For the United Nations World Tourism Organization (UNWTO), education is key, and perhaps the top priority in tourism development. Natalia Bayona, the organization’s executive director, made the remarks in an interview with China Daily on Thursday. Bayona said 50 percent of young people working in tourism have only secondary school education, and 50 percent want to become an entrepreneur or run their own startup. Therefore, education is a key driver if people want an innovative, sustainable, modern, efficient and value-added tourism sector, she said. “That’s why, through investments as well as investing in people, we feel that it (education) is key in order to ensure that the public and the private sectors will come together to create a strong workforce,” she said. By 2030, almost 1 million jobs will be needed in vocational tourism, Bayona said. “So we need to ensure that the next generations have both a quality and affordable education, and then the planet can have the sustainability and prosperity,” she said. Education will not only help create value-added jobs, but also empower young people through technology and innovation so that tourism can really become an example of how the most human economic sector is evolving, she added. For Bayona, tourism is a very resilient sector as its strong recovery in the post-pandemic area has been a surprise. Tourism data show that levels already are at 80 percent of pre-pandemic levels, she said. Many countries, such as Spain and the Dominican Republic, have already rebounded to their respective pre-pandemic levels. After the pandemic, people want to travel and experience new things — not just in the big cities, but also in rural areas, new destinations, and of course, new ways of traveling, Bayona said. However, UNWTO cares not only about the number of tourists, but also about the impact of tourism, she said. “More than ever, we need to measure the impact of tourism in terms of new jobs, the investment, the social impact, and of course, the impact in terms of the climate and the CO2 emissions, “When we are talking about sustainability, it is not limited to climate change. Sustainability to us is the power to work in tourism, thinking about future generations,” she said. The UNWTO is working for a more responsible tourism sector. “Basically, we will not only recover, but also lead by example in the way we do things in sustainable ways,” Bayona added.
2023-09-22Tourism business luminaries and scholars voiced their expectations of a tourism boom in the Guangdong-Hong Kong-Macao Greater Bay Area and called for greater efforts and cooperation to address headwinds at the Global Tourism Economy Forum in Macao on Thursday. Chen Yin, chairman of the China Tourism Group Corp, said the tourism sector in the Greater Bay Area is showing strong growth given its economic strength and abundant tourism resources. “The Greater Bay Area is one of the most open and economically vibrant regions in China. It boasts high per capita disposable income and consumption levels, ranking among the top in the country,” Chen told a session powered by China Daily. With a population of 87 million, the Greater Bay Area’s economic output topped 13 trillion yuan ($1.78 trillion) in 2022 — 2.8 trillion yuan more than in 2017 — data from Guangdong’s Development and Reform Commission show. Among the initiatives highlighted in the GBA’s blueprint, promulgated in February 2019, was a culture and tourism development plan, which is part of efforts to develop the region into an exchange hub for the cultures of the East and the West and a world-class tourism destination. “The Greater Bay Area is endowed with abundant tourism resources, including ecoresorts, coastal leisure destinations, urban tourism, and theme parks. It serves as an important source of tourists as well as a popular travel destination for individuals, holding a significant position in both the national and global tourism industry chains,” he said. According to Chen, the Greater Bay Area receives nearly 400 million tourists annually, generating tourism revenue of over 1.2 trillion yuan. “Recent data, such as the May Day holiday figures, indicate that the number of visitors to the six green city clusters, including Shenzhen and Guangzhou, has already returned to pre-pandemic levels,” he added. Complementary strengths Kaye Chon Kye-sung, dean and chair professor and Walter and Wendy Kwok Family Foundation professor in international hospitality management at the School of Hotel and Tourism Management of the Hong Kong Polytechnic University, said the GBA boasts great advantages to boost its tourism sector as the three main areas, namely Guangdong province, Hong Kong and Macao, have their unique offerings. “Hong Kong is known for the East-meets-West culture and has a very long history of being Asia’s world city, while Macao is an entertainment and recreational destination with a unique combination of Portuguese flavors,” Chon said, adding that Guangdong’s cuisines and attractions are great selling points. Nevertheless, more efforts are needed to deal with the sector’s labor shortage and facilitate seamless travel within the city cluster, the professor said. Acknowledging that the equilibrium between labor supply and demand had broken down during the pandemic, Chon said there are many ways for cities in the Greater Bay Area to work together. For instance, Hong Kong, which suffered from a labor crunch in recent years, can access a great pool of labor from Guangdong, Chon said. He also cited his firsthand experience in crossing the border, saying the process to enter the Chinese mainland from Hong Kong is more complicated than going in the other direction. “So, I think we have to make sure there will be a more seamless integration of travel among the three major destinations,” Chon added. Tourism as a lifestyle Eduardo Santander, executive director of the European Travel Commission and honorary vice-chairman of the GTEF, shared his insights on how Europe has enjoyed remarkable growth through cooperation. “Education plays a crucial role in this process. It is essential to educate both the demand and supply sides of tourism. “On the demand side, showcasing the area’s attractions, infrastructure, and ease of travel, including visa processes and currency acceptance, is vital. On the supply side, preparing the local population to cater to foreign visitors by providing language skills, appropriate signage, and cultural sensitivity is essential,” he said. In Europe, the focus is shifting from quantity to quality in terms of tourism success. Striking a balance between filling accommodations and preserving the local community’s well-being is crucial, Santander noted. It is advisable for the Greater Bay Area to learn from experience and focus on developing in response to demand, he said. Santander said that understanding the Greater Bay Area’s links to various parts of the world, including Asia, Europe, and North America, should guide the tourism development approach. Experts have said that striking a balance between an influx of tourists and mitigating the negative effects on local people’s lives is crucial for driving growth of the tourism sector. Santander highlighted the importance of encouraging people to view tourism as an economic livelihood as well as an integral part of their lives, where they can enjoy cultural exchanges. When talking about the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, he said the major advantage of the zone in developing tourism lies in its sophisticated infrastructure. “The railways and planes are already in place, so I believe the primary hurdle has been overcome. The groundwork has already been completed.” The zone, which spans 106.46 square kilometers, focuses on high-tech development and manufacturing industries, offering tax rebates for enterprises and individuals.
2023-09-22Tourism could serve as a catalyst for global economic recovery, and seeking common ground is key to the revival materializing, government officials and organizational leaders said at the Global Tourism Economy Forum in Macao on Thursday. At the opening ceremony of the four-day event, Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, said collaboration between the tourism industry and various sectors, along with cooperation of different countries, will foster a dynamic economy. She delivered a keynote speech to a group that included around 80 government officials and business leaders from around the world at the forum. Ho used Macao’s tourism development as an example of the “tourism plus” concept. “Here, tourism has integrated and fostered the development of nongaming industries, propelling the development of emerging industries and formulating a diversified and energetic economy,” she said. Over the past decade, the Macao forum has attracted 12,700 participants from over 90 countries with over 600 speakers, 72 global ministers, and brought together 552 organizations from different parts of the world representing different sectors. These data show the significant impact of the Chinese market on the world. The market has grown more than threefold in the past 10 years, reaching 115 million outbound tourists at its peak, Ho added. The GTEF has partnered with 37 countries and 16 Chinese cities and provincial-level areas over the past decade, this year featuring Italy as the partner country and Shanghai as the featured city. Ho said these partnerships have enhanced the world’s understanding of China while creating development opportunities for the Chinese tourism industry. The forum serves as a bridge between China’s private economy and the rest of the world. It proved to be “a vital step” in expanding the global tourism economy, Ho said. Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, delivers speech during the Global Tourism Economy Forum in Macao on Sept 21, 2023. (EDMOND TANG / CHINA DAILY) Tourism could serve as a catalyst for global economic recovery, and seeking common ground is key to the revival materializing, government officials and organizational leaders said at the Global Tourism Economy Forum in Macao on Thursday. At the opening ceremony of the four-day event, Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, said collaboration between the tourism industry and various sectors, along with cooperation of different countries, will foster a dynamic economy. Not seeking a trade surplus in travel services with any country or region is the fundamental guiding principle in formulating international tourism policies. Dai Bin, president of the China Tourism Academy She delivered a keynote speech to a group that included around 80 government officials and business leaders from around the world at the forum. Ho used Macao’s tourism development as an example of the “tourism plus” concept. “Here, tourism has integrated and fostered the development of nongaming industries, propelling the development of emerging industries and formulating a diversified and energetic economy,” she said. Over the past decade, the Macao forum has attracted 12,700 participants from over 90 countries with over 600 speakers, 72 global ministers, and brought together 552 organizations from different parts of the world representing different sectors. These data show the significant impact of the Chinese market on the world. The market has grown more than threefold in the past 10 years, reaching 115 million outbound tourists at its peak, Ho added. The GTEF has partnered with 37 countries and 16 Chinese cities and provincial-level areas over the past decade, this year featuring Italy as the partner country and Shanghai as the featured city. Ho said these partnerships have enhanced the world’s understanding of China while creating development opportunities for the Chinese tourism industry. The forum serves as a bridge between China’s private economy and the rest of the world. It proved to be “a vital step” in expanding the global tourism economy, Ho said. Long Yongtu, former vice-minister of the Ministry of Foreign Trade and Economic Cooperation (now the Ministry of Commerce), delivers speech during the Global Tourism Economy Forum in Macao on Sept 21, 2023. (EDMOND TANG / CHINA DAILY) Broader perspective Long Yongtu, former vice-minister of the Ministry of Foreign Trade and Economic Cooperation (now the Ministry of Commerce), said the tourism sector has been the most promising and fastest-recovering industry on the Chinese mainland in the post-pandemic period. He is encouraging industry professionals to embrace innovation, making significant contributions to economic recovery by expanding domestic demand. Tourism also helps to bridge the gap between the mainland’s rich and poor regions, said Long, who is also former secretary-general of the Boao Forum for Asia and honorary chairman of the GTEF. He noted that rural tourism is gaining in popularity among Chinese tourists. “In the less-developed central and western regions of the country, there is typically a scarcity of arable land but an abundance of labor resources. However, these areas are blessed with verdant mountains, lush greenery, and abundant tourism resources. “By harnessing the potential of tourism development, rural areas can accelerate their growth, ultimately narrowing the gap in wealth between the eastern and western regions,” Long said. The goal is to ensure that the tourism industry can drive high-quality development of the Chinese economy, Long concluded. A shot in the arm In July and August, the booking volume of flight tickets to some of the hottest destinations on the mainland jumped 40 percent compared with the same period in 2019, and the booking volume of domestic hotels grew by 140 percent over 2019, according to Beijing-based online travel agency Qunar. China Tourism Academy President Dai Bin said that from June to August, over 1.8 billion trips were made by domestic tourists, generating nearly 8 trillion yuan ($1.1 trillion) in tourism revenue. He predicted that the upcoming eight-day Mid-Autumn Festival and National Day holidays will attract nearly 900 million domestic travelers. “Not seeking a trade surplus in travel services with any country or region is the fundamental guiding principle in formulating international tourism policies,” Dai said. China is accelerating its reengagement with global tourism by taking steps to reopen its inbound and outbound tourism sectors, he said. Dai also urged the authorities to implement streamlined visa, immigration, border control, and financial payment policies to facilitate smoother travel. Julia Simpson, president and CEO of the World Travel and Tourism Council, and honorary chairman of the GTEF, said as governments lifted restrictions, spending by foreign visitors also rebounded by 80 percent after the yearslong pandemic. In the next decade, Simpson predicted that the tourism industry will generate $9.5 trillion in value, leading to the creation of 24 million jobs. By 2033, the sector is expected to contribute 11 percent of global GDP and employ 430 million individuals worldwide. She noted that China boasts the world’s second-largest travel and tourism sector, valued at over $500 billion and creating over 62 million jobs. Acknowledging the evolving landscape of the tourism sector, Simpson said travelers are no longer satisfied with passive sightseeing. They seek immersive experiences that allow them to connect with local cultures, engage in meaningful activities, and return home with a deeper understanding of the world, she said. Advancements in technology will continue to shape the travel and tourism industry, Simpson said. However, it is crucial to address the challenges that come with technology, such as data privacy and security concerns. Striking a balance between innovation and safeguarding travelers’ rights and privacy will be essential, she added. Zhang Xu, chairman of the World Tourism Alliance and honorary chairman of the forum, addressed the forum’s 10th anniversary lunch.
