fDi TOURISM INVESTMENT 2023 Intelligence Global greenfield investment trends in tourism

In association with

群内每日免费分享5份+最新资料

300T网盘资源+40万份行业报告

为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 …… 全面赋能！

关注公众号获取更多资料

添加微信，备
注“入群”
立刻免费领取
200套知识地图+最新研报

致终身学习者社群

行业报告/思维导图/电子书/资讯情报

收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音……

扫码先加好友，以备不时之需

Out now: The fDi Report 2023 Global greenfield investment trends

The fDi Report 2023 is the annual assessment of crossborder investment, based on data from fDi Markets – a service from the Financial Times.

Key foreign direct investment trends spotted include:

For a 4th year running, the renewable energy sector has attracted the highest total capital investment globally

Inbound FDI for China declined further in 2022. Compared to 2019, the number of projects into China last year were down 60%

Following Russia’s invasion of Ukraine in early 2022, the number of announced FDI projects into Russia plummeted to only 13

Now that tourism is bouncing back, sustainability must be the priority

The global tourism sector can look at the figures in this report with a sense of relief. International arrivals have bounced back — they are not quite yet at pre-Covid levels, but the recovery momentum has built up.

And there is more good news: greenfield foreign direct investment (FDI) into the tourism sector is showing signs of life

after all but vanishing in the pandemic years. With Covid–19 behind us, the industry has no time to waste in addressing the biggest challenge of our times: climate change and the resulting sustainability imperative.

Once again, fDi Intelligence has teamed up with the World Tourism Organization of the United Nations (UNWTO) to look at the current state of the global tourism cluster through the lens of international arrivals and greenfield FDI.

As mentioned, international tourism arrivals are not quite there yet, but they are coming back. They more than doubled globally from 2021 to 2022, reducing the gap with pre-Covid levels to 34.3%. The recovery picked up further in the first quarter of 2023, when the gap narrowed further down to 20.4%, UNWTO data shows.

But this recovery is very nuanced. The Middle East is the bright spot, being the only region where arrivals in the first quarter of 2023 exceeded those of the same period of 2019 (+15.4%) as the light-touch approach to lockdowns and travel restrictions of many governments in the region set the scene for a quick comeback. Policymakers in China took a very different approach, leaving in place draconian zero-Covid rules until early 2023. Inevitably, this affected tourism flows across the whole Asia-Pacific region, where arrivals remain far below pre-pandemic levels (–46% year-on-year in the first quarter of 2023, but bouncing back at tremendous pace).

Foreign investors have finally started navigating the nuances of the global tourism recovery. Although capital expenditure figures have yet to recover, they announced 21% more projects in the tourism cluster in 2022 than they did in the previous year, as shown by the analysis that follows in this report, which is based on fDi Intelligence proprietary database of greenfield FDI projects, fDi Markets. The number of jobs created by FDI projects bounced back too. That marks a clear departure from the lows of 2020 and 2021, when investment activity in the tourism cluster almost evaporated, coming off record years in 2018 and 2019. If we look at the data at a more granular level, foreign investors have favoured countries that have been quick to bounce back, such as the Dominican Republic and the UAE.

Foreign investors have finally started navigating the nuances of the global tourism recovery

If face masks and lockdown are a fading memory, the reality of climate change is as palpable as ever. Wildfires, triggered by extreme high temperatures as much as by reckless arson, have been ravaging tourist destinations across the Mediterranean, leaving thousands of tourists stranded.

Major touristic cities like Rome have set in motion emergency protocols to close main attractions during heat waves. Meanwhile, in the San Blas archipelago, a tropical paradise in Panama that is home to indigenous Kuna people and a few boutique hotels, a whole island community of 300 families is being moved to the mainland because of rising sea levels. These are just a few examples of how climate change is disrupting tourism hotspots, but the list is much longer.

The climate shock calls for immediate climate resilience action to limit the damage as much as possible. Assertive agendas at national and local levels are also needed to secure sustainability in the long-term. They will inevitably affect tourism too, and the way we all travel and spend our spare time.

If anything, the Covid–19 pandemic gave policymakers a chance to go back to the drawing room and better incorporate sustainability and net-zero approaches to their development strategies. The tourism ecosystem, which is a major source of wealth and employment the world over, has a key role to play in shaping these policies and reducing its environmental footprint. It is not only about its own survival. It is about our own survival.

TOP 10 COUNTRIES FOR

TOURISM FDI PROJECTS

2018-2022

0-33 100-132

134-66 1133-165

67-99 1166-198

TOP 10 COUNTRIES FOR TOURISM FDI PROJECTS 2018–2022

Global overview

• Foreign investors announced a total of 2415 foreign direct investment (FDI) projects in the tourism cluster between 2018 and 2022 according to fDi Markets, the greenfield investment monitor of the Financial Times. These projects involved a total capital investment of \$175.5bn and created an estimated 388,000 jobs.

