Costa Rica’s Travel Industry Faring Well

Costa Rica’s Travel Industry Faring Well

Costa Rica receives the majority of its tourist arrivals from the Americas, with the top three source markets for visitors to the country being the US, Nicaragua and Canada. Tourism arrivals, after increasing from 1.72 million in 2006 to 2.15 million in 2008, dipped to 1.93 million in 2009. Numbers picked up in 2010, and are forecast to reach 2.32 million in 2011 before growing at an average rate of 8 percent until the end of our forecast period in 2015.

The planned regeneration of the province of Li million, on the less frequently visited Caribbean coast, has the potential to put upward pressure on inbound tourism numbers. Puerto Li million was once the town of the United Fruit Company (the predecessor of Chiquita Brands International) and the province has two national parks.

The parks have the potential to be a large tourism driver and a tour by Wildland Adventures was named one of the 25 Best New Trips for 2010 by National Geographic Adventure magazine. In our view, developing tourism infrastructure in the region is likely to unlock great potential.

In 2010, the Inter-American Development Bank (IADB) approved grants of US$1.1 million and US$1.5 million to support two parts of the Mesoamerica Pacific Corridor Project. The corridor runs through seven countries from Mexico to Panama.

The Optimization of Border Crossings Pacific Corridor grant will be used to improve passage over borders and the Adjustment, Maintenance and Operation of the Pacific Corridor grant will improve road infrastructure over 2015-2030.

The project aims to develop a quicker route between Mexico and Panama. BMI believes that as well as fostering trade in the region, the development of infrastructure has the potential to increase tourism as travel will be much more feasible.