2023-09-22MACAO – The Asia-Pacific region can contribute to the transformation of tourism in the next decade by putting the industry on a more sustainable path, enhancing digitalization, and boosting a diversification policy, experts said at a panel in Macao on Friday. They had a discussion about how the region can define tourism’s long-term sustainability during the session, “Sustainability in Focus: Navigating the Future of Tourism in Asia” at the Global Tourism Economy Forum in Macao. Hae Guk (Harry) Hwang, regional director for Asia and the Pacific at the World Tourism Organization (UNWTO), stressed the importance of sustainability, green transformation, and climate action in a speech first. The Asia-Pacific Department at UNWTO is “fully ready to embark on this exciting journey of sustainability,” he noted. Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office and vice-chairman of GTEF, emphasized the role of technology, saying that it has become part of tourism development or tourism recovery, and that there are now various platforms to reach target customers better than in the past, and they can enhance customer satisfaction in the industry. According to Senna Fernandez, tourism accounts for nearly half of Macao’s GDP, which is unparalleled. However, the COVID-19 pandemic has shown that being so dependent on one industry is not sustainable for a destination, as this involves risks. The Macao government has come up with a diversification strategy going forward, she noted, describing the policy as one plus four: One referring to integrated tourism, with four areas of new development or diversification being technology; modern finance; meetings, incentives, conventions and exhibitions (Mice), culture and sports; health and well-being. So first, tourism has the role of giving ingredients or a breeding ground for the new kinds of industries that we can be engaging in, Senna Fernandez said. Priantha Fernando, chairman of the Sri Lanka Tourism Development Authority, said that sustainability in his country will be the key in developing tourism. “Also, tourism is not just an industry. It is a key player when it comes to the economy,” he said. Fernando said that from 2009 to 2018, Sri Lanka’s tourism sector enjoyed above average growth of around 20 percent a year. “We registered 2.3 million tourist arrivals (in 2018) with $4.3 billion in earnings from tourism. Unfortunately, in 2019 we had some incidents which affected tourism, and at a time when we were about to recover from that, the COVID outbreak really crippled the (travel) industry,” he said, “Only now are we are coming out of that.” Fernando said that Sri Lanka started giving more priority to sustainability matters prior to COVID-19, and they moved in this direction thanks to the assistance of the United Nations Development Programme. The island nation has set up nine provincial sustainable tourism units, with the key unit based in Colombo, which monitors the industry. It is currently developing a marine master plan. “As we move forward, sustainability is going to be key,” he said, “It’s not only for Sri Lanka, but for the entire region. We will have to work together in having sustainable tourism destinations.” Hussain Niyaaz, secretary of Economic Development Cooperation, Ministry of Foreign Affairs, the Maldives, said that his country is strategically located in terms of connectivity with the rest of the world. “We are quite central,” he said, “So that is the key to our success of our tourism, also the connectivity with the main markets in the world.” He said the Maldives needs to provide diversification because mostly when people around the world talk about the Maldives, they may feel it is too expensive because it is luxurious. “But with this new concept of local island hotels”, tourists have more variable products and more affordable products, he added. Niyaaz also noted that the Maldives have one concept, led by the private sector and facilitated by the government. “And we, the government, are only facilitating in terms of providing the basic services,” he said. Christina Garcia Frasco, secretary of the Department of Tourism of the Philippines, said her country sees itself as becoming a tourism powerhouse in Asia. “Sustainability and tourism have been absolute necessities and the driving force for the development of our country as early as 2009,” she said. “With the passage of the law that created the Tourism Act, sustainable tourism was identified by our government as being integral for social economic development.”
2023-09-22Tourism can enjoy a better future if the sector integrates more deeply with culture and the arts, and blends virtual and physical travel experiences through digitalization, cultural experts and business leaders said at the Global Tourism Economy Forum on Friday. “Culture and art are a universal language for humanity and play a significant role in international dialogue and exchange of civilizations,” said Wang Bo, chairman of Poly Culture Group Corp, a Chinese arts company. “Through innovative initiatives in cultural tourism, film, music, sports, and other specialized sectors, countries benefit from (their) rich cultural heritage, which contributes to their economic development,” he added. The development of the cultural industry is closely tied to market-driven forces. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), the sector can generate an annual revenue of $2.25 trillion and provide nearly 30 million jobs. “We believe that the cultural industry plays a crucial role in promoting mutual exchange and development of civilizations,” Wang said, adding that more efforts should be made to integrate tourism with culture and the arts, which can serve as an intrinsic driving force for tourism. Wang Yuegong, deputy director of the Palace Museum, said technological applications not only make the preservation of relics more efficient but also help boost the cultural tourism sector. The Palace Museum, also known as the Forbidden City, was China's imperial palace from 1420 to 1911. It houses over 1.86 million cultural relics. As one of the country’s first museums to adopt innovative technologies, the Palace Museum has rolled out digital presentations of its collections and services, including online tours. Wang said online cultural tourism enables people to visit attractions from their own home, but it doesn’t lead to a drop in the number of tourists who visit in person. “In fact, after seeing the Palace Museum online, it actually motivates people to come and visit it. This can be seen as a catalyzer for tourism,” he added. Tomaso Radaelli, chairman of Italy-based exhibitor MondoMostre, said promoting the cultural industries still requires collaborative efforts to overcome difficulties in cultural sensitivities and art preservation. “It's difficult, because sometimes there’s an issue (concerning) cultural sensitivities which you have to respect. Not every culture has the same set of values or understanding of those values,” Radaelli said. He added that art is “delicate” and “fragile”, that it needs to be insured, and that moving and preserving it requires a lot of money. “If anything happens to a piece of work, nothing is going to replace it,” he said. Pino Sagliocco, chairman of live entertainment company Live Nations Spain, said music is a harmonized force between people, and it is essential for the tourism sector to tap into music as a means to bring people from different nations together. Describing music as a driving force for young people, Sagliocco said millions of people today travel to different cities and come together for a variety of musical events and shows worldwide, and this helps increase sales at local restaurants, hotels and museums.
2023-09-22Tourism and its related industries are playing an important part in economic recovery in the post-pandemic world, officials, business leaders, and experts worldwide said on Thursday at a high-profile tourism forum in Macao. The Global Tourism Economy Forum (GTEF) is a leading international exchange platform designed to promote the sustainable development of global tourism. Themed “Destination 2030: Unlocking the Power of Tourism for Business and Development” this year, the forum features an array of panel sessions, keynote speeches, fireside chats, and special interviews. The four-day forum is hosted by the Secretariat of Economy and Finance of the Macao Special Administrative Region government, in collaboration with the Madrid-based United Nations World Tourism Organization (UNWTO), a specialized agency of the United Nations that promotes responsible, sustainable and universally accessible tourism. The opening ceremony started with a keynote speech by the forum’s chairman, Ho Hau-wah, who is also a vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference, the nation’s top political advisory body. UNWTO Secretary-General Zurab Pololikashvili said the forum is set to be the premier platform for cooperation between public and private sectors. “Today, we shape the course of the sectors’ future around the pillars of jobs, education, innovation and investments,” the UN official said. Lei Wai-nong, secretary for economy and finance of the Macao SAR and executive chairman of the forum, said Macao has become one of the core platforms for its prime assets such as tourism under the advantages of “one country, two systems”. New strategic work has been put into building the Guangdong-Hong Kong-Macao Greater Bay Area, he noted. “Every year, the Macao SAR government collaborates with GTERC to come up with a forward-thinking theme for the forum in line with the latest situation and to produce an innovative format and program,” Lei added. “After a decade of hard work, the Macao SAR government has developed GTEF into a major event for the international tourism industry and a signature brand of Macao,” he added. Strengthening cooperation Italian Tourism Minister Daniela Santanche said Italy and China are continuing to work together, not just in terms of tourism, but also in culture and other areas. Italy, the birthplace of the Renaissance, is this year’s partner country at GTEF. “Our two peoples are closer to each other than ever,” she said. “Italy is one of the favorite tourist destinations for Chinese tourists. After a three-year absence, Chinese tourists are coming back.” China’s Ministry of Culture and Tourism has included GTEF in the Sino-Italian Cultural Exchange Mechanism to consolidate mutual learning between Chinese and foreign cultures. Qiu Xiaoping, vice-chairman of the All-China Federation of Industry and Commerce, said this year marks the 10th anniversary of the GTEF and is an important year of rapid recovery following the pandemic. Tourism still faces many challenges, he said, “but we can see the industry has a unique advantage and also it can help mold employment and enrich people’s spirits. “It actually has become a very important driving force after the pandemic,” Qiu said. Shanghai, which was designated as a UNESCO Creative City of Design in 2010, is the featured city of this year’s GTEF. Shanghai Vice-Mayor Liu Duo said Shanghai is on the path to unlock the potential of tourism for business and development and to promote the prosperity of tourism around the globe. “Shanghai has been tapping into its rich resources to develop its culture and tourism events. “We want to build channels through which we could talk to other countries and empower the development of our economy,” Liu said.
