MOST VIABLE COUNTRIES FOR HOSPITALITY AND TOURISM INVESTMENT IN 2023: THE TOP FIVE

As we move further into 2023, the hospitality and tourism industry is poised for a strong turnover.

Investing in hospitality and tourism is a skeptical topic for investors in 2023 because of the ongoing Russia-Ukraine war, high inflation in some countries, political unrest, and low enthusiasm for leisure travel. However, some countries are still hotbeds for investors.

Let's explore some of the most viable countries for hospitality and tourism investment in 2023.

1. United Arab Emirates (UAE)

The UAE remains a top destination for hospitality and tourism investment in 2023. Dubai is emerging as a global hub for tourism. The country is well-positioned to capitalize on the current economic and political uncertainties in Europe to boost its hospitality industry.

The UAE government has continued to invest in the industry, with plans to further expand its hotel room inventory by 60% by 2026. The country's pro-tourism policies, favorable tax policies, and ease of doing business make it an attractive destination for investors today.

2. South Africa

South Africa is another promising destination for hospitality and tourism investment in 2023. The country has a rich cultural heritage and beautiful natural landscapes that have made it a popular tourist destination for decades.

In recent years, the South African government has implemented policies to attract foreign investment in the industry, including tax incentives and streamlined permitting processes. 

The country will play host to the forthcoming African Tourism Investment Summit, aimed at bringing investors to discuss investing in sustainable tourism within the African Continent.

3. Mauritius

Mauritius began investing heavily in its tourism industry in the 1970s when the country's leadership decided to accumulate capital through the industry by providing incentives, basic infrastructures, and access for the industry to strive.

These policies and others have developed the country's tourism industry and attracted investment from the world bank and other private investors making the industry provide up to 8% of the Island country's GDP and 10% of its total workforce.

4. Portugal

Portugal has emerged as a leading destination for tourism in recent years, with a strong focus on sustainable tourism practices. The country's government has implemented policies to encourage foreign investment in the industry, including tax incentives and the creation of special economic zones for tourism. 

Portugal's natural beauty, rich cultural heritage, and warm climate make it an attractive destination for tourists, while its favorable investment climate presents opportunities for investors.

5. Morocco

Morocco is a popular tourist destination, attracting millions of visitors every year. The country's government has been working to attract foreign investment in the industry, with a focus on developing new infrastructure and improving the quality of existing assets. 

The Moroccan government has implemented policies to encourage investment, which includes streamlined permitting processes. 

With its rich cultural heritage and stunning landscapes, Morocco presents opportunities for investors looking to capitalize on the growing demand for tourism in the region.

In conclusion, the hospitality and tourism industry presents significant opportunities for investors in 2023. The countries mentioned above represent some of the most promising destinations for investment in the sector, with favorable investment climates, pro-tourism policies, growing demand for tourism, and political stability.