• While international travel continues to rebound from the coronavirus pandemic, the number of greenfield foreign direct investment (FDI) projects in the tourism cluster started its tentative recovery in 2022 after posting declines in both 2020 and 2021.

• FDI project numbers and job creation in the tourism cluster grew by 23% from 286 investments in 2021 to 352 in 2022. Job creation in tourism FDI over the period also increased by 23% to an estimated 36,400 in 2022.

• The sector entered 2020 off the back of a very strong FDI performance in 2019, with 753 greenfield projects announced a 5.8% increase from 2018 and the peak year for tourism projects since fDi Markets began recording data in 2003.

• As one of the areas of FDI most affected by the coronavirus pandemic, tourism has taken a long time to recover from the initial shock of 2020 — when the sector experienced a 59% year-onyear decrease in the number of projects, dropping to 312. Capital investment in the sector also experienced a 70% decrease, with estimated capital investment dropping from \$60.9bn to \$18.2bn.

• The leading destination region for tourism FDI projects in 2022 was Western Europe with 143 announced investments at a combined estimated value of \$2.2bn.

Destination country
Us	198
UK	160
Spain	133
Germany	133
UAE	114
Mexico	105
France	96
China	79
Portugal	58
Japan	57

TOURISM FDI GLOBALLY 2018–2022

Year	Capital investment($bn)*
2018	74.5
2019	60.9
2020	18.2
2021 11.6
2022 10.2

Source: fDi Markets (www.fdimarkets.com) *Estimates included
Source: fDi Markets (www.fdimarkets.com)

TOURISM FDI GLOBALLY 2018–2022 (PROJECTS AND JOBS)

LOCATION OF GLOBAL FDI PROJECTS 2018–2022

Facts and figures

The US was the largest recipient of tourism FDI between 2018 and 2022 with 198 projects, followed by the UK (160), Spain (133) and Germany (133).

? The top 10 countries for tourism FDI attraction accounted for nearly half (47%) of all announced tourism projects globally between 2018 and 2022.

Capital investment in the sector totalled \$175.5bn between 2018 and 2022 with Spain being the leading recipient (\$19.4bn), followed by China (\$11.5bn) and the Philippines (\$11.1bn).

Job creation in tourism FDI was highest in Mexico between 2018 and 2022 with an estimated 31,000 jobs created in the sector, followed by China (22,130) and Spain (20,590).

International tourist arrivals

INTERNATIONAL TOURIST ARRIVALS BY (SUB)REGION, 2016–20REGION IN 2020–2022*

				Share	Change		2023 Monthly/ quarterly data % Change
	（million)			(%)		(%)	2023 versus 2022*				2023 versus 2019
	2020	2021	2022*	2022*	21/19	22/19	Q1	Jan	Feb	Mar	Q1	Jan	Feb	Mar
World	407	456	963	100	-68.9	-34.3	86	121	86	65	-20.4	-22.0	-20.1	-19.3
Advanced economies1	221	244	541	56.2	-68.6	-30.4	90	126	87	70	-18.4	-21	-18	-16
Emerging economies1	186	212	422	438	-69.2	-38.8	83	116	85	59	-22.4	-23	-22	-22
Europe	239.6	304.9	594.5	618	-59.0	-20.1	52	81	47	37	-9.6	-8.5	-9.2	-10.8
Northern Europe	23.7	21.9	71.7	74	-73.8	-14.4	73	151	72	37	-9.2	-111	-8.1	-8.4
Western Europe	83.5	877	167.4	174	-57.2	-18.4	57	88	54	40	-8.4	-6.3	-71	-112
Central/Eastern Europe	44.1	56.3	88.7	9.2	-62.7	-41.2	45	53	37	44	-27.8	-28.6	-28.7	-26.3
Southern/Medit.Eur.	88.4	138.9	266.7	277	-543	-12.3	45	75	39	32	0.6	42	12	-31
-of which EU-27	182.7	225.9	440.6	45.8	-58.1	-18.3	53	86	49	37	-7.7	-6.4	-6.8	-9.4
Asia-Pacific	59.1	24.8	100.5	10.4	-93.1	-72.1	474	538	496	412	-46.0	-49.9	-45.2	-43.1
North-East Asia	20.3	10.9	19.2	20	-93.6	-88.7	503 a	414	474	603	-64.5	-72.0	-64.6	-57.4
South-East Asia	25.5	3.3	46.9	49	-97.6	-66.2	→	→	→	→	-32.3	-34.3	-33.6	-29.1
Oceania	3.6	0.8	6.7	07	-95.7	-61.4	477	695	655	292	-36.7	-40.1	-36.6	-33.5
South Asia	98	10.0	27.7	2.9	-70.5	-17.9	85	144	112	25	-16.7	-11.4	-9.6	-29.5
Americas	69.6	81.5	155.6	16.2	-62.8	-29.1	70	86	72	56	-14.5	-16.8	-13.4	-13.1
North America	46.5	570	102.0	10.6	-611	-30.4	68	76	71	61	-16.3	-18.9	-15.9	-14.3
Caribbean	10.3	14.5	22.6	23	-45.1	-14.2	39	58	36	29	-6.2	-6.1	-6.2	-6.3
Central America	31	47	9.3	10	-571	-15.0	44	67	42	28	-2.4	-8.2	15	04
South America	9.8	5.3	21.7	23	-85.0	-38.8	132	174	135	92	-18.3	-20.0	-15.5	-19.3
Africa	18.7	19.6	46.5	48	-71.5	-32.6	101	170	98	62	-11.7	-10.8	-10.6	-13.6
North Africa	5.6	6.6	19.0	20	-744	-25.9	159	505	147	74	4.3	72	9.2	-2.3
Subsaharan Africa	13.1	13.1	27.5	2	-69.9	-36.6	73	97	71	53	-20.8	-19.9	-21.9	-20.7
Middle East	19.8	24.9	65.6	6.8	-65.9	-10.1	49	101	55	16	15.4	13.6	15.8	16.7