2023-09-22It’s important to adopt policies and strategies that pursue growth and sustainable development simultaneously in order to build a better tourism sector, said analysts at a panel in Macao. Celso Sabino de Oliveira, minister of tourism of Brazil, said the most important task for the tourism industry is to strike a balance between sustainable development and economic value. He made the remarks at the Global Tourism Economy Forum 2023 in an auditorium packed with industry luminaries and veteran investors from across the globe during a session focused on the future of tourism. “Tourism is more than hospitality; (it is also about) how to make good use of renewable energy to reduce carbon emissions and thus protect our environment amid global warming,” de Oliveira said. But when people are protecting natural resources such as forests and rivers, it’s equally important to protect the indigenous peoples who live in those areas by offering them the same economic opportunities that residents enjoy in large cities, de Oliveira said. “We can’t put nature conservation and economic development at odds. They need to be balanced,” he added. Daniela Santanche, Italy’s minister of tourism, said sustainable tourism involves a vast array of factors including climate, the younger generation and digitization, which require more strategic planning with closer cooperation. “Making tourism sustainable can’t just be imagined. Things like culture and society are also important. It’s a team challenge for human beings,” Santanche said. She added more focus on tourism should be featured in governments’ financial budgets today to attract young people back to the sector, as many of them left during the pandemic and new opportunities are emerging, ready to be seized. Natalia Bayona, executive director of the World Tourism Organization, said education should offer young people a path into tourism, as manpower is a prerequisite for sustainable growth. According to Bayona, around 60 percent of investments in tourism go into infrastructure, but more investment should be made in people to equip the sector with the right workforce to survive and thus create a future. “We can’t be sustainable if we don’t have enough people,” she said, adding that more efforts should be made to build a strong academic community and improve online education to show young people the future while they are at school, thereby building confidence in the sector once again. Nicolas de Villiers, president and artistic director of French theme park Puy du Fou, stressed the importance of cultural roots and identities in the tourism sector. He said that globalization was expected to bring happiness to everyone, but in reality, that didn’t turn out to be the case. He said that, globally, we are going back to a world or an era in which people feel safest within their national contexts. People need to have roots within their own national communities, he added. “This is why I believe that our concept will work in the future because we are making some parks that are really rooted in the history and heritage of the countries where we go, especially in Spain or France.” According to de Villiers, his company is aiming to set up some parks, in the next country they work in, focusing on the pride of the national community. Joining the high-profile session were Rosana Morillo, vice-minister of Tourism of Spain; Nuno Fazenda, secretary of state for Tourism, Trade and Services of Portugal; and Paolo Barletta, CEO of Italy-based Arsenale SPA Company. Xu Weiwei contributed to the story. evanliu@chinadailyhk.com
2023-09-22Having borne fruit in boosting its international profile and promoting tourism development over the past decade, the Global Tourism Economy Forum (GTEF) is poised to play a more crucial role in driving the sector’s innovative growth, according to experts at the high-profile tourism gathering’s closing ceremony in Macao on Friday. “The forum has successfully completed a decade, and its significance is remarkable,” Lei Wai-nong, secretary for economy and finance of the Macao Special Administrative Region government and executive chairman of the GTEF, said in his closing remarks. “Echoing the United Nations’ 2030 Sustainable Development Goals, we encourage thinking beyond tourism and are ready to foster more open and new cooperation within the sector,” Lei said. The 10th edition of the GTEF, which kicked off in Macao on Wednesday, featured top officials, ministers of culture and tourism, business luminaries and scholars from 38 countries and regions, as well as representatives from 84 Chinese mainland provincial-level areas and cities. The forum also witnessed the second GTEF Investment and Financing Conference, which has facilitated fruitful exchanges within the tourism industry. “It also provided valuable insights on how Macao can establish an internationally aligned financial system, explore new paths for financial support in the Guangdong-Hong Kong-Macao Greater Bay Area, and develop a modern financial industry that chimes well with the principles of moderate economic diversification,” Lei said. “These discussions and insights hold significant opportunities and value for Macao’s economic development,” he added. Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, said the forum has been actively utilizing innovative approaches to drive continuous progress and enhance its influence while staying true to the original intention and steadfastly upholding the forum’s mission and core values. According to Ho, the establishment of the forum in Macao serves a dual purpose. On one hand, it capitalizes on Macao’s unique advantages under the “one country, two systems” principle, particularly its high degree of internationalization. This facilitates the introduction of foreign industries and investments. On the other hand, the forum dovetails with Macao’s ambition to diversify its economy. For decades, Macao has been known as the world’s gaming hub. In 2021, the gaming industry contributed around half of the city’s GDP, employing one-fifth of the city’s workforce. Today, more focus is being put on innovation and technology, cultural tourism, traditional Chinese medicine, and conventions and exhibitions, according to Ho. Ho also emphasized China’s role as a leader in the global tourism industry in her speech, saying the country will unleash its immense potential, from the tourism revolution to industry integration and sustainable development. “As an international forum that originated in China, we have brought the global tourism industry into the country over the past 10 years.” “In the next 10 years, we will expand the forum’s footprint, elevating the discourse and influence of the Chinese tourism industry on the international stage by continuing to offer an inclusive and equitable platform for stakeholders worldwide and fostering new thinking in the global tourism industry,” she said.
2023-09-22Innovation and technology have turbocharged the tourism sector’s sustainable growth, with development potential in emerging markets, the Global Tourism Economy Forum in Macao heard on Wednesday. The remarks were made by industry luminaries at the four-day conference being held in the special administrative region from Wednesday to Saturday. Miao Muyang, director-general of the Industrial Development Department of the Ministry of Culture and Tourism, said there are promising investment prospects in China’s tourism business, given its expanding market size and diverse industry landscape. “The Chinese government attaches great importance to the development of the tourism sector. President Xi Jinping has emphasized the significance of the sector on numerous occasions, highlighting that tourism serves as a primary channel for cultural exchange and collaboration among different nations, as well as an effective means to promote economic growth, create employment opportunities, and improve people’s living standards,” he said in a keynote speech at the Investment and Financing Conference, held in conjunction with the forum. The conference was attended by senior officials and veteran investors from around the world. According to the National Bureau of Statistics, the added value of the nation’s tourism sector had gone up from 2.7 trillion yuan ($370.47 billion) in 2014 to 4.5 trillion yuan in 2021, at an annual growth rate of 4.99 percent. In 2019, the volume of domestic tourism reached more than 6 billion people, and total tourism revenue amounted to 6.63 trillion yuan. “It can be said that the tourism industry has played a significant role in empowering economic and social development and meeting people’s expectations for a better life,” Miao said. He expects the industry to keep up with emerging trends, such as digitalization and green development. In her opening address, Natalia Bayona, executive director of the World Tourism Organization, said the Asia-Pacific region saw rapid growth in greenfield foreign direct investment in the tourism sector between 2018 and 2022, with $65.1 billion poured into 517 investment promotion projects. Also, emerging destinations are gaining traction in attracting investments, she noted. Bayona said the Chinese mainland has been at the forefront of technological advancement in the tourism industry, with mainland companies making significant contributions to global investment in innovation and technology. She urged global stakeholders to leverage I&T to promote tourism’s high-quality development. Wang Xinjun, president and CEO of mainland-based Ivy Alliance Tourism Consulting, said he hopes the conference will serve as an international platform for government institutions, tourism enterprises, and organizations to communicate and collaborate for investment partnerships and business opportunities. In a separate session themed “Redefining tourism investments: From private equity to venture capital acceleration”, Inge Huijbrechts, global senior vice-president of Radisson Hotel Group, said the current economic uncertainties, coupled with inflationary pressures, have made it increasingly challenging to secure funds for new projects. Consequently, the Radisson Hotel Group is seeking flexibility and conversion solutions, and exploring opportunities for repurposing office spaces into hotels and multifunctional developments across its various brands. Agreeing that the financial market’s stability is a major problem confronting the global tourism business, Dawood Al Shezawi, president of the United Arab Emirates-based Annual Investment Meeting, said technology and creativity are key to accelerating the sector’s growth in a high interest-rate environment. The dramatic reversal from near-zero interest rates led the global venture capital ecosystem to a sharp pullback in 2022. Global venture funding slumped 35 percent year-on-year to $415.1 billion last year, with tourism startups hard hit, according to data from CN Insights. Al Shezawi said the tourism sector needs to come up with more creative ideas and events for promotion as they can spark wide discussions and get more businesses and people involved. The conference also shed light on the lucrative business opportunities brought by the Chinese mainland’s tourism policies, which encourage collaboration between the industry and the technology, health, wellness, culture and creativity sectors. The 10th edition of the GTEF opened on Wednesday, bringing together government officials and business leaders in sharing their insights into ways of overcoming the challenges facing tourism in the post-pandemic era, and in seeking the sector’s sustainable growth. Established in 2012, the forum is hosted by the Macao Special Administrative Region government, in collaboration with the United Nations World Tourism Organization.
