Tourism in South Africa is set to profit from an influx of foreign travelers and foreign investment, a report forecast Wednesday.
According to the report released by PricewaterhouseCoopers (PwC), a leading global auditing firm, South Africa saw a 12.8-percent growth in the number of foreign overnight visitors in 2016, a rebound compared with the 6.8-percent decline in 2015.
The report projected the number would grow an average of 3.9 percent compounded annually to 12.15 million in 2021.
The increase in tourists is necessitated by devaluation of the South African currency, developing more routes to the country and improving visa regulations.
Opportunities abound for foreign investment in the country's hospitality sector, the firm said.
"The emerging markets are a sought after destination for foreign investors" with continued economic growth and a need for additional infrastructure, noted Pietro Calicchio, Hospitality and Gaming Industry leader for PwC Southern Africa.
"In addition, governments and policy makers are introducing a range of tax incentives and other incentive schemes to foreign investors," Calicchio said.
The numbers of hotels and their room occupancy are expected to increase in the country, the report said.
According to the report released by PricewaterhouseCoopers (PwC), a leading global auditing firm, South Africa saw a 12.8-percent growth in the number of foreign overnight visitors in 2016, a rebound compared with the 6.8-percent decline in 2015.
The report projected the number would grow an average of 3.9 percent compounded annually to 12.15 million in 2021.
The increase in tourists is necessitated by devaluation of the South African currency, developing more routes to the country and improving visa regulations.
Opportunities abound for foreign investment in the country's hospitality sector, the firm said.
"The emerging markets are a sought after destination for foreign investors" with continued economic growth and a need for additional infrastructure, noted Pietro Calicchio, Hospitality and Gaming Industry leader for PwC Southern Africa.
"In addition, governments and policy makers are introducing a range of tax incentives and other incentive schemes to foreign investors," Calicchio said.
The numbers of hotels and their room occupancy are expected to increase in the country, the report said.
Latest comments