Source: World Tourism Organization of the United Nations (UNWTO) *Provisional data ¹Classification based on the International Monetary Fund (IMF), see the Statistical Annex of the IMF World Economic Outlook of April 2017, page 175, at www.imf.org/external/ns/cs.aspx?id=29. ²Arrows ( ) indicate percentage change above 1000. See methodological notes. See box in page Annex 1 for explanation of abbreviations and symbols used

Unlocking the full potential of tourism: a call for high-level action

Zurab Pololikashvili, secretary-general, UNWTO

As the global community navigates the aftermath of the pandemic, the tourism sector has shown remarkable resilience. In the first quarter of

2023, international tourist arrivals reached 80% of pre-pandemic levels, surpassing the overall recovery rate of 66% witnessed in 2022. However, urgent, strategic policy action is required to address the critical challenge of inadequate investments in the sector, which is vital for long-term sustainability and innovation.

Despite the positive trends seen over recent months, the tourism sector continues to face economic and geopolitical headwinds. It is imperative to recognise that a robust and sustainable recovery hinges on decisive policy measures that stimulate investments. Investments in tourism

The pandemic alone has resulted in a loss of \$2.6tn in international tourism revenues since 2020

not only drive economic growth, but also serve as a catalyst for job creation, innovation, and inclusive development. Globally, foreign direct investment (FDI) has faced several challenges, including rising interest rates, which constrain financing, and geopolitical tensions. These factors have not only impacted the tourism sector, but also other industries around it. We estimate that the Covid pandemic alone has resulted in a loss of \$2.6tn in international tourism revenues since 2020.

To expedite economic recovery and ensure the long-term sustainability of the tourism value chain, concerted policy action is required to attract, promote, and mobilise FDI in the sector. These investments serve as powerful drivers, revitalising destinations and facilitating sustainable and green initiatives. By prioritising investments aligned with the Sustainable Development Goals, as outlined in the Glasgow Declaration on Climate Action in Tourism, policymakers can accelerate the transition towards more environmentally friendly practices. This encompasses initiatives such as the development of green buildings, retrofitting projects, and the adoption of sustainable technologies.

The UNWTO calls on its member states to unlock the full potential of the tourism sector as a catalyst for positive change, first by investing in education and supporting innovative talent. To ensure the growth and competitiveness of the sector, significant investments must be made in education and talent by upskilling the professional workforce and implementing vocational and technical programmes. Only in this way can we equip young people — of whom only 50% have completed secondary education — with the knowledge and capabilities they need to thrive in the sector. These investments will then pave the way for a skilled workforce that can deliver exceptional growth,

drive innovation and, by embracing digital technologies, enhance the competitiveness and resilience of the tourism sector.

By prioritising investments in talent and innovation, we can unlock new opportunities and ensure the sector remains at the forefront of technological advancements. We also call for greater collaborations and partnerships between governments, international organisations, financial institutions and private sector stakeholders. By leveraging the collective expertise and resources of these entities, we can foster sustainable tourism development. It is crucial to develop investment frameworks and guidelines that will enable our member states to innovate their approach to attract, promote and facilitate investments driving the sector forward.

The UNWTO is honoured to once again collaborate with fDi Intelligence to present this report. By leveraging trusted data and insights, this report aims to provide a comprehensive understanding of greenfield investments in our sector. It is crucial to prioritise policy actions that support the accelerated achievement of the 2030 Agenda, encompassing the pillars of People, Planet and Prosperity, thereby ensuring a sustainable future for tourism.

Asia-Pacific

FDI projects into Asia-Pacific

• In total, 517 tourism foreign direct investment (FDI) projects were recorded in the Asia-Pacific region between 2018 and 2022, representing \$65.1bn of capital investment and creating more than 105,600 jobs. Following a decline in 2020 and 2021, the number of announced projects into the region increased marginally by 2.4% to 42 projects in 2022.