2023-09-21Technology and innovation can help Southeast Asian economies to promote food security, green development and social equity, experts said at a regional forum held May 12 in Jakarta. Participants in the 2023 ASEAN Leadership and Partnership Forum also stressed the need for collaboration among various stakeholders across the region in addressing pressing issues. The two-day forum was held after the 42nd ASEAN summit at Labuan Bajo in eastern Indonesia. The forum’s theme, “ASEAN Matters — Centre of Growth, Opportunities & Prosperity”, was organized by the KSI Strategic Institute for Asia Pacific, the ASEAN Business Advisory Council, the Indonesian Chamber of Commerce & Industry (KADIN), the ASEAN Economic Club, and the Foreign Policy Community of Indonesia. It was supported by the Economic Club of Kuala Lumpur and the World Business Chamber. Indonesia’s Minister of Tourism and Creative Economy Sandiaga Uno said the creative industry not only contributes to regional GDP but also creates jobs. Uno, who delivered a special address, said that in Indonesia, digital transformation, along with financial assistance to improve information and communication technology infrastructure, have helped boost the creative industry. Education reforms have helped nurture creative talent. Albert Oung, executive council member and Green Economy chairperson of the UN Economic and Social Commission for Asia and the Pacific’s Sustainable Business Network, said innovative technological breakthroughs can help revitalize the ASEAN economy in the post-pandemic era. “What we need to do is pick the right projects with the right formula and make it ASEAN,” Oung said in an interview held on the sidelines of the forum. Ravindra Ngo, founder and CEO of Singapore-based think tank The Asian Network, said cooperation is one of the main themes of the forum. Ngo, who moderated the afternoon discussion on food security and climate sustainability, summed up one of the key points of the discussion: that stakeholders — including government, business and civil society — must collaborate to promote sustainable policies and practices to mitigate environmental risk and improve access for all. “The three Ps — people, planet and profit — are not enough. We need to add purpose — the purpose to make and contribute to a better world,” Ngo said. He said ASEAN also needs to use technologies and innovations, such as developing a climate-smart agriculture, that will help to make the shift towards agricultural and food systems that are “more resilient, sustainable and productive”. Gavin Chong, president and chief strategy officer of agribusiness firm Gokomodo Indonesia, said the agriculture industry needs long-term solutions. One way to promote a sustainable agriculture sector is to make farming profitable, which would encourage the younger generations to venture into farming. “How can we address that? Let's talk about prices on a monthly basis. Perhaps different associations representing various countries in ASEAN could have a dialogue on a monthly basis to talk about fertilizer prices as one example. Stay in touch on talking about price trends,” Chong said. Joseph D’ Cruz, CEO of the Roundtable on Sustainable Palm Oil, said discussions on agricultural sustainability must include diverse perspectives. In the case of the palm oil industry, D’ Cruz said that the challenge is how to build a sector that meets the demands of climate, sustainability and environmental preservation without sacrificing social development, livelihoods and providing a decent life for rural communities. He added that addressing these concerns also requires that addressing the challenge of providing food that is affordable and sustainable. “It's not an easy question to answer, but I think if we come back to the policy questions we're discussing around food security and climate change and where ASEAN goes in the future, recognizing the need to build a way to look at these realistically from a systems perspective is absolutely critical,” he said. Chhem Siriwat, an advisor for the Council for the Development of Cambodia, said in a panel discussion that digital transformation “is not just about technology, but it’s about change. It’s about a change in mindset, which will lead eventually to a change in behavior”. He said the three main pillars of digital transformation are culture, workforce and technology, and described his experience in helping to craft a national digital technology transformation roadmap for Cambodia. “We came up with three suggestions, the first being to appoint transformational leaders; to be a transformational leader, you have to be innovative, risk-taking,” he said. He added that it’s also important to invest in human resources and digital infrastructure. Yohanes Lukiman, chairperson of KADIN’s Permanente Committee for Asia Pacific, said digital transformation can also support small and medium-sized enterprises, especially those in the informal economy. Lukiman, who is also the board member of the ASEAN Business Advisory Council (ABAC), said ABAC is promoting the use of QR codes as an alternative payment system. “We know that there’s a huge informal economy in ASEAN and we also know that those in the informal economy can’t be paid by (conventional) digital means,” he said. The QR code program “will be a game changer in the digital economy,” Lukiman said. “An Indonesian tourist can go to Pattaya (in Thailand) and buy food from a roadside vendor using his Indonesian e-wallet. MSMEs (micro, small and medium-sized enterprises) in the informal economy can adopt this QR code,” he said.
2023-05-13Emerging as a new growth center of world economy, Southeast Asia has to enhance connectivity and joint action to overcome challenges including post-pandemic recovery, geopolitical tension, climate change and digital disruption, according to participants in a regional forum held on May 12. Arsjad Rasjid, chairperson of the Association of Southeast Asian Nations-Business Advisory Council (ASEAN-BAC), said the ASEAN economy has a “growing impact on global trade”. With a steady rise in GDP for the past few years, ASEAN is now the world's fifth largest economy and the fourth largest exporting region, Rasjid said in his welcome speech at the 2023 ASEAN Leadership and Partnership Forum being held in Jakarta. This has “major implications” on the future of investment inflows and resilience of the global supply chain. “ASEAN is no longer a regional power which sits on the sidelines of the global economy,” Rasjid said, alluding to this year’s theme of the ASEAN summit. ASEAN countries are “broadly regarded as the future base of global production and consumption, or as (the Indonesian) government has defined it, as a new epicenter of growth.” Indonesia is this year’s rotating chair of the regional bloc. The two-day forum is held after the 42nd ASEAN summit at Labuan Bajo in eastern Indonesia. The forum’s theme “ASEAN Matters — Centre of Growth, Opportunities & Prosperity”, was organized by the KSI Strategic Institute for Asia Pacific, ASEAN Business Advisory Council, Indonesian Chamber of Commerce & Industry (KADIN), ASEAN Economic Club, and Foreign Policy Community of Indonesia. It was supported by the Economic Club of Kuala Lumpur and the World Business Chamber. Rasjid, who also serves as KADIN’s chairman, said it is in the best interests of ASEAN to approach the future of its development with “a spirit of togetherness, togetherness and cooperation as a solid community”. Michael Yeoh, chairman of the forum and KSI’s president, said in his introductory speech that ASEAN, as an organization, can only remain relevant to the next generation if there is a “greater sense of purpose, a greater sense of belonging to ASEAN”. This is why people to people connectivity needs to be prioritized. He said this can be done through the conduct of more educational and youth exchanges among ASEAN members. Rasjid and Yeoh’s speeches was a prelude to the morning session which focused on ASEAN connectivity. ALSO READ: ASEAN leaders confident in region being 'epicentrum of growth' One of the panel discussants is Kirida Bhaopichitr, director of Economic Intelligence Service at the Thailand Development Research Institute (TDRI). Kirida said climate change, increasing US-China competition and how artificial intelligence is threatening job security are among the major challenges that the region has to overcome. She said connectivity and collaboration will help the region “survive through this perfect storm”. In dealing with geopolitical tension, for example, Kirida said ASEAN needs to focus on building a resilient supply chain in the region that will make ASEAN a “very attractive” investment destination. She also cited climate change, and how this is “not an individual country issue”. “When there’s forest fire in Indonesia, it affects all the way to Singapore (and) Thailand,” Kirida said, alluding to trans-boundary haze. “If we don’t collaborate to mitigate and adapt to climate change… I don't think we will survive very long.” Kirida said AI is “very disruptive… How can we improve our skills and our technology together in order to weather the storm? I don't think any one country can do that. We don't have enough resources. We just want to contribute more resources together. This kind of connectivity will make us go forward”. Kunihiko Hirabayashi, secretary general of the ASEAN-Japan Centre, said building trust, transparency and co-creation are key to “people-centered collaboration”. He said climate change and environmental degeneration, for example, can’t be resolved by a single country. But by working together, ASEAN and its partner countries can find an “actionable solution”. Lee Sheung Yuen, director general of the Hong Kong Economic and Trade Office in Jakarta, discussed the close relationship between the special administrative region and ASEAN, having been major trading partners for the last 12 years. Hong Kong and ASEAN also have an existing economic and technology cooperation program. Lee said Hong Kong hopes to contribute more in the partnership with ASEAN through its financial, professional services, logistics and transportation sectors. Delia Albert, former Philippine secretary of foreign affairs, has recalled an old report which stated that the concept of ASEAN as a community only exists among academics, journalists and those who participate in ASEAN-related activities. Albert said the idea of a “shared values toward a shared destiny remains to be a wish to be fulfilled. That is the greatest challenge that ASEAN faces”.
2023-05-12Hong Kong’s Finance Secretary Paul Chan Mo-po on Friday highlighted the importance of striking a balance between fintech innovation and risk mitigation in financial regulations to ensure a sustainable ecosystem. Chan delivered a speech on the second day of the annual Digital Economy Summit, which was organized by the Hong Kong Special Administrative Region government and Cyberport. “A healthy, sustainable ecosystem must have a strong immune system — that is, the ability to weed out the bad players, and insulate our financial system and stability from undue impact,” the finance chief noted. “The crux to this is whether we could apply balanced, proportionate regulation that will properly and adequately mitigate pertinent risks, while leaving sufficient room for innovative products and services to break new ground,” he added. Chan voiced confidence in the city's fintech sector, citing the significant surge in the number of fintech enterprises as proof of its growth. The number of fintech firms in the financial hub increased from 180 to more than 800 this year in five-year period, offering innovative services including mobile payments, cross-border transfers, virtual asset trading and blockchain. He said despite the COVID-19 pandemic, Hong Kong has continued to attract world-class talent and entrepreneurs to make the city their home, solidifying the city’s position as a “vibrant fintech ecosystem”. Chan said the proactive approach taken by the government and public sector to spur fintech development includes seed funding programs, investor matching, incubation, and professional support services for fintech startups. These efforts have created an environment in which fintech innovation can flourish, he added. The SAR government, in its 2023-24 Budget, allocated more than HK$700 million ($89.2 million) to accelerate the development of the digital economy, along with over HK$9 million for a series of international initiatives. The two-day summit, themed “Emerging with resilience: Fostering a smarter future”, aims to bring together entrepreneurs, policymakers, and academics worldwide to share their insights on topics such as smart cities, data innovation, fintech, Web3, artificial intelligence and big data, smart mobility, as well as new industrialization.
