A report by the World Travel & Tourism Council (WTTC) calls on governments to help attract investment in the travel sector by having “clear and consistent” policies.
The paper said the global travel and tourism sector has suffered more than any other during the pandemic because of severe restrictions, so investment “has never been so critical”.
Capital investment dropped by almost one third (29.7%) last year, from $986 billion in 2019, to $693 billion in 2020.
The report highlights how it is “crucial” for destinations and governments to attract investment through an “effective enabling environment”, including incentives such as smart taxation, travel facilitation policies, diversification, integration of health and hygiene, effective communication and a skilled and trained workforce.
Contributor Mark Harms, managing partner at Bespoke Capital Partners, said: “Clear and consistent government policy is key in attracting investors’ interest.
“To accelerate the resumption of international travel and attract investment, governments need to work together on the organised and coordinated response.”
Another contributor, Steven Siegel, KSL Capital Partners’ chief operating officer, added: “Destinations and governments should focus on safety and security, alongside political stability and well-established rule of law, as we look for these qualities as pre-requisites for investment.”
The WTTC advises investment in markets such as wellness, medical, MICE, sustainable, adventure, cultural or targeted – including women, LGBTQI, and accessible – tourism.
Julia Simpson, WTTC president and chief executive, said: “It is crucial for stakeholders to focus on travel facilitation to achieve a safe and seamless traveller journey, and diversification of revenue-generating activities, amongst other opportunities.”