• Job creation in the region peaked in 2018, with more than 49,000 jobs created and fell to its lowest in 2021, when approximately 4300 jobs were created through tourism FDI. The number of jobs created from tourism-related investments increased by 6% from 2021 to 2022.

• China attracted the highest number of tourism FDI projects between 2018 and 2022, receiving 79 announced projects; 15% of the total market share in the region. China peaked for tourism FDI in 2019, with 30 announced projects, yet inbound project numbers have steadily declined since then.

• India attracted three times more tourism FDI projects in 2022 than it did in 2021, and ranked as the top destination country in the region last year. Between 2018 and 2022, India received a total of 51 announced tourism FDI projects, representing a market share of 9.9% in Asia-Pacific and more than \$2.2bn in capital investment.

• India was the source of 15 tourism investments in 2022, making it the sector’s largest source country in the Asia-Pacific region last year. Between 2018 and 2022, India was the source of 16% of the region’s outbound tourism FDI projects.

TOURISM FDI INTO ASIA-PACIFIC 2018–2022

Year	Capital investment （Sbn)*
2018	30.3
2019	25.6
2020	5.3
2021	2.6
2022	1.2
Total	65.1

Source: fDi Markets (www.fdimarkets.com) *Estimates included
Source: fDi Markets (www.fdimarkets.com)
TOP 10 COUNTRIES IN ASIA-PACIFIC FOR TOURISM FDI, 2018–2022

TOURISM FDI INTO ASIA-PACIFIC, 2018–2022

LOCATION OF TOURISM FDI PROJECTS INTO ASIA-PACIFIC, 2018–2022

Source: fDi Markets (www.fdimarkets.com)

Facts and figures

Australia attracted the secondlargest number of tourism FDI projects in the Asia-Pacific region in 2022. Tourism FDI project numbers grew by 40% from five in 2021 to seven in 2022. Between 2018 and 2022, Australia was the region’s fourth-largest market for tourism FDI projects. It held a market share of 9.5% with a total of 49 tourism related investments, valued at more than \$2.2bn.

Japan attracted the second-largest number of tourism FDI projects between 2018 and 2022, receiving 57 announced projects which represented 11% of the total market share in the Asia-Pacific region. However, tourism FDI into Japan remained stagnant between 2021 and 2022.

Between 2018 and 2022, Vietnam received 37 tourism FDI projects which represented a regional market share of 7.2%. Tourism FDI into Vietnam generated more than 7800 new jobs and \$6.4bn from 2018 to 2022.

Europe

FDI projects into Europe

• Europe attracted 1004 tourism foreign direct investment (FDI) projects between 2018 and 2022. During this period, \$51.1bn was invested and more than 102,000 jobs were created. The volume of tourism FDI projects in Europe increased by 16% from 2021 to 2022, attracting 167 projects last year. However, FDI projects in the region’s tourism industry remained below 55% of its 2019 figures.

• Capital investment and the number of jobs created by tourism FDI both peaked in 2018. Over the following four years, capital investment and job creation in the tourism cluster declined by 89% and 68% respectively.

• The UK was the top destination for tourism FDI in Europe between 2018 and 2022, attracting 160 projects; 16% of total tourism FDI in Europe. The UK was also the top source market, with 311 outbound tourism projects tracked at a value of \$18.3bn.

• The top destination market for capital investment in the region between 2018 and 2022 was Spain. Projects into the country generated \$19.4bn worth of capital investment which equated to a market share of 38%.

• Spain and Germany ranked second and third respectively in the region by inbound project numbers in the tourism cluster between 2018 and 2022. When combined, the two countries accounted for more than one-quarter of inbound tourism projects in Europe.

• Turkey was the top tourism FDI destination and source market in emerging Europe, attracting 27% of inbound tourism FDI projects (52) in emerging Europe. The country also accounted for 20% of the outbound FDI projects (12).

TOURISM FDI INTO EUROPE, 2018–2022

Year	Capital investment （Sbn)*
2018	25.9
2019	11.6
2020	6.4
2021	4.3
2022	2.9
Total	51.1

TOP 10 COUNTRIES IN EUROPE FOR TOURISM FDI, 2018–2022

Source: fDi Markets (www.fdimarkets.com)

TOURISM FDI INTO EUROPE, 2018–2022

LOCATION OF TOURISM FDI PROJECTS INTO EUROPE, 2018–2022

Facts and figures

France saw a 85% increase in the number of inbound tourism FDI projects from 13 in 2021 to 24 in 2022. The number of projects announced into France in 2022 is only marginally less than the 28 tourism FDI projects announced in 2019.

Last year, Ireland matched the number of FDI tourism projects that it attracted in 2021, registering nine new project announcements. FDI tourism created close to 600 new jobs in Ireland last year, with capital investment valued at \$194m.