2023-04-14For the United Nations World Tourism Organization (UNWTO), education is key, and perhaps the top priority in tourism development. Natalia Bayona, the organization’s executive director, made the remarks in an interview with China Daily on Thursday. Bayona said 50 percent of young people working in tourism have only secondary school education, and 50 percent want to become an entrepreneur or run their own startup. Therefore, education is a key driver if people want an innovative, sustainable, modern, efficient and value-added tourism sector, she said. “That’s why, through investments as well as investing in people, we feel that it (education) is key in order to ensure that the public and the private sectors will come together to create a strong workforce,” she said. By 2030, almost 1 million jobs will be needed in vocational tourism, Bayona said. “So we need to ensure that the next generations have both a quality and affordable education, and then the planet can have the sustainability and prosperity,” she said. Education will not only help create value-added jobs, but also empower young people through technology and innovation so that tourism can really become an example of how the most human economic sector is evolving, she added. For Bayona, tourism is a very resilient sector as its strong recovery in the post-pandemic area has been a surprise. Tourism data show that levels already are at 80 percent of pre-pandemic levels, she said. Many countries, such as Spain and the Dominican Republic, have already rebounded to their respective pre-pandemic levels. After the pandemic, people want to travel and experience new things — not just in the big cities, but also in rural areas, new destinations, and of course, new ways of traveling, Bayona said. However, UNWTO cares not only about the number of tourists, but also about the impact of tourism, she said. “More than ever, we need to measure the impact of tourism in terms of new jobs, the investment, the social impact, and of course, the impact in terms of the climate and the CO2 emissions, “When we are talking about sustainability, it is not limited to climate change. Sustainability to us is the power to work in tourism, thinking about future generations,” she said. The UNWTO is working for a more responsible tourism sector. “Basically, we will not only recover, but also lead by example in the way we do things in sustainable ways,” Bayona added.
2023-09-22Tourism business luminaries and scholars voiced their expectations of a tourism boom in the Guangdong-Hong Kong-Macao Greater Bay Area and called for greater efforts and cooperation to address headwinds at the Global Tourism Economy Forum in Macao on Thursday. Chen Yin, chairman of the China Tourism Group Corp, said the tourism sector in the Greater Bay Area is showing strong growth given its economic strength and abundant tourism resources. “The Greater Bay Area is one of the most open and economically vibrant regions in China. It boasts high per capita disposable income and consumption levels, ranking among the top in the country,” Chen told a session powered by China Daily. With a population of 87 million, the Greater Bay Area’s economic output topped 13 trillion yuan ($1.78 trillion) in 2022 — 2.8 trillion yuan more than in 2017 — data from Guangdong’s Development and Reform Commission show. Among the initiatives highlighted in the GBA’s blueprint, promulgated in February 2019, was a culture and tourism development plan, which is part of efforts to develop the region into an exchange hub for the cultures of the East and the West and a world-class tourism destination. “The Greater Bay Area is endowed with abundant tourism resources, including ecoresorts, coastal leisure destinations, urban tourism, and theme parks. It serves as an important source of tourists as well as a popular travel destination for individuals, holding a significant position in both the national and global tourism industry chains,” he said. According to Chen, the Greater Bay Area receives nearly 400 million tourists annually, generating tourism revenue of over 1.2 trillion yuan. “Recent data, such as the May Day holiday figures, indicate that the number of visitors to the six green city clusters, including Shenzhen and Guangzhou, has already returned to pre-pandemic levels,” he added. Complementary strengths Kaye Chon Kye-sung, dean and chair professor and Walter and Wendy Kwok Family Foundation professor in international hospitality management at the School of Hotel and Tourism Management of the Hong Kong Polytechnic University, said the GBA boasts great advantages to boost its tourism sector as the three main areas, namely Guangdong province, Hong Kong and Macao, have their unique offerings. “Hong Kong is known for the East-meets-West culture and has a very long history of being Asia’s world city, while Macao is an entertainment and recreational destination with a unique combination of Portuguese flavors,” Chon said, adding that Guangdong’s cuisines and attractions are great selling points. Nevertheless, more efforts are needed to deal with the sector’s labor shortage and facilitate seamless travel within the city cluster, the professor said. Acknowledging that the equilibrium between labor supply and demand had broken down during the pandemic, Chon said there are many ways for cities in the Greater Bay Area to work together. For instance, Hong Kong, which suffered from a labor crunch in recent years, can access a great pool of labor from Guangdong, Chon said. He also cited his firsthand experience in crossing the border, saying the process to enter the Chinese mainland from Hong Kong is more complicated than going in the other direction. “So, I think we have to make sure there will be a more seamless integration of travel among the three major destinations,” Chon added. Tourism as a lifestyle Eduardo Santander, executive director of the European Travel Commission and honorary vice-chairman of the GTEF, shared his insights on how Europe has enjoyed remarkable growth through cooperation. “Education plays a crucial role in this process. It is essential to educate both the demand and supply sides of tourism. “On the demand side, showcasing the area’s attractions, infrastructure, and ease of travel, including visa processes and currency acceptance, is vital. On the supply side, preparing the local population to cater to foreign visitors by providing language skills, appropriate signage, and cultural sensitivity is essential,” he said. In Europe, the focus is shifting from quantity to quality in terms of tourism success. Striking a balance between filling accommodations and preserving the local community’s well-being is crucial, Santander noted. It is advisable for the Greater Bay Area to learn from experience and focus on developing in response to demand, he said. Santander said that understanding the Greater Bay Area’s links to various parts of the world, including Asia, Europe, and North America, should guide the tourism development approach. Experts have said that striking a balance between an influx of tourists and mitigating the negative effects on local people’s lives is crucial for driving growth of the tourism sector. Santander highlighted the importance of encouraging people to view tourism as an economic livelihood as well as an integral part of their lives, where they can enjoy cultural exchanges. When talking about the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, he said the major advantage of the zone in developing tourism lies in its sophisticated infrastructure. “The railways and planes are already in place, so I believe the primary hurdle has been overcome. The groundwork has already been completed.” The zone, which spans 106.46 square kilometers, focuses on high-tech development and manufacturing industries, offering tax rebates for enterprises and individuals.
2023-09-22Tourism could serve as a catalyst for global economic recovery, and seeking common ground is key to the revival materializing, government officials and organizational leaders said at the Global Tourism Economy Forum in Macao on Thursday. At the opening ceremony of the four-day event, Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, said collaboration between the tourism industry and various sectors, along with cooperation of different countries, will foster a dynamic economy. She delivered a keynote speech to a group that included around 80 government officials and business leaders from around the world at the forum. Ho used Macao’s tourism development as an example of the “tourism plus” concept. “Here, tourism has integrated and fostered the development of nongaming industries, propelling the development of emerging industries and formulating a diversified and energetic economy,” she said. Over the past decade, the Macao forum has attracted 12,700 participants from over 90 countries with over 600 speakers, 72 global ministers, and brought together 552 organizations from different parts of the world representing different sectors. These data show the significant impact of the Chinese market on the world. The market has grown more than threefold in the past 10 years, reaching 115 million outbound tourists at its peak, Ho added. The GTEF has partnered with 37 countries and 16 Chinese cities and provincial-level areas over the past decade, this year featuring Italy as the partner country and Shanghai as the featured city. Ho said these partnerships have enhanced the world’s understanding of China while creating development opportunities for the Chinese tourism industry. The forum serves as a bridge between China’s private economy and the rest of the world. It proved to be “a vital step” in expanding the global tourism economy, Ho said. Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, delivers speech during the Global Tourism Economy Forum in Macao on Sept 21, 2023. (EDMOND TANG / CHINA DAILY) Tourism could serve as a catalyst for global economic recovery, and seeking common ground is key to the revival materializing, government officials and organizational leaders said at the Global Tourism Economy Forum in Macao on Thursday. At the opening ceremony of the four-day event, Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, said collaboration between the tourism industry and various sectors, along with cooperation of different countries, will foster a dynamic economy. Not seeking a trade surplus in travel services with any country or region is the fundamental guiding principle in formulating international tourism policies. Dai Bin, president of the China Tourism Academy She delivered a keynote speech to a group that included around 80 government officials and business leaders from around the world at the forum. Ho used Macao’s tourism development as an example of the “tourism plus” concept. “Here, tourism has integrated and fostered the development of nongaming industries, propelling the development of emerging industries and formulating a diversified and energetic economy,” she said. Over the past decade, the Macao forum has attracted 12,700 participants from over 90 countries with over 600 speakers, 72 global ministers, and brought together 552 organizations from different parts of the world representing different sectors. These data show the significant impact of the Chinese market on the world. The market has grown more than threefold in the past 10 years, reaching 115 million outbound tourists at its peak, Ho added. The GTEF has partnered with 37 countries and 16 Chinese cities and provincial-level areas over the past decade, this year featuring Italy as the partner country and Shanghai as the featured city. Ho said these partnerships have enhanced the world’s understanding of China while creating development opportunities for the Chinese tourism industry. The forum serves as a bridge between China’s private economy and the rest of the world. It proved to be “a vital step” in expanding the global tourism economy, Ho said. Long Yongtu, former vice-minister of the Ministry of Foreign Trade and Economic Cooperation (now the Ministry of Commerce), delivers speech during the Global Tourism Economy Forum in Macao on Sept 21, 2023. (EDMOND TANG / CHINA DAILY) Broader perspective Long Yongtu, former vice-minister of the Ministry of Foreign Trade and Economic Cooperation (now the Ministry of Commerce), said the tourism sector has been the most promising and fastest-recovering industry on the Chinese mainland in the post-pandemic period. He is encouraging industry professionals to embrace innovation, making significant contributions to economic recovery by expanding domestic demand. Tourism also helps to bridge the gap between the mainland’s rich and poor regions, said Long, who is also former secretary-general of the Boao Forum for Asia and honorary chairman of the GTEF. He noted that rural tourism is gaining in popularity among Chinese tourists. “In the less-developed central and western regions of the country, there is typically a scarcity of arable land but an abundance of labor resources. However, these areas are blessed with verdant mountains, lush greenery, and abundant tourism resources. “By harnessing the potential of tourism development, rural areas can accelerate their growth, ultimately narrowing the gap in wealth between the eastern and western regions,” Long said. The goal is to ensure that the tourism industry can drive high-quality development of the Chinese economy, Long concluded. A shot in the arm In July and August, the booking volume of flight tickets to some of the hottest destinations on the mainland jumped 40 percent compared with the same period in 2019, and the booking volume of domestic hotels grew by 140 percent over 2019, according to Beijing-based online travel agency Qunar. China Tourism Academy President Dai Bin said that from June to August, over 1.8 billion trips were made by domestic tourists, generating nearly 8 trillion yuan ($1.1 trillion) in tourism revenue. He predicted that the upcoming eight-day Mid-Autumn Festival and National Day holidays will attract nearly 900 million domestic travelers. “Not seeking a trade surplus in travel services with any country or region is the fundamental guiding principle in formulating international tourism policies,” Dai said. China is accelerating its reengagement with global tourism by taking steps to reopen its inbound and outbound tourism sectors, he said. Dai also urged the authorities to implement streamlined visa, immigration, border control, and financial payment policies to facilitate smoother travel. Julia Simpson, president and CEO of the World Travel and Tourism Council, and honorary chairman of the GTEF, said as governments lifted restrictions, spending by foreign visitors also rebounded by 80 percent after the yearslong pandemic. In the next decade, Simpson predicted that the tourism industry will generate $9.5 trillion in value, leading to the creation of 24 million jobs. By 2033, the sector is expected to contribute 11 percent of global GDP and employ 430 million individuals worldwide. She noted that China boasts the world’s second-largest travel and tourism sector, valued at over $500 billion and creating over 62 million jobs. Acknowledging the evolving landscape of the tourism sector, Simpson said travelers are no longer satisfied with passive sightseeing. They seek immersive experiences that allow them to connect with local cultures, engage in meaningful activities, and return home with a deeper understanding of the world, she said. Advancements in technology will continue to shape the travel and tourism industry, Simpson said. However, it is crucial to address the challenges that come with technology, such as data privacy and security concerns. Striking a balance between innovation and safeguarding travelers’ rights and privacy will be essential, she added. Zhang Xu, chairman of the World Tourism Alliance and honorary chairman of the forum, addressed the forum’s 10th anniversary lunch.
2023-09-22MACAO – The Asia-Pacific region can contribute to the transformation of tourism in the next decade by putting the industry on a more sustainable path, enhancing digitalization, and boosting a diversification policy, experts said at a panel in Macao on Friday. They had a discussion about how the region can define tourism’s long-term sustainability during the session, “Sustainability in Focus: Navigating the Future of Tourism in Asia” at the Global Tourism Economy Forum in Macao. Hae Guk (Harry) Hwang, regional director for Asia and the Pacific at the World Tourism Organization (UNWTO), stressed the importance of sustainability, green transformation, and climate action in a speech first. The Asia-Pacific Department at UNWTO is “fully ready to embark on this exciting journey of sustainability,” he noted. Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office and vice-chairman of GTEF, emphasized the role of technology, saying that it has become part of tourism development or tourism recovery, and that there are now various platforms to reach target customers better than in the past, and they can enhance customer satisfaction in the industry. According to Senna Fernandez, tourism accounts for nearly half of Macao’s GDP, which is unparalleled. However, the COVID-19 pandemic has shown that being so dependent on one industry is not sustainable for a destination, as this involves risks. The Macao government has come up with a diversification strategy going forward, she noted, describing the policy as one plus four: One referring to integrated tourism, with four areas of new development or diversification being technology; modern finance; meetings, incentives, conventions and exhibitions (Mice), culture and sports; health and well-being. So first, tourism has the role of giving ingredients or a breeding ground for the new kinds of industries that we can be engaging in, Senna Fernandez said. Priantha Fernando, chairman of the Sri Lanka Tourism Development Authority, said that sustainability in his country will be the key in developing tourism. “Also, tourism is not just an industry. It is a key player when it comes to the economy,” he said. Fernando said that from 2009 to 2018, Sri Lanka’s tourism sector enjoyed above average growth of around 20 percent a year. “We registered 2.3 million tourist arrivals (in 2018) with $4.3 billion in earnings from tourism. Unfortunately, in 2019 we had some incidents which affected tourism, and at a time when we were about to recover from that, the COVID outbreak really crippled the (travel) industry,” he said, “Only now are we are coming out of that.” Fernando said that Sri Lanka started giving more priority to sustainability matters prior to COVID-19, and they moved in this direction thanks to the assistance of the United Nations Development Programme. The island nation has set up nine provincial sustainable tourism units, with the key unit based in Colombo, which monitors the industry. It is currently developing a marine master plan. “As we move forward, sustainability is going to be key,” he said, “It’s not only for Sri Lanka, but for the entire region. We will have to work together in having sustainable tourism destinations.” Hussain Niyaaz, secretary of Economic Development Cooperation, Ministry of Foreign Affairs, the Maldives, said that his country is strategically located in terms of connectivity with the rest of the world. “We are quite central,” he said, “So that is the key to our success of our tourism, also the connectivity with the main markets in the world.” He said the Maldives needs to provide diversification because mostly when people around the world talk about the Maldives, they may feel it is too expensive because it is luxurious. “But with this new concept of local island hotels”, tourists have more variable products and more affordable products, he added. Niyaaz also noted that the Maldives have one concept, led by the private sector and facilitated by the government. “And we, the government, are only facilitating in terms of providing the basic services,” he said. Christina Garcia Frasco, secretary of the Department of Tourism of the Philippines, said her country sees itself as becoming a tourism powerhouse in Asia. “Sustainability and tourism have been absolute necessities and the driving force for the development of our country as early as 2009,” she said. “With the passage of the law that created the Tourism Act, sustainable tourism was identified by our government as being integral for social economic development.”
2023-09-22Tourism can enjoy a better future if the sector integrates more deeply with culture and the arts, and blends virtual and physical travel experiences through digitalization, cultural experts and business leaders said at the Global Tourism Economy Forum on Friday. “Culture and art are a universal language for humanity and play a significant role in international dialogue and exchange of civilizations,” said Wang Bo, chairman of Poly Culture Group Corp, a Chinese arts company. “Through innovative initiatives in cultural tourism, film, music, sports, and other specialized sectors, countries benefit from (their) rich cultural heritage, which contributes to their economic development,” he added. The development of the cultural industry is closely tied to market-driven forces. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), the sector can generate an annual revenue of $2.25 trillion and provide nearly 30 million jobs. “We believe that the cultural industry plays a crucial role in promoting mutual exchange and development of civilizations,” Wang said, adding that more efforts should be made to integrate tourism with culture and the arts, which can serve as an intrinsic driving force for tourism. Wang Yuegong, deputy director of the Palace Museum, said technological applications not only make the preservation of relics more efficient but also help boost the cultural tourism sector. The Palace Museum, also known as the Forbidden City, was China's imperial palace from 1420 to 1911. It houses over 1.86 million cultural relics. As one of the country’s first museums to adopt innovative technologies, the Palace Museum has rolled out digital presentations of its collections and services, including online tours. Wang said online cultural tourism enables people to visit attractions from their own home, but it doesn’t lead to a drop in the number of tourists who visit in person. “In fact, after seeing the Palace Museum online, it actually motivates people to come and visit it. This can be seen as a catalyzer for tourism,” he added. Tomaso Radaelli, chairman of Italy-based exhibitor MondoMostre, said promoting the cultural industries still requires collaborative efforts to overcome difficulties in cultural sensitivities and art preservation. “It's difficult, because sometimes there’s an issue (concerning) cultural sensitivities which you have to respect. Not every culture has the same set of values or understanding of those values,” Radaelli said. He added that art is “delicate” and “fragile”, that it needs to be insured, and that moving and preserving it requires a lot of money. “If anything happens to a piece of work, nothing is going to replace it,” he said. Pino Sagliocco, chairman of live entertainment company Live Nations Spain, said music is a harmonized force between people, and it is essential for the tourism sector to tap into music as a means to bring people from different nations together. Describing music as a driving force for young people, Sagliocco said millions of people today travel to different cities and come together for a variety of musical events and shows worldwide, and this helps increase sales at local restaurants, hotels and museums.
2023-09-22Tourism and its related industries are playing an important part in economic recovery in the post-pandemic world, officials, business leaders, and experts worldwide said on Thursday at a high-profile tourism forum in Macao. The Global Tourism Economy Forum (GTEF) is a leading international exchange platform designed to promote the sustainable development of global tourism. Themed “Destination 2030: Unlocking the Power of Tourism for Business and Development” this year, the forum features an array of panel sessions, keynote speeches, fireside chats, and special interviews. The four-day forum is hosted by the Secretariat of Economy and Finance of the Macao Special Administrative Region government, in collaboration with the Madrid-based United Nations World Tourism Organization (UNWTO), a specialized agency of the United Nations that promotes responsible, sustainable and universally accessible tourism. The opening ceremony started with a keynote speech by the forum’s chairman, Ho Hau-wah, who is also a vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference, the nation’s top political advisory body. UNWTO Secretary-General Zurab Pololikashvili said the forum is set to be the premier platform for cooperation between public and private sectors. “Today, we shape the course of the sectors’ future around the pillars of jobs, education, innovation and investments,” the UN official said. Lei Wai-nong, secretary for economy and finance of the Macao SAR and executive chairman of the forum, said Macao has become one of the core platforms for its prime assets such as tourism under the advantages of “one country, two systems”. New strategic work has been put into building the Guangdong-Hong Kong-Macao Greater Bay Area, he noted. “Every year, the Macao SAR government collaborates with GTERC to come up with a forward-thinking theme for the forum in line with the latest situation and to produce an innovative format and program,” Lei added. “After a decade of hard work, the Macao SAR government has developed GTEF into a major event for the international tourism industry and a signature brand of Macao,” he added. Strengthening cooperation Italian Tourism Minister Daniela Santanche said Italy and China are continuing to work together, not just in terms of tourism, but also in culture and other areas. Italy, the birthplace of the Renaissance, is this year’s partner country at GTEF. “Our two peoples are closer to each other than ever,” she said. “Italy is one of the favorite tourist destinations for Chinese tourists. After a three-year absence, Chinese tourists are coming back.” China’s Ministry of Culture and Tourism has included GTEF in the Sino-Italian Cultural Exchange Mechanism to consolidate mutual learning between Chinese and foreign cultures. Qiu Xiaoping, vice-chairman of the All-China Federation of Industry and Commerce, said this year marks the 10th anniversary of the GTEF and is an important year of rapid recovery following the pandemic. Tourism still faces many challenges, he said, “but we can see the industry has a unique advantage and also it can help mold employment and enrich people’s spirits. “It actually has become a very important driving force after the pandemic,” Qiu said. Shanghai, which was designated as a UNESCO Creative City of Design in 2010, is the featured city of this year’s GTEF. Shanghai Vice-Mayor Liu Duo said Shanghai is on the path to unlock the potential of tourism for business and development and to promote the prosperity of tourism around the globe. “Shanghai has been tapping into its rich resources to develop its culture and tourism events. “We want to build channels through which we could talk to other countries and empower the development of our economy,” Liu said.
