Tourism as an engine for generating foreign currency: Bolivia’s opportunity in the face of the economic crisis

Johnny Javier Rivera Segovia

In a complicated economic context, where the need for foreign currency is pressing, tourism emerges as a sector with the potential to be a strategic pillar in the Bolivian economy. With its rich landscape and culture, Bolivia has the tools to stand out in a competitive global market. In 2023, tourism generated approximately 803 million dollars, according to official data from the vice ministry of tourism, marking a significant increase of 51.4% compared to the previous year. Despite these advances, there is still much to do to reach 2019 levels and fully exploit its tourism potential.

Strengths of Bolivia: A unique destination

Bolivia has unmatched characteristics that make it an exceptional tourist destination. Iconic places such as the Salar de Uyuni, the Jesuit Missions of Chiquitos and the Madidi National Park offer unique experiences that combine natural beauty and living culture. Furthermore, its gastronomy, ancestral traditions and climatic diversity could position it as a reference destination in the region.

However, the tourist offer faces limitations. The design of high value-added products is still incipient, and the experiences offered, such as those of wine tourism in Tarija, although promising, need consolidation to attract more sophisticated markets.

Persistent challenges: Connectivity, image and planning

The tourism sector in Bolivia faces critical barriers that hinder its competitiveness. Among them, the limited air connectivity stands out, exacerbated by market monopolization and punctuality problems, which make efficient travel planning difficult. Additionally, the international perception of Bolivia as a tourist destination is affected by political and social instability, which discourages the arrival of foreign visitors in search of more stable and consolidated destinations in the region.

Strategies for transformative change

Conclusion: A more competitive and sustainable Bolivia

Compared to other countries in the region, Bolivia still has a long way to go. In 2022, tourism represented 3.8% of Bolivia’s GDP, while in countries such as Peru or Colombia, the contribution was 7% and 8%, respectively. Even smaller economies, such as Ecuador, managed to have tourism represent about 6% of their GDP (UNWTO, World Bank). These figures show the wide margin of growth that Bolivia could achieve with appropriate strategies.

Tourism can become a fundamental economic engine for Bolivia if coordinated and sustained strategies are implemented. A true commitment to this sector will not only generate foreign currency, but will also contribute to projecting a renewed and competitive image of the country. With investment, planning and commitment, Bolivia can build a more sustainable future that respects and enhances its cultural values. If the sector reached a contribution of 7% to GDP, as occurs in neighboring countries, tourism income could exceed 1.5 billion dollars annually, injecting fresh resources at a time of crisis.