Despite the war, Ukraine attracted an impressive six tourism FDI projects between 2018 and 2022, with a capital expenditure value of more \$145m in 2022.

Tourism sector embraces recovery through strategic investments and innovation

Natalia Bayona, executive director, UNWTO

Strategic investments hold the key to propelling the recovery of the tourism sector and fostering its longterm sustainability through innovation.

In line with its wider vision, the World Tourism Organization of the United Nations (UNWTO) remains dedicated to bolstering the investment promotion frameworks of its member states and nurturing a robust tourism innovation ecosystem. Through pioneering innovative strategies that attract and promote investments, we advocate for measures ranging from tax exemptions for sustainable projects to the establishment of initiatives fostering matchmaking funds. These initiatives strengthen social impact, community development and inclusion through tourism, setting the stage for a more equitable and thriving industry.

The UNWTO urges its member states to make bold strides in innovation and education, too. Our research has shown that venture capital (VC) investments in the travel sector have shown continuous growth over the past decade. To take just one example, \$455bn was invested in travel and mobility tech start-ups between 2010 and 2019. VC investment into the sector inevitably retreated in the pandemic years, only to come back in force, with \$20bn into travel and mobility startups in 2022 alone.

As the sector steers its course towards recovery and growth, UNWTO now, more than ever, prioritises innovation, education and strategic investments as the pillars for recalibrating and adapting to these ever-evolving market dynamics. Spearheading a series of initiatives, we equip the professional workforce

\$455bn was invested in travel and mobility tech start-ups between 2010 and 2019

with new skills through upskilling and vocational workforce programmes, creating quality job opportunities, and raising average wages across the entire tourism value chain. Additionally, we champion substantial investments in digitalisation, especially for the small and medium-sized enterprises that constitute 80% of the tourism sector.

The fruits of these endeavours have been nothing short of remarkable, with the organisation executing 15 start-up competitions, drawing 18,764 participants from more than 150 countries. Accompanying these efforts are eight innovation challenges, attracting 2450 participants from more than 130 countries.

What sets these initiatives apart is the unmistakable quality of the start-ups that have gravitated to UNWTO’s programs. Distinguished by their pioneering ideas and visionary solutions, these ventures have shown their clear potential. Such is the magnitude of their impact that they have successfully secured an astounding \$2bn in funding, empowering the young and talented, and infusing the sector’s overall development with renewed vigour and resilience for the future.

Customised foreign direct investment reports

Make informed investment decisions and identify trends using our global, industry-leading foreign direct investment (FDI) data, powered by fDi Markets, available as comprehensive downloadable reports.

Create customised reports based on key trends, FDI projects, companies, industry analysis, source countries and much more.

Download your free sample report today at fdiinsights.com

North America

FDI projects into North America

• North America attracted 232 tourism foreign direct investment (FDI) projects between 2018 and 2022, representing \$10.4bn in capital investment and more than 19,600 jobs.

• The number of FDI tourism projects in North America increased from 33 in 2021 to 39 in 2022. In the same period, capital investment in the tourism cluster in North America decreased by 9% to \$1.1bn. Job creation in the region also declined from approximately 2800 jobs in 2021 to 2500 jobs in 2022.

• Florida was North America’s leading state for tourism FDI projects between 2018 and 2022. In the five-year period, the state attracted 37 tourism FDI projects, followed by California (34) and New York (33). The three aforementioned states captured 45% of all tourism FDI projects in North America.

• Florida maintained the top position as the most attractive destination market for tourism FDI in the North America region also in 2022. Despite recording the same number of tourism FDI projects in 2022 as 2021, capital investment into the state’s tourism industry increased by 18% from \$230m in 2021 to almost \$340m last year. However, job creation declined by 25% from 2021.

• Between 2018 and 2022, the US held its rank as the top performing country for tourism FDI in the North America region with 198 tourism FDI projects, worth an estimated \$8.7bn. Canada meanwhile, witnessed an increase of tourism FDI projects from three in 2021 to eight in 2022 and experienced an impressive 79% rise in job creation from 96 in 2021 to more than 460 in 2022.

TOURISM FDI INTO NORTH AMERICA, 2018–2022

Year	Capital investment （Sbn)*
2018	3.4
2019	3.6
2020	1.0
2021	1.2
2022	11
Total	10.4

Source: fDi Markets (www.fdimarkets.com) *Estimates included

TOP 10 STATES/PROVINCES IN NORTH AMERICA FOR TOURISM FDI, 2018–2022

TOURISM FDI INTO NORTH AMERICA, 2018–2022

LOCATION OF TOURISM FDI PROJECTS INTO NORTH AMERICA, 2018–2022

Facts and figures

Florida attracted the most tourism FDI projects in North America between 2018 and 2022, with a 16% market share of all tourism projects in the region.