2023-09-22It’s important to adopt policies and strategies that pursue growth and sustainable development simultaneously in order to build a better tourism sector, said analysts at a panel in Macao. Celso Sabino de Oliveira, minister of tourism of Brazil, said the most important task for the tourism industry is to strike a balance between sustainable development and economic value. He made the remarks at the Global Tourism Economy Forum 2023 in an auditorium packed with industry luminaries and veteran investors from across the globe during a session focused on the future of tourism. “Tourism is more than hospitality; (it is also about) how to make good use of renewable energy to reduce carbon emissions and thus protect our environment amid global warming,” de Oliveira said. But when people are protecting natural resources such as forests and rivers, it’s equally important to protect the indigenous peoples who live in those areas by offering them the same economic opportunities that residents enjoy in large cities, de Oliveira said. “We can’t put nature conservation and economic development at odds. They need to be balanced,” he added. Daniela Santanche, Italy’s minister of tourism, said sustainable tourism involves a vast array of factors including climate, the younger generation and digitization, which require more strategic planning with closer cooperation. “Making tourism sustainable can’t just be imagined. Things like culture and society are also important. It’s a team challenge for human beings,” Santanche said. She added more focus on tourism should be featured in governments’ financial budgets today to attract young people back to the sector, as many of them left during the pandemic and new opportunities are emerging, ready to be seized. Natalia Bayona, executive director of the World Tourism Organization, said education should offer young people a path into tourism, as manpower is a prerequisite for sustainable growth. According to Bayona, around 60 percent of investments in tourism go into infrastructure, but more investment should be made in people to equip the sector with the right workforce to survive and thus create a future. “We can’t be sustainable if we don’t have enough people,” she said, adding that more efforts should be made to build a strong academic community and improve online education to show young people the future while they are at school, thereby building confidence in the sector once again. Nicolas de Villiers, president and artistic director of French theme park Puy du Fou, stressed the importance of cultural roots and identities in the tourism sector. He said that globalization was expected to bring happiness to everyone, but in reality, that didn’t turn out to be the case. He said that, globally, we are going back to a world or an era in which people feel safest within their national contexts. People need to have roots within their own national communities, he added. “This is why I believe that our concept will work in the future because we are making some parks that are really rooted in the history and heritage of the countries where we go, especially in Spain or France.” According to de Villiers, his company is aiming to set up some parks, in the next country they work in, focusing on the pride of the national community. Joining the high-profile session were Rosana Morillo, vice-minister of Tourism of Spain; Nuno Fazenda, secretary of state for Tourism, Trade and Services of Portugal; and Paolo Barletta, CEO of Italy-based Arsenale SPA Company. Xu Weiwei contributed to the story. evanliu@chinadailyhk.com
2023-09-22Having borne fruit in boosting its international profile and promoting tourism development over the past decade, the Global Tourism Economy Forum (GTEF) is poised to play a more crucial role in driving the sector’s innovative growth, according to experts at the high-profile tourism gathering’s closing ceremony in Macao on Friday. “The forum has successfully completed a decade, and its significance is remarkable,” Lei Wai-nong, secretary for economy and finance of the Macao Special Administrative Region government and executive chairman of the GTEF, said in his closing remarks. “Echoing the United Nations’ 2030 Sustainable Development Goals, we encourage thinking beyond tourism and are ready to foster more open and new cooperation within the sector,” Lei said. The 10th edition of the GTEF, which kicked off in Macao on Wednesday, featured top officials, ministers of culture and tourism, business luminaries and scholars from 38 countries and regions, as well as representatives from 84 Chinese mainland provincial-level areas and cities. The forum also witnessed the second GTEF Investment and Financing Conference, which has facilitated fruitful exchanges within the tourism industry. “It also provided valuable insights on how Macao can establish an internationally aligned financial system, explore new paths for financial support in the Guangdong-Hong Kong-Macao Greater Bay Area, and develop a modern financial industry that chimes well with the principles of moderate economic diversification,” Lei said. “These discussions and insights hold significant opportunities and value for Macao’s economic development,” he added. Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, said the forum has been actively utilizing innovative approaches to drive continuous progress and enhance its influence while staying true to the original intention and steadfastly upholding the forum’s mission and core values. According to Ho, the establishment of the forum in Macao serves a dual purpose. On one hand, it capitalizes on Macao’s unique advantages under the “one country, two systems” principle, particularly its high degree of internationalization. This facilitates the introduction of foreign industries and investments. On the other hand, the forum dovetails with Macao’s ambition to diversify its economy. For decades, Macao has been known as the world’s gaming hub. In 2021, the gaming industry contributed around half of the city’s GDP, employing one-fifth of the city’s workforce. Today, more focus is being put on innovation and technology, cultural tourism, traditional Chinese medicine, and conventions and exhibitions, according to Ho. Ho also emphasized China’s role as a leader in the global tourism industry in her speech, saying the country will unleash its immense potential, from the tourism revolution to industry integration and sustainable development. “As an international forum that originated in China, we have brought the global tourism industry into the country over the past 10 years.” “In the next 10 years, we will expand the forum’s footprint, elevating the discourse and influence of the Chinese tourism industry on the international stage by continuing to offer an inclusive and equitable platform for stakeholders worldwide and fostering new thinking in the global tourism industry,” she said.
2023-09-22Innovation and technology have turbocharged the tourism sector’s sustainable growth, with development potential in emerging markets, the Global Tourism Economy Forum in Macao heard on Wednesday. The remarks were made by industry luminaries at the four-day conference being held in the special administrative region from Wednesday to Saturday. Miao Muyang, director-general of the Industrial Development Department of the Ministry of Culture and Tourism, said there are promising investment prospects in China’s tourism business, given its expanding market size and diverse industry landscape. “The Chinese government attaches great importance to the development of the tourism sector. President Xi Jinping has emphasized the significance of the sector on numerous occasions, highlighting that tourism serves as a primary channel for cultural exchange and collaboration among different nations, as well as an effective means to promote economic growth, create employment opportunities, and improve people’s living standards,” he said in a keynote speech at the Investment and Financing Conference, held in conjunction with the forum. The conference was attended by senior officials and veteran investors from around the world. According to the National Bureau of Statistics, the added value of the nation’s tourism sector had gone up from 2.7 trillion yuan ($370.47 billion) in 2014 to 4.5 trillion yuan in 2021, at an annual growth rate of 4.99 percent. In 2019, the volume of domestic tourism reached more than 6 billion people, and total tourism revenue amounted to 6.63 trillion yuan. “It can be said that the tourism industry has played a significant role in empowering economic and social development and meeting people’s expectations for a better life,” Miao said. He expects the industry to keep up with emerging trends, such as digitalization and green development. In her opening address, Natalia Bayona, executive director of the World Tourism Organization, said the Asia-Pacific region saw rapid growth in greenfield foreign direct investment in the tourism sector between 2018 and 2022, with $65.1 billion poured into 517 investment promotion projects. Also, emerging destinations are gaining traction in attracting investments, she noted. Bayona said the Chinese mainland has been at the forefront of technological advancement in the tourism industry, with mainland companies making significant contributions to global investment in innovation and technology. She urged global stakeholders to leverage I&T to promote tourism’s high-quality development. Wang Xinjun, president and CEO of mainland-based Ivy Alliance Tourism Consulting, said he hopes the conference will serve as an international platform for government institutions, tourism enterprises, and organizations to communicate and collaborate for investment partnerships and business opportunities. In a separate session themed “Redefining tourism investments: From private equity to venture capital acceleration”, Inge Huijbrechts, global senior vice-president of Radisson Hotel Group, said the current economic uncertainties, coupled with inflationary pressures, have made it increasingly challenging to secure funds for new projects. Consequently, the Radisson Hotel Group is seeking flexibility and conversion solutions, and exploring opportunities for repurposing office spaces into hotels and multifunctional developments across its various brands. Agreeing that the financial market’s stability is a major problem confronting the global tourism business, Dawood Al Shezawi, president of the United Arab Emirates-based Annual Investment Meeting, said technology and creativity are key to accelerating the sector’s growth in a high interest-rate environment. The dramatic reversal from near-zero interest rates led the global venture capital ecosystem to a sharp pullback in 2022. Global venture funding slumped 35 percent year-on-year to $415.1 billion last year, with tourism startups hard hit, according to data from CN Insights. Al Shezawi said the tourism sector needs to come up with more creative ideas and events for promotion as they can spark wide discussions and get more businesses and people involved. The conference also shed light on the lucrative business opportunities brought by the Chinese mainland’s tourism policies, which encourage collaboration between the industry and the technology, health, wellness, culture and creativity sectors. The 10th edition of the GTEF opened on Wednesday, bringing together government officials and business leaders in sharing their insights into ways of overcoming the challenges facing tourism in the post-pandemic era, and in seeking the sector’s sustainable growth. Established in 2012, the forum is hosted by the Macao Special Administrative Region government, in collaboration with the United Nations World Tourism Organization.
