Tourism is one of the driving forces of global economic growth and is considered an effective sector to achieving decent work and economic growth in developing countries, especially so for the LDCs, LLDCs – a recognition reflected explicitly in Target 8.9 “By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products.” By incorporating sustainable practices, promoting community involvement, and emphasizing the preservation of local culture and traditions, tourism can play a crucial role in achieving SDG 8 and creating a more inclusive and sustainable future.
There are nine targets within SDG 17 that are deemed to have a stronger and direct link for tourism to strengthen the means of implementation and revitalize the global partnership for sustainable development. These targets have been selected to base the potential project indicators.
MOBILIZE ADDITIONAL FINANCIAL RESOURCES FOR DEVELOPING COUNTRIES FROM MULTIPLE SOURCES
Tourists’ demand for goods and services such as accommodation, food, transportation services and entertainment can place pressure on countries’ level of production, especially for developing countries. As a result, mobilization of financial resources in these countries is needed to meet domestic constraints. Foreign Direct Investment (FDI), etc. Likewise, aid for trade and remittances can contribute to sustain institutions, businesses and citizens’ financial needs.
Foreign investment is viewed as an important avenue through which countries can gain access to capital and help in the development of infrastructure, such as international airports, highways, hotels and modern technologies. In the international cooperation context, support to multifaceted tourism projects through the allocation of aid for trade could turn out to have significant benefits for beneficiary countries, notably in terms of employment creation and poverty reduction.
Potential indicators in this target are grouped by the following Theme and sub-theme:
Investment / Foreign direct investment (FDI)
Partnerships / Official Development Assistance (ODA)
Financing / Remittances