California garnered the highest proportion of capital expenditure and job creation in the region between 2018 and 2022. It held a 22% share of tourism capital investment and 17% share in job creation. The state was also the largest source market for tourism capital investment in North America, accounting for \$17.4bn of outbound capital investment between 2018 and 2022.

Ontario was Canada’s topperforming province and fourthlargest destination market in North America for tourism FDI projects. It retained this position due to the attraction of four tourism FDI projects in 2022 and the creation of an estimated 300 jobs.

Latin America and the Caribbean

FDI projects into Latin America and the Caribbean

• Latin America and the Caribbean attracted 340 tourism foreign direct investment (FDI) projects between 2018 and 2022. This resulted in \$27.9bn-worth of capital investment and more than 112,300 new jobs created.

• Tourism FDI by capital expenditure in Latin America and the Caribbean more than doubled last year, from \$1.1bn in 2021 to \$2.5bn in 2022. Job creation in the region also rose by 95% from 5700 in 2021 to more than 11,000 in 2022.

• The primary investment destination for tourism FDI in Latin America and the Caribbean between 2018 and 2022 was Mexico, representing 31% of all tourism FDI projects into the region. Mexico was also the top country for capital investment holding 31% (\$8.6bn) of market share and job creation (more than 31,100) in the region.

• Colombia and Brazil ranked second and third for FDI tourism projects, attracting 45 and 31 projects between 2018 and 2022, representing 13% and 9.1% regional market share, respectively.

• The Dominican Republic came second for capital investment between 2018 and 2022, attracting \$6.2bn, representing 22% of the market share. Moreover, it was the top destination country for capital investment and jobs created in 2022, with \$1.5bn invested and more than 7000 jobs created.

TOURISM FDI INTO LATIN AMERICA AND THE CARIBBEAN, 2018–2022

Year	Capital investment （Sbn)*
2018	9.0
2019	11.3
2020	4.0
2021	11
2022	2.5
Total	27.9

Source: fDi Markets (www.fdimarkets.com) *Estimates included
TOP 10 COUNTRIES IN LATIN AMERICA AND THE CARIBBEAN FOR TOURISM FDI, 2018–2022

TOURISM FDI INTO LATIN AMERICA AND THE CARIBBEAN, 2018–2022

LOCATION OF TOURISM FDI PROJECTS INTO LATIN AMERICA & THE CARIBBEAN, 2018–2022

Facts and figures

Peru faced a significant decline in capital investment in tourism FDI from 2021 to 2022, falling from \$117.2m to \$1.2m. Job creation over the period also decreased by 98%. This decline has been ongoing since the outbreak of the coronavirus pandemic.

Panama was the top source market for tourism FDI between 2018 and 2022 with a market share of 37%. The country’s strong outbound performance can be traced back to the outbound projects announced by Selina, a hospitality brand that targets millennial and Gen Z travellers, which was headquartered in Panama before relocating to the UK in early 2019.

Brazil and Colombia were the second- and third-largest source markets for tourism FDI in Latin America and the Caribbean between 2018 and 2022, with a combined market share of 28%.

Middle East and Africa

FDI projects into Middle East and Africa

• A total of 322 tourism foreign direct investment (FDI) projects were recorded in the Middle East and Africa (MEA) region between 2018 and 2022, representing \$20.9bn of capital investment and creating more than 47,900 jobs.

• Tourism FDI projects in the MEA region increased by 43% from 47 in 2021 to 67 in 2022. Tourism FDI into the region in 2022 created more than 6700 jobs and generated more than \$2.5bn of capital investment.

• The UAE attracted the highest number of tourism FDI projects between 2018 and 2022, receiving 114 announced projects, representing more than a third (35%) of the total market share in the MEA region. Following a 65% increase on 2021, it attracted the highest number of tourism related investments in 2022, with 33 announced projects at a combined value of more than \$752m.

• Between 2018 and 2022, Saudi Arabia attracted 31 tourism related FDI projects. It attracted a total of nine tourism FDI projects in 2022, which was on par with its performance in 2019 and up 80% from 2021.

• Between 2018 and 2022, the MEA region was the source of 131 tourism related investments. Of this, 72 projects came from firms based in the UAE. Outbound tourism FDI from the UAE during this period was valued at more than \$3.6bn.

TOURISM FDI INTO THE MIDDLE EAST AND AFRICA, 2018–2022

Year	Capital investment （Sbn)*
2018	5.8
2019	8.7
2020	1.5
2021	2.4
2022	2.5
Total	20.9

Source: fDi Markets (www.fdimarkets.com) *Estimates included
TOP 10 COUNTRIES IN THE MIDDLE EAST AND AFRICA FOR TOURISM FDI, 2018–2022

Source: fDi Markets (www.fdimarkets.com) *Morocco’s borders are based on the map published by the UN geospatial service

TOURISM FDI INTO THE MIDDLE EAST AND AFRICA, 2018–2022

LOCATION OF TOURISM FDI PROJECTS INTO THE MIDDLE EAST AND AFRICA, 2018–2022

Facts and figures

Israel garnered \$224m-worth of tourism FDI in 2022, which was a five-year high. Meanwhile the number of announced tourismrelated investments destined for Israel declined by 33% from 2021 to 2022.