2023-09-21Technology and innovation can help Southeast Asian economies to promote food security, green development and social equity, experts said at a regional forum held May 12 in Jakarta. Participants in the 2023 ASEAN Leadership and Partnership Forum also stressed the need for collaboration among various stakeholders across the region in addressing pressing issues. The two-day forum was held after the 42nd ASEAN summit at Labuan Bajo in eastern Indonesia. The forum’s theme, “ASEAN Matters — Centre of Growth, Opportunities & Prosperity”, was organized by the KSI Strategic Institute for Asia Pacific, the ASEAN Business Advisory Council, the Indonesian Chamber of Commerce & Industry (KADIN), the ASEAN Economic Club, and the Foreign Policy Community of Indonesia. It was supported by the Economic Club of Kuala Lumpur and the World Business Chamber. Indonesia’s Minister of Tourism and Creative Economy Sandiaga Uno said the creative industry not only contributes to regional GDP but also creates jobs. Uno, who delivered a special address, said that in Indonesia, digital transformation, along with financial assistance to improve information and communication technology infrastructure, have helped boost the creative industry. Education reforms have helped nurture creative talent. Albert Oung, executive council member and Green Economy chairperson of the UN Economic and Social Commission for Asia and the Pacific’s Sustainable Business Network, said innovative technological breakthroughs can help revitalize the ASEAN economy in the post-pandemic era. “What we need to do is pick the right projects with the right formula and make it ASEAN,” Oung said in an interview held on the sidelines of the forum. Ravindra Ngo, founder and CEO of Singapore-based think tank The Asian Network, said cooperation is one of the main themes of the forum. Ngo, who moderated the afternoon discussion on food security and climate sustainability, summed up one of the key points of the discussion: that stakeholders — including government, business and civil society — must collaborate to promote sustainable policies and practices to mitigate environmental risk and improve access for all. “The three Ps — people, planet and profit — are not enough. We need to add purpose — the purpose to make and contribute to a better world,” Ngo said. He said ASEAN also needs to use technologies and innovations, such as developing a climate-smart agriculture, that will help to make the shift towards agricultural and food systems that are “more resilient, sustainable and productive”. Gavin Chong, president and chief strategy officer of agribusiness firm Gokomodo Indonesia, said the agriculture industry needs long-term solutions. One way to promote a sustainable agriculture sector is to make farming profitable, which would encourage the younger generations to venture into farming. “How can we address that? Let's talk about prices on a monthly basis. Perhaps different associations representing various countries in ASEAN could have a dialogue on a monthly basis to talk about fertilizer prices as one example. Stay in touch on talking about price trends,” Chong said. Joseph D’ Cruz, CEO of the Roundtable on Sustainable Palm Oil, said discussions on agricultural sustainability must include diverse perspectives. In the case of the palm oil industry, D’ Cruz said that the challenge is how to build a sector that meets the demands of climate, sustainability and environmental preservation without sacrificing social development, livelihoods and providing a decent life for rural communities. He added that addressing these concerns also requires that addressing the challenge of providing food that is affordable and sustainable. “It's not an easy question to answer, but I think if we come back to the policy questions we're discussing around food security and climate change and where ASEAN goes in the future, recognizing the need to build a way to look at these realistically from a systems perspective is absolutely critical,” he said. Chhem Siriwat, an advisor for the Council for the Development of Cambodia, said in a panel discussion that digital transformation “is not just about technology, but it’s about change. It’s about a change in mindset, which will lead eventually to a change in behavior”. He said the three main pillars of digital transformation are culture, workforce and technology, and described his experience in helping to craft a national digital technology transformation roadmap for Cambodia. “We came up with three suggestions, the first being to appoint transformational leaders; to be a transformational leader, you have to be innovative, risk-taking,” he said. He added that it’s also important to invest in human resources and digital infrastructure. Yohanes Lukiman, chairperson of KADIN’s Permanente Committee for Asia Pacific, said digital transformation can also support small and medium-sized enterprises, especially those in the informal economy. Lukiman, who is also the board member of the ASEAN Business Advisory Council (ABAC), said ABAC is promoting the use of QR codes as an alternative payment system. “We know that there’s a huge informal economy in ASEAN and we also know that those in the informal economy can’t be paid by (conventional) digital means,” he said. The QR code program “will be a game changer in the digital economy,” Lukiman said. “An Indonesian tourist can go to Pattaya (in Thailand) and buy food from a roadside vendor using his Indonesian e-wallet. MSMEs (micro, small and medium-sized enterprises) in the informal economy can adopt this QR code,” he said.
2023-05-13Emerging as a new growth center of world economy, Southeast Asia has to enhance connectivity and joint action to overcome challenges including post-pandemic recovery, geopolitical tension, climate change and digital disruption, according to participants in a regional forum held on May 12. Arsjad Rasjid, chairperson of the Association of Southeast Asian Nations-Business Advisory Council (ASEAN-BAC), said the ASEAN economy has a “growing impact on global trade”. With a steady rise in GDP for the past few years, ASEAN is now the world's fifth largest economy and the fourth largest exporting region, Rasjid said in his welcome speech at the 2023 ASEAN Leadership and Partnership Forum being held in Jakarta. This has “major implications” on the future of investment inflows and resilience of the global supply chain. “ASEAN is no longer a regional power which sits on the sidelines of the global economy,” Rasjid said, alluding to this year’s theme of the ASEAN summit. ASEAN countries are “broadly regarded as the future base of global production and consumption, or as (the Indonesian) government has defined it, as a new epicenter of growth.” Indonesia is this year’s rotating chair of the regional bloc. The two-day forum is held after the 42nd ASEAN summit at Labuan Bajo in eastern Indonesia. The forum’s theme “ASEAN Matters — Centre of Growth, Opportunities & Prosperity”, was organized by the KSI Strategic Institute for Asia Pacific, ASEAN Business Advisory Council, Indonesian Chamber of Commerce & Industry (KADIN), ASEAN Economic Club, and Foreign Policy Community of Indonesia. It was supported by the Economic Club of Kuala Lumpur and the World Business Chamber. Rasjid, who also serves as KADIN’s chairman, said it is in the best interests of ASEAN to approach the future of its development with “a spirit of togetherness, togetherness and cooperation as a solid community”. Michael Yeoh, chairman of the forum and KSI’s president, said in his introductory speech that ASEAN, as an organization, can only remain relevant to the next generation if there is a “greater sense of purpose, a greater sense of belonging to ASEAN”. This is why people to people connectivity needs to be prioritized. He said this can be done through the conduct of more educational and youth exchanges among ASEAN members. Rasjid and Yeoh’s speeches was a prelude to the morning session which focused on ASEAN connectivity. ALSO READ: ASEAN leaders confident in region being 'epicentrum of growth' One of the panel discussants is Kirida Bhaopichitr, director of Economic Intelligence Service at the Thailand Development Research Institute (TDRI). Kirida said climate change, increasing US-China competition and how artificial intelligence is threatening job security are among the major challenges that the region has to overcome. She said connectivity and collaboration will help the region “survive through this perfect storm”. In dealing with geopolitical tension, for example, Kirida said ASEAN needs to focus on building a resilient supply chain in the region that will make ASEAN a “very attractive” investment destination. She also cited climate change, and how this is “not an individual country issue”. “When there’s forest fire in Indonesia, it affects all the way to Singapore (and) Thailand,” Kirida said, alluding to trans-boundary haze. “If we don’t collaborate to mitigate and adapt to climate change… I don't think we will survive very long.” Kirida said AI is “very disruptive… How can we improve our skills and our technology together in order to weather the storm? I don't think any one country can do that. We don't have enough resources. We just want to contribute more resources together. This kind of connectivity will make us go forward”. Kunihiko Hirabayashi, secretary general of the ASEAN-Japan Centre, said building trust, transparency and co-creation are key to “people-centered collaboration”. He said climate change and environmental degeneration, for example, can’t be resolved by a single country. But by working together, ASEAN and its partner countries can find an “actionable solution”. Lee Sheung Yuen, director general of the Hong Kong Economic and Trade Office in Jakarta, discussed the close relationship between the special administrative region and ASEAN, having been major trading partners for the last 12 years. Hong Kong and ASEAN also have an existing economic and technology cooperation program. Lee said Hong Kong hopes to contribute more in the partnership with ASEAN through its financial, professional services, logistics and transportation sectors. Delia Albert, former Philippine secretary of foreign affairs, has recalled an old report which stated that the concept of ASEAN as a community only exists among academics, journalists and those who participate in ASEAN-related activities. Albert said the idea of a “shared values toward a shared destiny remains to be a wish to be fulfilled. That is the greatest challenge that ASEAN faces”.
2023-05-12Hong Kong’s Finance Secretary Paul Chan Mo-po on Friday highlighted the importance of striking a balance between fintech innovation and risk mitigation in financial regulations to ensure a sustainable ecosystem. Chan delivered a speech on the second day of the annual Digital Economy Summit, which was organized by the Hong Kong Special Administrative Region government and Cyberport. “A healthy, sustainable ecosystem must have a strong immune system — that is, the ability to weed out the bad players, and insulate our financial system and stability from undue impact,” the finance chief noted. “The crux to this is whether we could apply balanced, proportionate regulation that will properly and adequately mitigate pertinent risks, while leaving sufficient room for innovative products and services to break new ground,” he added. Chan voiced confidence in the city's fintech sector, citing the significant surge in the number of fintech enterprises as proof of its growth. The number of fintech firms in the financial hub increased from 180 to more than 800 this year in five-year period, offering innovative services including mobile payments, cross-border transfers, virtual asset trading and blockchain. He said despite the COVID-19 pandemic, Hong Kong has continued to attract world-class talent and entrepreneurs to make the city their home, solidifying the city’s position as a “vibrant fintech ecosystem”. Chan said the proactive approach taken by the government and public sector to spur fintech development includes seed funding programs, investor matching, incubation, and professional support services for fintech startups. These efforts have created an environment in which fintech innovation can flourish, he added. The SAR government, in its 2023-24 Budget, allocated more than HK$700 million ($89.2 million) to accelerate the development of the digital economy, along with over HK$9 million for a series of international initiatives. The two-day summit, themed “Emerging with resilience: Fostering a smarter future”, aims to bring together entrepreneurs, policymakers, and academics worldwide to share their insights on topics such as smart cities, data innovation, fintech, Web3, artificial intelligence and big data, smart mobility, as well as new industrialization.
2023-04-14