The government of Ecuador is slated to increase the country’s annual tourism budget from $40 million to $150 million, minister of tourism Vinicio Alvarado announced last week during TravelMart Latin America.

The event is considered the leading regional tourism industry conference, and was hosted in Quito.

In order to implement the policies needed for Ecuador to solidify its position as a regional tourism power, the Ecuador ministry of tourism is aiming to quadruple its resources.

This budget will include funding for infrastructural developments such as roads, ports, and airports, which will exceed direct tourism investment.

Minister Alvarado also announced that Ecuador will receive an estimated 1.36 million tourists by the end of 2013.

The number of tourists visiting Ecuador has increased at an average rate between seven and eight percent in recent years.

The minister also discussed priority regional markets for tourism development, including the United States, Colombia, and Peru.

The ministry continues to explore the growth potential for markets including Canada, Argentina, Brazil, China, and Europe.