Nicaragua: Incentives Lead to Growth in Tourism

Growth of 9% per year is part of the rewards brought about by incentives for the sector and the opening up of government by working in partnership with private enterprise.

Wednesday, January 27, 2016

Incentives for tourism have been vital to the creation of new projects in this sector. This is the view of Leonardo Torres, president of the Nicaraguan Chamber of Small and Medium Tourism Enterprises (Cantur), who spoke to "... In 2015 tourism incentives reached a total of nearly $110.5 million, and so far in 2007 to date and they will total about $700 million. About 1,500 new companies were registered in the Nicaraguan Tourism Institute (Intur) ".

According to Cantur, revenues from the tourism industry have grown by 125% since 2008, going from $200 million to $450 million in 2015. "... Eight years ago, Nicaragua only had about 300 hotel facilities, whereas now it has 980. At that time, the country had only about 12,000 beds, but today there are nearly 23,000. In 2007, Nicaragua received only 600,000 visitors a year, but in 2015 it has been preliminarily estimated that the figure reached more than 1.4 million foreign tourists. "

With optimism at record high levels, the industry expects more than 50,000 tourists could come to Nicaragua in 2016. In addition, the country expects to receive 1.5 million tourists in 2016 and that the sector will generates about $500 million in foreign exchange. However, one of the challenges facing the industry for the new year, will be to move some 500 companies over to formal operations.

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