Technological advances and socioeconomic expansion are responsible for the rapid growth of the travel industry. Tourism is a major development driver for different regions, creating thousands of jobs, expanding communication networks, and improving living standards. To ensure sustainable sector diversification, the environmental, economic, social, and cultural aspects of tourism should all be accounted for. Is there a ready-made formula for sustainable development in tourism? How can the potential for tourism as a multiplier of benefits be best nurtured and what steps should be taken to build a competitive sector given the changing economic climate?