4Asia–Pacific59.124.8100.510.4–93.1–72.1474538496412–46.0–49.9–45.2–43.1North-EastAsia20.310.919.22.0–93.6–88.7503414474603–64.5–72.0–64.6–57.4South-EastAsia25.53.346.94.9–97.6–66.2–32.3–34.3–33.6–29.1Oceania3.60.86.70.7–95.7–61.4477695655292–36.7–40.1–36.6–33.5SouthAsia9.810.027.72.9–70.5–17.98514411225–16.7–11.4–9.6–29.5Americas69.681.5155.616.2–62.8–29.170867256–14.5–16.8–13.4–13.1NorthAmerica46.557.0102.010.6–61.1–30.468767161–16.3–18.9–15.9–14.3Caribbean10.314.522.62.3–45.1–14.239583629–6.2–6.1–6.2–6.3CentralAmerica3.14.79.31.0–57.1–15.044674228–2.4–8.21.50.4SouthAmerica9.85.321.72.3–85.0–38.813217413592–18.3–20.0–15.5–19.3Africa18.719.646.54.8–71.5–32.61011709862–11.7–10.8–10.6–13.6MiddleEast65.6mNorthAfrica5.66.619.02.0–74.4–25.9159505147744.37.29.2–2.3AfricaSubsaharanAfrica13.113.127.52.9–69.9–36.673977153–20.8–19.9–21.9–20.746.5mMiddleEast19.824.965.66.8–65.9–10.149101551615.413.615.816.7Source:WorldTourismOrganizationoftheUnitedNations(UNWTO)Provisionaldata¹ClassificationbasedontheInternationalMonetaryFund(IMF),seetheStatisticalAnnexoftheIMFWorldEconomicOutlookofApril2017,page175,atwww.imf.org/external/ns/cs.aspx?id=29.²Arrows()indicatepercentagechangeabove1000.Seemethodologicalnotes.SeeboxinpageAnnex1forexplanationofabbreviationsandsymbolsusedTOURISMINVESTMENT2023UNWTO’SCOMMENT7UnlockingthefullpotentialtheCovidpandemicalonehasresulteddriveinnovationand,byembracingoftourism:acallforinalossof$2.6tnininternationaldigitaltechnologies,enhancethehigh-levelactiontourismrevenuessince2020.competitivenessandresilienceofthetourismsector.ZurabPololikashvili,secretary-general,UNWTOToexpediteeconomicrecoveryandensurethelong-termsustainabilityofByprioritisinginvestmentsintalentAstheglobalThepandemicthetourismvaluechain,concertedpolicyandinnovation,wecanunlocknewcommunitynavigatesalonehasresultedactionisrequiredtoattract,promote,opportunitiesandensurethesectortheaftermathofinalossof$2.6tninandmobiliseFDIinthesector.Theseremainsattheforefrontoftechnologicalthepandemic,theinternationaltourisminvestmentsserveaspowerfuldrivers,advancements.Wealsocallforgreatertourismsectorhasrevenuessince2020revitalisingdestinationsandfacilitatingcollaborationsandpartnershipsshownremarkablesustainableandgreeninitiatives.Bybetweengovernments,internationalresilience.Inthenotonlydriveeconomicgrowth,butprioritisinginvestmentsalignedwithorganisations,financialinstitutionsfirstquarterofalsoserveasacatalystforjobcreation,theSustainableDevelopmentGoals,asandprivatesectorstakeholders.By2023,internationaltouristarrivalsinnovation,andinclusivedevelopment.outlinedintheGlasgowDeclarationonleveragingthecollectiveexpertiseandreached80%ofpre-pandemiclevels,Globally,foreigndirectinvestment(FDI)ClimateActioninTourism,policymakersresourcesoftheseentities,wecansurpassingtheoverallrecoveryratehasfacedseveralchallenges,includingcanacceleratethetransitiontowardsfostersustainabletourismdevelopment.of66%witnessedin2022.However,risinginterestrates,whichconstrainmoreenvironmentallyfriendlypractices.Itiscrucialtodevelopinvestmenturgent,strategicpolicyactionisfinancing,andgeopoliticaltensions.ThisencompassesinitiativessuchasframeworksandguidelinesthatwillrequiredtoaddressthecriticalchallengeThesefactorshavenotonlyimpactedthedevelopmentofgreenbuildings,enableourmemberstatestoinnovateofinadequateinvestmentsinthethetourismsector,butalsootherretrofittingprojects,andtheadoptionoftheirapproachtoattract,promoteandsector,whichisvitalforlong-termindustriesaroundit.Weestimatethatsustainabletechnologies.facilitateinvestmentsdrivingthesectorsustainabilityandinnovation.forward.DespitethepositivetrendsseenTheUNWTOcallsonitsmemberoverrecentmonths,thetourismstatestounlockthefullpotentialoftheTheUNWTOishonouredtooncesectorcontinuestofaceeconomictourismsectorasacatalystforpositiveagaincollaboratewithfDiIntelligenceandgeopoliticalheadwinds.Itischange,firstbyinvestingineducationtopresentthisreport.Byleveragingimperativetorecognisethatarobustandsupportinginnovativetalent.Totrusteddataandinsights,thisreportandsustainablerecoveryhingesonensurethegrowthandcompetitivenessaimstoprovideacomprehensivedecisivepolicymeasuresthatstimulateofthesector,significantinvestmentsunderstandingofgreenfieldinvestmentsinvestments.Investmentsintourismmustbemadeineducationandtalentinoursector.Itiscrucialtoprioritisebyupskillingtheprofessionalworkforcepolicyactionsthatsupporttheandimplementingvocationalandacceleratedachievementofthe2030technicalprogrammes.OnlyinthiswayAgenda,encompassingthepillarscanweequipyoungpeople—ofwhomofPeople,PlanetandProsperity,only50%havecompletedsecondarytherebyensuringasustainablefutureeducation—withtheknowledgeandfortourism.capabilitiestheyneedtothriveinthesector.Theseinvestmentswillthenpavethewayforaskilledworkforcethatcandeliverexceptionalgrowth,TOURISMINVESTMENT2023ASIA-PACIFIC8Asia-PacificTOURISMFDIINTOTOP10COUNTRIESINASIA-PACIFICFORTOURISMFDI,2018–2022FDIprojectsintoAsia-PacificASIA-PACIFIC2018–2022•Intotal,517tourismforeigndirectinvestment(FDI)projectsYearCapitalinvestmentwererecordedintheAsia-Pacificregionbetween2018and2022,representing$65.1bnofcapitalinvestmentandcreating($bn)1–1031–4061–70morethan105,600jobs.Followingadeclinein2020and2021,thenumberofannouncedprojectsintotheregionincreased201830.311–2041–5071–80marginallyby2.4%to42projectsin2022.21–3051–60201925.6CHINA•Jobcreationintheregionpeakedin2018,withmorethan49,000jobscreatedandfelltoitslowestin2021,when20205.379approximately4300jobswerecreatedthroughtourismFDI.Thenumberofjobscreatedfromtourism-relatedinvestments20212.6JAPANincreasedby6%from2021to2022.20221.257•ChinaattractedthehighestnumberoftourismFDIprojectsbetween2018and2022,receiving79announcedprojects;15%ofTotal65.1thetotalmarketshareintheregion.ChinapeakedfortourismFDIin2019,with30announcedprojects,yetinboundprojectnumbersSource:fDiMarkets(www.fdimarkets.com)havesteadilydeclinedsincethen.Estimatesincluded•IndiaattractedthreetimesmoretourismFDIprojectsin2022PHILIPPINESthanitdidin2021,andrankedasthetopdestinationcountryintheregionlastyear.Between2018and2022,Indiareceiveda26totalof51announcedtourismFDIprojects,representingamarketshareof9.9%inAsia-Pacificandmorethan$2.2bninINDONESIAcapitalinvestment.29•Indiawasthesourceof15tourisminvestmentsin2022,makingitthesector’slargestsourcecountryintheAsia-PacificregionlastINDIAyear.Between2018and2022,Indiawasthesourceof16%oftheregion’soutboundtourismFDIprojects.51THAILANDVIETNAM3637MALAYSIASINGAPORE2240Source:fDiMarkets(www.fdimarkets.com)AUSTRALIA49TOURISMINVESTMENT2023ASIA-PACIFIC9TOURISMFDIINTOASIA-PACIFIC,2018–2022LOCATIONOFTOURISMFactsandfiguresFDIPROJECTSINTOProjectsJobsASIA-PACIFIC,2018–2022Australiaattractedthesecond-largestnumberoftourismFDI50000250projectsintheAsia-Pacificregionin2022.TourismFDIprojectnumbers40000200grewby40%fromfivein2021tosevenin2022.Between2018and300001502022,Australiawastheregion’sfourth-largestmarketfortourismJobsProjectsFDIprojects.Itheldamarketshareof9.5%withatotalof49tourism2000010015%Chinarelatedinvestments,valuedatmorethan$2.2bn.11%JapanJapanattractedthesecond-largest10%IndianumberoftourismFDIprojectsbetween2018and2022,receiving9.5%Australia57announcedprojectswhichrepresented11%ofthetotalmarket10000507.7%SingaporeshareintheAsia-Pacificregion.However,tourismFDIintoJapan7.2%Vietnamremainedstagnantbetween2021and2022.7.0%ThailandBetween2018and2022,Vietnam5.6%Indonesiareceived37tourismFDIprojectswhichrepresentedaregional005.0%Philippinesmarketshareof7.2%.TourismFDIintoVietnamgeneratedmorethan201820192020202120227800newjobsand$6.4bnfrom2018to2022.4.3%MalaysiaTotalprojectsTotaljobs18%Other517105,662Source:fDiMarkets(www.fdimarkets.com)Source:fDiMarkets(www.fdimarkets.com)EstimatesincludedTOURISMINVESTMENT2023EUROPE10EuropeTOURISMFDIINTOEUROPE,TOP10COUNTRIESINEUROPEFORTOURISMFDI,2018–2022FDIprojectsintoEurope2018–2022•Europeattracted1004tourismforeigndirectinvestment(FDI)YearCapitalinvestmentprojectsbetween2018and2022.Duringthisperiod,$51.1bnwasinvestedandmorethan102,000jobswerecreated.Thevolume($bn)1–2061–80121–140oftourismFDIprojectsinEuropeincreasedby16%from2021to2022,attracting167projectslastyear.However,FDIprojectsinthe201825.921–4081–100141–160region’stourismindustryremainedbelow55%ofits2019figures.201911.6•CapitalinvestmentandthenumberofjobscreatedbytourismFDIbothpeakedin2018.Overthefollowingfouryears,capital20206.441–60101–120investmentandjobcreationinthetourismclusterdeclinedby89%and68%respectively.20214.3•TheUKwasthetopdestinationfortourismFDIinEurope20222.9between2018and2022,attracting160projects;16%oftotaltourismFDIinEurope.TheUKwasalsothetopsourcemarket,withTotal51.1311outboundtourismprojectstrackedatavalueof$18.3bn.Source:fDiMarkets(www.fdimarkets.com)UK•ThetopdestinationmarketforcapitalinvestmentintheregionEstimatesincludedbetween2018and2022wasSpain.ProjectsintothecountryIRELAND160generated$19.4bnworthofcapitalinvestmentwhichequatedtoa30POLANDmarketshareof38%.NETHERLANDS31•SpainandGermanyrankedsecondandthirdrespectivelyintheregionbyinboundprojectnumbersinthetourismclusterbetween322018and2022.Whencombined,thetwocountriesaccountedformorethanone-quarterofinboundtourismprojectsinEurope.GERMANY•TurkeywasthetoptourismFDIdestinationandsourcemarketin133emergingEurope,attracting27%ofinboundtourismFDIprojects(52)inemergingEurope.Thecountryalsoaccountedfor20%ofPORTUGALtheoutboundFDIprojects(12).58FRANCE96SPAINITALY13345Source:fDiMarkets(www.fdimarkets.com)TURKEY52TOURISMINVESTMENT2023EUROPE11TOURISMFDIINTOEUROPE,2018–2022LOCATIONOFTOURISMFDIFactsandfiguresPROJECTSINTOProjectsJobsEUROPE,2018–2022Francesawa85%increaseinthenumberofinboundtourismFDI40000350projectsfrom13in2021to24in2022.Thenumberofprojects35000announcedintoFrancein2022isonlymarginallylessthanthe28300tourismFDIprojectsannouncedin300002019.Jobs25000ProjectsLastyear,Irelandmatchedthe250numberofFDItourismprojectsthat16%UKitattractedin2021,registeringnine20000newprojectannouncements.FDItourismcreatedcloseto600new200jobsinIrelandlastyear,withcapital15000investmentvaluedat$194m.13%SpainDespitethewar,UkraineattractedanimpressivesixtourismFDI1000013%Germanyprojectsbetween2018and2022,150withacapitalexpenditurevalueof9.6%Francemore$145min2022.50005.8%Portugal5.2%Turkey4.5%Italy01003.2%Netherlands201820192020202120223.1%Poland3.0%IrelandTotalprojectsTotaljobs23%Other1004102,389Source:fDiMarkets(www.fdimarkets.com)Source:fDiMarkets(www.fdimarkets.com)EstimatesincludedTOURISMINVESTMENT2023INNOVATION12TourismsectorembracesrecoverythroughstrategicinvestmentsandinnovationNataliaBayona,executivedirector,UNWTOStrategicmoreequitableandthrivingindustry.$455bnwasThefruitsoftheseendeavourshaveinvestmentsholdTheUNWTOurgesitsmemberstatesinvestedintravelbeennothingshortofremarkable,thekeytopropellingandmobilitytechwiththeorganisationexecutingtherecoveryofthetomakeboldstridesininnovationstart-upsbetween15start-upcompetitions,drawingtourismsectorandandeducation,too.Ourresearch2010and201918,764participantsfrommorethanfosteringitslong-hasshownthatventurecapital(VC)150countries.Accompanyingthesetermsustainabilityinvestmentsinthetravelsectorhavewithnewskillsthroughupskillingandeffortsareeightinnovationchallenges,throughinnovation.showncontinuousgrowthoverthevocationalworkforceprogrammes,attracting2450participantsfrommoreInlinewithitswidervision,thepastdecade.Totakejustoneexample,creatingqualityjobopportunities,andthan130countries.WorldTourismOrganizationofthe$455bnwasinvestedintravelandraisingaveragewagesacrosstheentireUnitedNations(UNWTO)remainsmobilitytechstart-upsbetween2010tourismvaluechain.Additionally,weWhatsetstheseinitiativesapartdedicatedtobolsteringtheinvestmentand2019.VCinvestmentintothesectorchampionsubstantialinvestmentsinistheunmistakablequalityofthepromotionframeworksofitsmemberinevitablyretreatedinthepandemicdigitalisation,especiallyforthesmallstart-upsthathavegravitatedtostatesandnurturingarobusttourismyears,onlytocomebackinforce,withandmedium-sizedenterprisesthatUNWTO’sprograms.Distinguishedbyinnovationecosystem.Through$20bnintotravelandmobilitystart-constitute80%ofthetourismsector.theirpioneeringideasandvisionarypioneeringinnovativestrategiesthatupsin2022alone.solutions,theseventureshaveattractandpromoteinvestments,weshowntheirclearpotential.SuchadvocateformeasuresrangingfromAsthesectorsteersitscourseisthemagnitudeoftheirimpacttaxexemptionsforsustainableprojectstowardsrecoveryandgrowth,UNWTOthattheyhavesuccessfullysecuredtotheestablishmentofinitiativesnow,morethanever,prioritisesanastounding$2bninfunding,fosteringmatchmakingfunds.Theseinnovation,educationandstrategicempoweringtheyoungandtalented,initiativesstrengthensocialimpact,investmentsasthepillarsforandinfusingthesector’soverallcommunitydevelopmentandinclusionrecalibratingandadaptingtothesedevelopmentwithrenewedvigourandthroughtourism,settingthestageforaever-evolvingmarketdynamics.resilienceforthefuture.Spearheadingaseriesofinitiatives,weequiptheprofessionalworkforceCustomisedforeigndirectinvestmentreportsMakeinformedinvestmentdecisionsandidentifytrendsusingourglobal,industry-leadingforeigndirectinvestment(FDI)data,poweredbyfDiMarkets,availableascomprehensivedownloadablereports.Createcustomisedreportsbasedonkeytrends,FDIprojects,companies,industryanalysis,sourcecountriesandmuchmore.Downloadyourfreesamplereporttodayatfdiinsights.comTOURISMINVESTMENT2023NORTHAMERICA14NorthAmericaTOURISMFDIINTONORTHTOP10STATES/PROVINCESINNORTHAMERICAFORTOURISMFDI,2018–2022FDIprojectsintoNorthAmericaAMERICA,2018–2022•NorthAmericaattracted232tourismforeigndirectinvestmentYearCapitalinvestment1–516–2031–35(FDI)projectsbetween2018and2022,representing$10.4bnincapitalinvestmentandmorethan19,600jobs.($bn)•ThenumberofFDItourismprojectsinNorthAmericaincreased20183.46–1021–2536–40from33in2021to39in2022.Inthesameperiod,capitalinvestmentinthetourismclusterinNorthAmericadecreased20193.611–1526–30by9%to$1.1bn.Jobcreationintheregionalsodeclinedfromapproximately2800jobsin2021to2500jobsin2022.20201.0•FloridawasNorthAmerica’sleadingstatefortourismFDI20211.2QUEBECprojectsbetween2018and2022.Inthefive-yearperiod,thestateattracted37tourismFDIprojects,followedbyCalifornia(34)and20221.15NewYork(33).Thethreeaforementionedstatescaptured45%ofalltourismFDIprojectsinNorthAmerica.Total10.4NEWYORK•FloridamaintainedthetoppositionasthemostattractiveSource:fDiMarkets(www.fdimarkets.com)33destinationmarketfortourismFDIintheNorthAmericaregionEstimatesincludedalsoin2022.DespiterecordingthesamenumberoftourismONTARIOFDIprojectsin2022as2021,capitalinvestmentintothestate’sBRITISHCOLUMBIAtourismindustryincreasedby18%from$230min2021toalmost13$340mlastyear.However,jobcreationdeclinedby25%from62021.ALBERTA•Between2018and2022,theUShelditsrankasthetopperformingcountryfortourismFDIintheNorthAmericaregion5with198tourismFDIprojects,worthanestimated$8.7bn.Canadameanwhile,witnessedanincreaseoftourismFDIprojectsfromCOLORADOthreein2021toeightin2022andexperiencedanimpressive79%riseinjobcreationfrom96in2021tomorethan460in2022.4NEWJERSEY7CALIFORNIAILLINOISFLORIDA34637Source:fDiMarkets(www.fdimarkets.com)TOURISMINVESTMENT2023NORTHAMERICA15TOURISMFDIINTONORTHAMERICA,2018–2022LOCATIONOFTOURISMFDIFactsandfiguresPROJECTSINTONORTHProjectsJobsAMERICA,2018–2022FloridaattractedthemosttourismFDIprojectsinNorthAmerica600080between2018and2022,witha16%marketshareofalltourismprojectsJobs5000Projectsintheregion.7016%FloridaCaliforniagarneredthehighest4000proportionofcapitalexpenditure6015%Californiaandjobcreationintheregionbetween2018and2022.Itheld300014%NewYorka22%shareoftourismcapitalinvestmentand17%shareinjob505.6%Ontariocreation.Thestatewasalsothe2000largestsourcemarketfortourism3.0%NewJerseycapitalinvestmentinNorth40America,accountingfor$17.4bn1000ofoutboundcapitalinvestmentbetween2018and2022.2.6%BritishColumbiaOntariowasCanada’stop-2.6%Illinoisperformingprovinceandfourth-largestdestinationmarketinNorth0302.2%QuebecAmericafortourismFDIprojects.2022Itretainedthispositiondueto20182019202020212.2%AlbertatheattractionoffourtourismFDIprojectsin2022andthecreationofanestimated300jobs.1.7%ColoradoTotalprojectsTotaljobs35%Other23219,616Source:fDiMarkets(www.fdimarkets.com)Source:fDiMarkets(www.fdimarkets.com)EstimatesincludedTOURISMINVESTMENT2023LATINAMERICA&THECARIBBEAN16LatinAmericaTOURISMFDIINTOLATINTOP10COUNTRIESINLATINAMERICAANDTHECARIBBEANandtheFORTOURISMFDI,2018–2022CaribbeanAMERICAANDTHEFDIprojectsintoLatinAmericaandtheCaribbeanCARIBBEAN,2018–20221–2041–6081–100•LatinAmericaandtheCaribbeanattracted340tourismforeignYearCapitalinvestmentdirectinvestment(FDI)projectsbetween2018and2022.Thisresultedin$27.9bn-worthofcapitalinvestmentandmorethan($bn)21–4061–80101–120112,300newjobscreated.20189.0•TourismFDIbycapitalexpenditureinLatinAmericaandtheCaribbeanmorethandoubledlastyear,from$1.1bnin2021to201911.3CUBA$2.5bnin2022.Jobcreationintheregionalsoroseby95%from5700in2021tomorethan11,000in2022.20204.017BRAZIL•TheprimaryinvestmentdestinationfortourismFDIinLatin20211.1DOMINICANREPUBLIC31AmericaandtheCaribbeanbetween2018and2022wasMexico,representing31%ofalltourismFDIprojectsintotheregion.20222.526Mexicowasalsothetopcountryforcapitalinvestmentholding31%($8.6bn)ofmarketshareandjobcreation(morethan31,100)Total27.9intheregion.Source:fDiMarkets(www.fdimarkets.com)MEXICO•ColombiaandBrazilrankedsecondandthirdforFDItourismEstimatesincludedprojects,attracting45and31projectsbetween2018and2022,105representing13%and9.1%regionalmarketshare,respectively.COSTARICA•TheDominicanRepubliccamesecondforcapitalinvestmentbetween2018and2022,attracting$6.2bn,representing22%of13themarketshare.Moreover,itwasthetopdestinationcountryforcapitalinvestmentandjobscreatedin2022,with$1.5bninvestedECUADORCOLOMBIAandmorethan7000jobscreated.645PERU30CHILEARGENTINA1722Source:fDiMarkets(www.fdimarkets.com)TOURISMINVESTMENT2023LATINAMERICA&THECARIBBEAN17TOURISMFDIINTOLATINAMERICAANDTHELOCATIONOFTOURISMFactsandfiguresCARIBBEAN,2018–2022FDIPROJECTSINTOLATINAMERICA&THECARIBBEAN,PerufacedasignificantdeclineinProjectsJobs2018–2022capitalinvestmentintourismFDIfrom2021to2022,fallingfrom50000150$117.2mto$1.2m.Jobcreationovertheperiodalsodecreased40000120by98%.Thisdeclinehasbeenongoingsincetheoutbreakofthe3000090coronaviruspandemic.JobsProjectsPanamawasthetopsourcemarketfortourismFDIbetween2018and20000602022withamarketshareof37%.Thecountry’sstrongoutbound31%Mexicoperformancecanbetracedbacktotheoutboundprojectsannounced13%ColombiabySelina,ahospitalitybrandthattargetsmillennialandGenZ10000309.1%Braziltravellers,whichwasheadquarteredinPanamabeforerelocatingtothe8.8%PeruUKinearly2019.7.6%DominicanRepublicBrazilandColombiawerethesecond-andthird-largestsource6.5%ArgentinamarketsfortourismFDIinLatinAmericaandtheCaribbean005.0%Cubabetween2018and2022,witha2022combinedmarketshareof28%.20182019202020215.0%ChileTotalprojectsTotaljobs3.8%CostaRica340112,3751.8%EcuadorSource:fDiMarkets(www.fdimarkets.com)8.2%OtherEstimatesincludedSource:fDiMarkets(www.fdimarkets.com)TOURISMINVESTMENT2023MIDDLEEASTANDAFRICA18MiddleEastTOURISMFDIINTOTHETOP10COUNTRIESINTHEMIDDLEEASTANDAFRICAandAfricaFORTOURISMFDI,2018–2022MIDDLEEASTANDAFRICA,FDIprojectsintoMiddleEastandAfrica2018–20221–2041–6081–100•Atotalof322tourismforeigndirectinvestment(FDI)projects21–4061–80101–120wererecordedintheMiddleEastandAfrica(MEA)regionYearCapitalinvestmentQATARbetween2018and2022,representing$20.9bnofcapitalinvestmentandcreatingmorethan47,900jobs.