UNWTO rep. suggests investments in people, planet, prosperity

Opening ceremony of 2nd Global Tourism Economy Forum – Investment and Financing Conference

A mid the gradual resumption of tourism activities, investments should be prioritized according to people, planet and prosperity, Natalia Bayona, executive director of the World Tourism Organization (UNWTO), said yesterday.

Bayona is a keynote speaker at the 2nd Global Tourism Economy Forum Investment and Financing Conference (GTEF-IFC), which commenced yesterday afternoon at the Galaxy International Convention Centre.

People is one of the three keys to resuming tourism activities around the world, the speaker said, citing UN data stating that “16% of the global population are young people, but more than one in five of them were not in education, employment or training in 2020.”

Although she did not explain the reason, it is understood that the Covid-19 pandemic in 2020 put cities and countries under lockdown. Back then, technological support for working from a distance was not as popular as it is today.

Moreover, she also pointed out that “up to 25% of tourism workers in the European Union possess low-level qualifications.” At the same time, 882,000 global tourism jobs per year will require vocational training until 2030.

With that said, the global resumption of tourism to pre-pandemic levels will rely on significant investments in education and training.

In regard to investments for the planet, the speaker suggested that the private sector should strive towards the 21 UN Sustainable Development Goals (UNSDGs), in the hopes of achieving greener and more sustainable tourism activities.

In the last area – prosperity – the speaker explained that technological advancements should receive further investment to boost growth and revitalization. In fact, she said, between 2018 and 2022, 40% of venture capital in the tourism technology industry has gone to travel startups, with 25% to hospitality and 10% to air transportation.

Within the same time frame, she added, the top 6 unicorns in the sector included four US and two Indian companies.

At the same event, Miao Muyang, director general of the Industrial Development Department, Ministry of Culture and Tourism of the People’s Republic of China, who was another keynote speaker, shared his views on tourism investments and financing after reopening.

Miao suggested investors should invest to boost consumption, employment and the economy, and on the other, they should empower the revitalization of rural areas and the renewal of urban ones. Room for development in culture and tourism should be sought to help establish “spiritual homes for the people,” where locals and visitors do not feel threatened or unwelcome.

His second suggestion is that mixed development comprising culture and tourism should be deepened, which will not only elevate tourism projects culturally, but may also breed new industries and industry chains, as well as new values.

Third, he suggested that the trend of digitization should be followed. Digitization, he said, had transformed the mode of travel and introduced smarter and more individualized tourism experiences. Smart technologies should be applied to tourism in a wider manner.

Green tourism was his fourth and final suggestion. Miao suggested people safeguard the ecological baseline and operate sustainable tourism. Low-carbon green development should be promoted and seen as a valuable investment and the core requirement for the establishment of tourism projects.

Citing the Shanghai Disneyland’s and the Beijing Universal Studio’s prompt return on investments, as well as the series of theme parks being built around the country as examples, Miao praised China’s achievements in attracting foreign tourism investments.

In addition, the Chinese official pledged that Beijing would continue its cooperation with governments and entities in various localities to boost connections and investments. The country will further open to foreign investments and make improvements in marketization, the rule of law and internationalization, the official added.