Ethical and legal implications of FDI in or near cultural heritage sites.

Mak, Charles Ho Wang

Abstract

Cultural heritage is increasingly recognized as a productive asset. With FDI in or near cultural heritage sites (hotels, restaurants, tour operators) on the rise, many investors are capitalizing on the potential of these sites to generate income. This trend is evident in different countries, where such assets are driving the emergence and growth of cultural tourism. For instance, investment projects are available for foreign investors in Petra, a UNESCO World Heritage Site, and one of the most famous tourist attractions in the Middle East. Examples of investment projects include the construction of a museum, cultural village and hotels, as well as local infrastructure. These projects will generate more tourism for Petra.

Citation

MAK, C.H.W. 2023. Ethical and legal implications of FDI in or near cultural heritage sites. Columbia FDI perspectives [online], 361. Available from: http://tinyurl.com/2fbvbbnx

• Working Paper Type: Working Paper
• Deposit Date: Feb 29, 2024
• Publicly Available Date: Feb 29, 2024
• Series Title: Columbia FDI perspectives
• Series Number: 361
• Keywords: Cultural heritage; FDI; Cultural tourism; Investments; Foreign investors
• Public URL: https://rgu-repository.worktribe.com/output/2255860
• Publisher URL: https://ccsi.columbia.edu/content/columbia-fdi-perspectives