The number of tourism FDI projects into South Africa declined by one-third from 2021 to 2022. Last year, South Africa welcomed 1.7% less capital investment than in 2021. However, tourism FDI into the country in 2022 resulted in the creation of approximately 360 new jobs which equates to 44% of all tourism jobs created in South Africa between 2018 and 2022.

Between 2018 and 2022, Oman attracted more than \$1.8bn in capital investment from tourism FDI.

In 2022, tourism FDI into Mozambique created more than 400 jobs and represented more than \$200m of capital investment. This accounts for approximately two-thirds of the total amount of tourism related investment into Mozambique between 2018 and 2022.

Sector overview

• The hotel and tourism sector accounted for almost two-thirds of all projects in the tourism cluster between 2018 and 2022. Foreign direct investment (FDI) project numbers increased by 25% from 2021 to 2022. However, capital investment in the hotel and tourism sector declined from \$48.9bn in 2018 to \$7.8bn in 2022. Meanwhile, job creation in the sector has remained at less than a third of its 2019 high of 94,300 since 2020.

• Between 2018 and 2022, accommodation remained the largest sub-sector of tourism FDI globally, accounting for more than half (51%) of all FDI projects. More than 70% of capital investment (\$126.8bn) and job creation (270,000) in the tourism cluster was generated by the accommodation sub-sector during the same period.

• Travel arrangements and reservation services ranked as the second-largest sub-sector for tourism FDI by number of projects recorded between 2018 and 2022. FDI project numbers in the sub-sector grew almost 2.5 times from 29 in 2021 to 72 in 2022 — almost equal the subsector’s 2019 total, signalling a strong rebound in the industry as international tourism started to recover following the impact of Covid–19.

• Software and IT services was the second-largest sector for tourism FDI projects between 2018 and 2022. Its share of global FDI tourism projects grew from 10% in 2018 to 16% in 2020, 22% in 2021 and 28% in 2022, indicating the sector’s resilience and its ongoing shift towards digitisation. The software publishers (excluding video games) sub-sector was the third-largest recipient of FDI projects, growing by 32% between 2018 and 2022.

TOP FIVE SECTORS FOR GLOBAL TOURISM FDI PROJECTS 2018–2022

Source: fDi Markets (www.fdimarkets.com)

TOP FIVE SUB-SECTORS FOR GLOBAL TOURISM FDI PROJECTS 2018–2022

Source: fDi Markets (www.fdimarkets.com)

Companies

The North America and Asia-Pacific regions each contribute three companies to the top 10 investors list for tourism foreign direct investment (FDI) between 2018 and 2022. The rest of the top 10 comprises companies from Europe, with Spain-based Melia, UK-based Intercontinental Hotels Group, France-based Accor and UK-based Selina all featuring.

Selina, a hospitality brand that targets millennial and Gen Z travellers, was the top company for tourism FDI between 2018 and 2022. The company, which was founded in 2012, announced 90 projects during the 2018–2022 period, which is 11 more than second-placed Accor. Selina was also significantly ahead of other investors for new jobs, with an estimated 23,700 roles created. The main regional destination market was Latin America. The company also established a research and development centre in Tel Aviv, Israel in February 2018, which created 40 jobs for developers and software engineers, reinforced by an announcement in April 2019 that the centre would be further expanded.

Despite being in expansion mode across hotels and technology, Selina has faced hurdles this year. In the first quarter of 2023, the company published revenues of \$54.2m, which represents a 32% increase on the same quarter in 2022, while occupancy rates also experienced growth. Yet the company still incurred a loss of \$30.3m and is laying off 350 full-time employees by October 2023, with property closures also on the agenda.

US-based Marriott International, the lead tourism investor between 2017 and 2021, announced 75 projects in the 2018–2022 period. Its top market was Asia-Pacific, with 48 inbound projects recorded. Marriott placed second for jobs created and capital invested, with an estimated 17,400 jobs and \$11.3bn of capital investment generated.

The company looks in healthy shape moving forward, despite losing its hold over the tourism FDI market, with net income

TOP FIVE INVESTORS BY REGION FOR TOURISM FDI, BY NUMBER OF PROJECTS 2018–2022

Source: fDi Markets (www.fdimarkets.com)

Selina, a hospitality brand that targets millennial and Gen Z travellers, was the top company for tourism FDI between 2018 and 2022

during the fourth quarter of 2022 representing an increase of \$205m on the same quarter in 2021. Marriott also intends to make significant investments in its customer-facing technologies, a positive considering the multiple data breaches recently experienced by the company.

