Economic and Tourist Development Potential

	The city of Arequipa has dramatically increased its role as a service city for travel and tourism over the past 10 years, with its impressively diverse local and international cuisine and charming accommodations. As well, the completion of the Inter-oceanic Highway from Brazil will strategically place Arequipa as a major provider of services and other benefits in support of this regionally impacting project.
	In 2006, the Peruvian Stock Exchange, achieved the honor of having the world’s highest global investment returns thanks to the strength of its currency and major developments in the mining sector. Throughout the last 12 years, the stability of Peru’s economic situation has reached one of the highest levels of confidence in Latin America and recently signed a new Free Trade Agreement with the USA, accord which was passed into law by the US Congress on the 4th of December 2007.
	The alpaca fiber as well has its roots in the city of Arequipa. The city has been known for decades as being the world’s center for alpaca trade and development of this and other delicately outstanding South American camelid fiber.
	Over the past two years, the majority of antique non-religious Colonial mansions in Arequipa have been purchased for restoration. Sadly, in many cases, the Architectural integrity of these buildings has not been preserved. Contractors have destroyed much of the historical and cultural value for commercial and economic gain. Certainly the availability of properties so close to the city’s main square, simply does not exist, and definitely none with as large of an area as the Casona Ugarte.