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Tourism Investment Expected to Exceed $100 Million

Tourism is expected to keep playing a significant role in the Peruvian economy over the next few years, with investments expected to exceed $100 million in the medium term, local news agency Andina reported last week.

The announcement was made last Tuesday by Mara Seminario, Peru’s Tourism Deputy Minister. Ms. Seminario said the growth can be attributed to the broad range of opportunities offered across the country, from small and large businesses to the promotion of culture and cuisine. These opportunities can be found nationwide, rather than just in the tourist-filled routes of the south.

Efforts to promote tourism development have been consolidated between the country’s regions, making for more attractive opportunities for investors. Many investment projects are already under way, and others are soon to follow, according to Ms. Seminario. Among other things, they will aim to make tourist activity more sustainable in the well-known areas, such as Cusco’s Inca Trail, and direct visitors to lesser known ones such as the northern beaches.

Part of the tourism department’s program is “Private Investment Opportunities in Tourist Destinations,” a trade forum showing and explaining the investment potential of some of Peru’s most well-known destinations. These include the Arequipa, Puno, Paracas-Nazca, the beaches in the north, the Amazonas River, and the Moche Route.

Relevant information was collected on each of these destinations by Macroconsult, a local consulting firm, through market research and interviews with members of the private and public sectors. From the data, the Ministry of Foreign Trade and Tourism (Mincetur) calculated potential investments that could total more than $100 million over the next few years.

The Moche Route can account for a large part of these investments, being the fastest-growing tourist destination outside the more popular south. By 2016, it is expected to attract around 1.6 million visitors from in and out of the country. According to Mincetur minister Eduardo Ferreyros, their goal is to improve infrastructure and services in this area to offer an alternative to well-known, and often crowded, southern destinations such as Cusco, Puno, and Arequipa.

Earlier, projects were also announced in the southern area of Puno, home to the famous Lake Titicaca. The regional directorate is pushing for the creation of a regional tourism board, which would help promote sustainable yet competitive tourism in the area. It would be part of the Regional Tourism Strategic Plan, a larger initiative that aims to bring public and private sector organizations together to promote local tourism, as a supplement to Puno’s mining industry.