($bn)14•TourismFDIprojectsintheMEAregionincreasedby43%from20185.8UAE47in2021to67in2022.TourismFDIintotheregionin2022createdmorethan6700jobsandgeneratedmorethan$2.5bnof20198.7SAUDIARABIA114capitalinvestment.31OMAN•TheUAEattractedthehighestnumberoftourismFDIprojectsbetween2018and2022,receiving114announcedprojects,20201.513representingmorethanathird(35%)ofthetotalmarketshareintheMEAregion.Followinga65%increaseon2021,itattractedthe20212.4BAHRAINhighestnumberoftourismrelatedinvestmentsin2022,with33announcedprojectsatacombinedvalueofmorethan$752m.20222.510•Between2018and2022,SaudiArabiaattracted31tourismTotal20.9relatedFDIprojects.ItattractedatotalofninetourismFDIprojectsin2022,whichwasonparwithitsperformancein2019Source:fDiMarkets(www.fdimarkets.com)andup80%from2021.EstimatesincludedMOROCCOEGYPT1619ISRAEL9SOUTHAFRICA10•Between2018and2022,theMEAregionwasthesourceof131tourismrelatedinvestments.Ofthis,72projectscamefromfirmsbasedintheUAE.OutboundtourismFDIfromtheUAEduringthisperiodwasvaluedatmorethan$3.6bn.Source:fDiMarkets(www.fdimarkets.com)TANZANIAMorocco’sbordersarebasedonthemappublishedbytheUNgeospatialservice10TOURISMINVESTMENT2023MIDDLEEASTANDAFRICA19TOURISMFDIINTOTHEMIDDLEEASTANDAFRICA,2018–2022LOCATIONOFTOURISMFDIFactsandfiguresPROJECTSINTOTHEProjectsJobsMIDDLEEASTANDAFRICA,Israelgarnered$224m-worthof2018–2022tourismFDIin2022,whichwasafive-yearhigh.Meanwhilethe25000120numberofannouncedtourism-relatedinvestmentsdestinedfor20000100Israeldeclinedby33%from2021to2022.1500080ThenumberoftourismFDIprojectsJobsProjectsintoSouthAfricadeclinedbyone-thirdfrom2021to2022.Last1000060year,SouthAfricawelcomed1.7%lesscapitalinvestmentthanin50004035%UAE2021.However,tourismFDIinto9.6%SaudiArabiathecountryin2022resultedinthe0205.9%Egyptcreationofapproximately360new20225.0%Moroccojobswhichequatesto44%ofall20182019202020214.3%QatartourismjobscreatedinSouthAfrica4.0%Omanbetween2018and2022.TotalprojectsTotaljobs3.1%SouthAfrica3.1%BahrainBetween2018and2022,Oman32247,9223.1%Tanzaniaattractedmorethan$1.8bnincapital2.8%IsraelinvestmentfromtourismFDI.Source:fDiMarkets(www.fdimarkets.com)24%OtherEstimatesincludedIn2022,tourismFDIintoSource:fDiMarkets(www.fdimarkets.com)Mozambiquecreatedmorethan400jobsandrepresentedmorethan$200mofcapitalinvestment.Thisaccountsforapproximatelytwo-thirdsofthetotalamountoftourismrelatedinvestmentintoMozambiquebetween2018and2022.TOURISMINVESTMENT2023SECTOROVERVIEWTOPFIVESECTORSFORGLOBALTOURISMFDIPROJECTS2018–20222020182019202020212022Sectoroverview500•Thehotelandtourismsectoraccountedforalmosttwo-thirdsofallprojectsinthetourismclusterbetween2018and2022.400Foreigndirectinvestment(FDI)projectnumbersincreasedby25%from2021to2022.However,capitalinvestmentinthehotel300andtourismsectordeclinedfrom$48.9bnin2018to$7.8bnin2022.Meanwhile,jobcreationinthesectorhasremainedatless200thanathirdofits2019highof94,300since2020.100•Between2018and2022,accommodationremainedthelargestsub-sectoroftourismFDIglobally,accountingformorethanhalf0Software&Leisure&BusinessRealestate(51%)ofallFDIprojects.Morethan70%ofcapitalinvestmentITservicesentertainmentservices($126.8bn)andjobcreation(270,000)inthetourismclusterwasHotels&generatedbytheaccommodationsub-sectorduringthesametourismperiod.Source:fDiMarkets(www.fdimarkets.com)•Travelarrangementsandreservationservicesrankedasthesecond-largestsub-sectorfortourismFDIbynumberofprojectsTOPFIVESUB-SECTORSFORGLOBALTOURISMFDIPROJECTS2018–2022recordedbetween2018and2022.FDIprojectnumbersinthesub-sectorgrewalmost2.5timesfrom29in2021to72in202220182019202020212022—almostequalthesubsector’s2019total,signallingastrong500reboundintheindustryasinternationaltourismstartedtorecoverfollowingtheimpactofCovid–19.400•SoftwareandITserviceswasthesecond-largestsectorfor300tourismFDIprojectsbetween2018and2022.ItsshareofglobalFDItourismprojectsgrewfrom10%in2018to16%in2002020,22%in2021and28%in2022,indicatingthesector’sresilienceanditsongoingshifttowardsdigitisation.The100softwarepublishers(excludingvideogames)sub-sectorwasthethird-largestrecipientofFDIprojects,growingby32%0Softwarepublishers,Performingarts,Internetpublishing,between2018and2022.AccommodationTravelarrangementexceptvideogamesspectatorsports,broadcasting&&reservationwebsearchservices&relatedSource:fDiMarkets(www.fdimarkets.com)TOURISMINVESTMENT2023COMPANIES21CompaniesTheNorthAmericaandAsia-PacificregionseachcontributethreeTOPFIVEINVESTORSBYREGIONFORTOURISMcompaniestothetop10investorslistfortourismforeigndirectFDI,BYNUMBEROFPROJECTS2018–2022investment(FDI)between2018and2022.Therestofthetop10comprisescompaniesfromEurope,withSpain-basedMelia,MiddleEast&AfricaUK-basedIntercontinentalHotelsGroup,France-basedAccorandUK-basedSelinaallfeaturing.BarceloHyattSelina,ahospitalitybrandthatHotelstargetsmillennialandGenZSelina,ahospitalitybrandthattargetsmillennialandGenZRadissontravellers,wasthetopcompanytravellers,wasthetopcompanyfortourismFDIbetween2018HospitalityfortourismFDIbetween2018and2022.Thecompany,whichwasfoundedin2012,announcedand202290projectsduringthe2018–2022period,whichis11moreAccorHuazhuNorthAmericathansecond-placedAccor.SelinawasalsosignificantlyaheadHotelsduringthefourthquarterof2022representinganincreaseofofotherinvestorsfornewjobs,withanestimated23,700rolesEuropeGroupVirgin$205monthesamequarterin2021.Marriottalsointendstocreated.ThemainregionaldestinationmarketwasLatinAmerica.Groupmakesignificantinvestmentsinitscustomer-facingtechnologies,ThecompanyalsoestablishedaresearchanddevelopmentCox&TUIapositiveconsideringthemultipledatabreachesrecentlycentreinTelAviv,IsraelinFebruary2018,whichcreated40KingsGroupRound1experiencedbythecompany.jobsfordevelopersandsoftwareengineers,reinforcedbyanannouncementinApril2019thatthecentrewouldbefurtherSelinaThetopcompanyfortourismsoftwareFDIforthe2018–2022expanded.periodwasChina-basedShijiGroup,whichannounced12GoalsStichtingprojects.KeyinvestmentsincludedtheestablishmentofanewDespitebeinginexpansionmodeacrosshotelsandSoccerPensioenfondscorporateheadquartersinHollywood,Florida,whichcreated70technology,Selinahasfacedhurdlesthisyear.InthefirstquarterCentresjobs,andaEuropeanheadquartersopeninginAmsterdamforitsof2023,thecompanypublishedrevenuesof$54.2m,whichABPStayNTouchsubsidiary,acompanyfocusedonmobiletechnologyrepresentsa32%increaseonthesamequarterin2022,whileSelinaandpropertymanagementsystems.Germany-basedHolidu,occupancyratesalsoexperiencedgrowth.Yetthecompanystillthedeveloperofasoftwaresolutionforthetourismmarket,alsoincurredalossof$30.3mandislayingoff350full-timeemployeesAccorannouncedmorethan10projects,withseveralofficesopenedbyOctober2023,withpropertyclosuresalsoontheagenda.acrossEuropeforitsBookiplysubsidiary.HealthCityAsia-PacificUS-basedMarriottInternational,theleadtourisminvestorInternationalbetween2017and2021,announced75projectsinthe2018–2022InterContinentalperiod.ItstopmarketwasAsia-Pacific,with48inboundprojectsHotelsGrouprecorded.Marriottplacedsecondforjobscreatedandcapitalinvested,withanestimated17,400jobsand$11.3bnofcapitalLatinInAtermCoentriniecnatal&CaribbeanMarriottHyattinvestmentgenerated.InternationalHotelsHotelsGroupThecompanylooksinhealthyshapemovingforward,despitelosingitsholdoverthetourismFDImarket,withnetincomeGrupoIberostarSelinaTravel+DusitAccorLeisureThaniCoMinorInternationalSource:fDiMarkets(www.fdimarkets.com)ComprehensiveknowledgeandtrainingforforeigninvestmentprofessionalsfDiInstituteoffersin-persontrainingworkshopsandeLearningcoursesthatallowyouandyourteamtorefreshcriticalknowledgeandgainprofessionalcertificationandkeyskills.Ourtrainingcoversarangeoftopics,including:•Investmentpromotionstrategydevelopment•Marketingalocation•Valuepropositiondevelopment•Investortargetingandleadgeneration•BestPracticesinAftercareandBusinessRetention&Expansion•SustainableDevelopmentandFDIFindoutmore:fdiintelligence.com/fdiinstituteTOURISMINVESTMENT2023ABOUTUS23AboutfDiIntelligencefDiIntelligence.comPartoftheFinancialTimesGroup,fDimakingandidentifyfutureopportunitiesAboutthedataPublishedbyTheIntelligenceisrecognisedgloballyforandtrends.ThereportisbasedonthefDiMarketsdatabaseofTheFinancialFinancialTimesLtditscrediblefullrangeofinvestmentTimesLtd,whichtracksgreenfieldinvestmentprojects.ItdoesnotBrackenHousepromotionandresearchsolutions.fDiBenchmark—istheonlyincludemergersandacquisitionsorotherequity-basedornon-1FridayStreetRelieduponbythemostprominentFDIcomprehensiveanalysistoolthatequityinvestments.OnlynewinvestmentprojectsandsignificantLondonEC4M9BTprofessionals,wehaveprovidedin-depthcomparescostsandqualitiesofexpansionsofexistingprojectsareincluded.fDiMarketsisthecommentaryandcomprehensivedatainvestmentdestinations.Itsuniquemostauthoritativesourceofintelligenceonrealinvestmentinthe©TheFinancialTimesLtd2022andintelligencesince2001andcontinuepatentedalgorithmictechnologyisusedglobaleconomy,andtheonlysourceofgreenfieldinvestmentdatatopioneernewgroundbreakingproductsbylocations,intermediariesandinvestorsthatcoversallcountriesandindustriesworldwide.RetailprojectsEditortobetterserveourclients.aliketoassessglobalfootprintstrategies.havebeenexcludedfromthisanalysisbutaretrackedbyJacopoDettonifDiMarkets.ExpandedportfolioGISPlanning—offersasuiteofindustry-SenioreditorTheproductandconsultingdivisionsofleadingonlineGISdataandmappingThedatapresentedincludesFDIprojectsthathaveeitherDanielleMylesWavteqGroupLimitedhavejoinedthetoolstoattractinvestment,supportbeenannouncedoropenedbyacompany.ThedataoncapitalfDiIntelligenceportfolio.ThenewbrandsbusinessandfacilitateresearchandinvestmentandjobcreationisbasedontheinvestmenttheGlobalmarketseditorAmplify,IncentivesFlow,InvestmentFlow,analysis.TheinteractiveSaaStoolsarecompanyismakingatthetimeoftheprojectannouncementAlexIrwin-HuntInvestmentMap,Influencersandtheirrobust,intuitiveandmobileresponsive,oropening.Ascompaniescanraisecapitallocally,phasetheirstrategyanddevelopmentservicesengagingpotentialinvestorsdirectlyoninvestmentoveraperiodoftime,andcanchanneltheirinvestmentHeadoffDimarketsgreatlycomplementourportfolio,InvestmentPromotionAgencywebsites.throughdifferentcountriesfortaxefficiency,thedatausedinthisGeraldineEwingofferinganunrivalledcentreofreportisdifferenttotheofficialdataonFDIflows.Thedatafromexcellenceglobally,providingnewsandfDiIntelligencemagazine—firmlyfDiMarketsismoreaccurateandareal-timeindicatoroftherealContributorsanalysis,datatools,eventsandstrategicestablishedastheworld’spremierinvestmentcompaniesaremakingintheiroverseassubsidiaries.NicolaAllen,JoshuaCrawford,SarahDaly,guidancefortheindustry.publicationforthebusinessofSophieLewis&JonathanWildsmithglobalisation.Publishedonabi-monthlyThedatashownincludesestimatesforcapitalinvestmentandProductsandservicesinclude:basiswithanABC-certified,highlyjobcreationderivedfromalgorithms(patentpending)whenaProductiontargetedcirculationofmorethan14,000,companydoesnotreleasetheinformation.ElliotSmither,productionmanagerfDiMarkets—isthemostfDiprovidescorporatedecision-makersNicBunce,deputyproductioneditorcomprehensivegreenfieldFDItrackingwithanup-to-dateimageoftheever-NotethattheinvestmentprojectstrackedbyfDiMarketsareAndrewPetrie,deputyproductioneditordatabaseonthemarket,fromthechangingglobalinvestmentmap.beingconstantlyupdatedandrevisedbasedonnewintelligenceParamjitVirdee,seniordesignerFinancialTimes.Wehaveanunrivalledbeingreceivedandtheunderlyingalgorithmsareconstantlytrackrecordofreal-timedatasince2003.improvingtheiraccuracyovertime.ThedatapresentedinthisForfurtherinformation,Ourdataischosentopowerthemostreportmaythereforedifferslightlyfromthereal-timedatapleasecontact;influentialglobalFDIanalytics,decisionavailableatfDiMarkets.com.jacopo.dettoni@ft.com+44(0)7738695741TheWorldBank,Unctad,theEconomistIntelligenceUnitandfdiintelligence@ft.commorethan100governmentsaroundtheworldaswellasmajorcorporationsusethedataastheprimarysourceofintelligenceongreenfieldinvestmenttrends.
VIP