The top company for tourism software FDI for the 2018–2022 period was China-based Shiji Group, which announced 12 projects. Key investments included the establishment of a new corporate headquarters in Hollywood, Florida, which created 70 jobs, and a European headquarters opening in Amsterdam for its StayNTouch subsidiary, a company focused on mobile technology and property management systems. Germany-based Holidu, the developer of a software solution for the tourism market, also announced more than 10 projects, with several offices opened across Europe for its Bookiply subsidiary.

Comprehensive knowledge and training for foreign investment professionals

fDi Institute offers in-person training workshops and eLearning courses that allow you and your team to refresh critical knowledge and gain professional certification and key skills. Our training covers a range of topics, including:

• Investment promotion strategy development

• Marketing a location

• Value proposition development

• Investor targeting and lead generation

• Best Practices in Aftercare and Business Retention & Expansion

• Sustainable Development and FDI

Find out more: fdiintelligence.com/fdiinstitute

About fDi Intelligence

Part of the Financial Times Group, fDi Intelligence is recognised globally for its credible full range of investment promotion and research solutions. Relied upon by the most prominent FDI professionals, we have provided in-depth commentary and comprehensive data and intelligence since 2001 and continue to pioneer new groundbreaking products to better serve our clients.

Expanded portfolio

The product and consulting divisions of Wavteq Group Limited have joined the fDi Intelligence portfolio. The new brands Amplify, IncentivesFlow, InvestmentFlow, InvestmentMap, Influencers and their strategy and development services greatly complement our portfolio, offering an unrivalled centre of excellence globally, providing news and analysis, data tools, events and strategic guidance for the industry.

Products and services include:

fDi Markets — is the most comprehensive greenfield FDI tracking database on the market, from the Financial Times. We have an unrivalled track record of real-time data since 2003. Our data is chosen to power the most influential global FDI analytics, decision making and identify future opportunities and trends.

fDi Benchmark — is the only comprehensive analysis tool that compares costs and qualities of investment destinations. Its unique patented algorithmic technology is used by locations, intermediaries and investors alike to assess global footprint strategies.

GIS Planning — offers a suite of industryleading online GIS data and mapping tools to attract investment, support business and facilitate research and analysis. The interactive SaaS tools are robust, intuitive and mobile responsive, engaging potential investors directly on Investment Promotion Agency websites.

fDi Intelligence magazine — firmly established as the world’s premier publication for the business of globalisation. Published on a bi-monthly basis with an ABC-certified, highly targeted circulation of more than 14,000, fDi provides corporate decision-makers with an up-to-date image of the everchanging global investment map.

About the data

The report is based on the fDi Markets database of The Financial Times Ltd, which tracks greenfield investment projects. It does not include mergers and acquisitions or other equity-based or nonequity investments. Only new investment projects and significant expansions of existing projects are included. fDi Markets is the most authoritative source of intelligence on real investment in the global economy, and the only source of greenfield investment data that covers all countries and industries worldwide. Retail projects have been excluded from this analysis but are tracked by fDi Markets.

The data presented includes FDI projects that have either been announced or opened by a company. The data on capital investment and job creation is based on the investment the company is making at the time of the project announcement or opening. As companies can raise capital locally, phase their investment over a period of time, and can channel their investment through different countries for tax efficiency, the data used in this report is different to the official data on FDI flows. The data from fDi Markets is more accurate and a real-time indicator of the real investment companies are making in their overseas subsidiaries.

The data shown includes estimates for capital investment and job creation derived from algorithms (patent pending) when a company does not release the information.

Note that the investment projects tracked by fDi Markets are being constantly updated and revised based on new intelligence being received and the underlying algorithms are constantly improving their accuracy over time. The data presented in this report may therefore differ slightly from the real-time data available at fDiMarkets.com.

The World Bank, Unctad, the Economist Intelligence Unit and more than 100 governments around the world as well as major corporations use the data as the primary source of intelligence on greenfield investment trends.

fDiIntelligence.com

Published by The Financial Times Ltd Bracken House 1 Friday Street London EC4M 9BT

Editor Jacopo Dettoni

Senior editor Danielle Myles

Global markets editor Alex Irwin-Hunt

Head of fDi markets Geraldine Ewing

Contributors

Nicola Allen, Joshua Crawford, Sarah Daly, Sophie Lewis & Jonathan Wildsmith

Production

Elliot Smither, production manager Nic Bunce, deputy production editor Andrew Petrie, deputy production editor Paramjit Virdee, senior designer

For further information,

please contact; jacopo.dettoni@ft.com +44 (0)7738 695741 fdiintelligence@ft.com

群内每日免费分享5份+最新资料

300T网盘资源+40万份行业报告

为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 …… 全面赋能！

关注公众号获取更多资料

添加微信，备
注“入群”
立刻免费领取
200套知识地图+最新研报

致终身学习者社群

行业报告/思维导图/电子书/资讯情报

fdi-2023年旅游投资：全球旅游业绿地投资趋势-英-24页-WN10