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Trip.com Group at the World Economic Forum calls for stronger private and public sector collaboration to counter “unbalanced tourism” and drive growth

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DAVOS, Switzerland, Jan. 24, 2025 /PRNewswire/ — Leading global travel services provider Trip.com Group has called for public and private stakeholders to step up collaboration to unlock new growth potential for the global tourism industry.

Speaking at the World Economic Forum (WEF) Annual Meeting 2025 in Davos — a platform convening leaders across government, business, and civil society to engage and advance solutions to evolving global challenges — Trip.com Group CEO Ms Jane Sun and other panellists at the discussion titled “The Way We Will Travel” shared that a key challenge faced by the industry is not over-tourism but “unbalanced tourism”.

The panel cited Europe where some of the popular cities appeared to be overwhelmed, resulting in over-crowding and a backlash from local residents. Ms Sun agreed that industry players such as Trip.com Group in tandem with local authorities and effective policy, can entice tourists to visit alternative and equally exciting destinations.

“In the past, language barriers tended to confine tourists to the best-known destinations, leading to unbalanced growth across regions,” said Ms Sun, “Today, travellers, armed with technology and improved access to information, are much more open to venturing beyond the traditional travel hotspots for unique experiences. With supportive government policies and attractive travel offerings, more travellers may be encouraged to visit and spend more time in new regional destinations, which will alleviate the burden on traditional sites. The concerted effort to re-direct travellers to different places may also stimulate economic growth in local communities.

“Another way to stagger tourist volumes across the year and avoid travel infrastructure from being overwhelmed is for the industry to market to different regions at different times, focusing on their school and cultural holidays, for example Chinese New Year and Christmas,” added Ms Sun.

As UN Tourism announced a virtual full recovery in 2024 with global travel at 99% of pre-pandemic levels, the travel and tourism sector is now focusing on building resilience and securing its future amidst various challenges. Joining this important conversation, Ms Sun spoke alongside distinguished panellists including Mr Edi Rama, Prime Minister of Albania; Mr Ahmed Al-Khateeb, Minister of Tourism of Saudi Arabia; Mr Xavier Rossinyol, CEO of Avolta AG; and Mr Apostolos Tzitzikostas, EU Commissioner for Sustainable Transport and Tourism.

Ms Sun particularly commended the efforts of Singapore as a sterling example of public-private partnership efforts to encourage a more in-depth exploration of a country’s sights and experiences, on top of an efficient, world-class air travel experience that Changi Airport is well known for. Situated at the heart of one of the world’s busiest airports, Jewel Changi Airport has transformed the routine airport experience into a fulfilling visit with its iconic waterfall, botanic garden, and shopping and gourmet options. As Changi Airport reported a total of 67.7 million passengers in 2024 and matched pre-pandemic levels in the last quarter, Jewel has offered a refreshing model for a travel hub that actively becomes part of the journey.

Capitalising on the rise of experiential travel, Ms Sun noted that emerging destinations could further embrace new growth by improving travel connectivity, cutting through the red tape and streamlining entry procedures.  “Travel connections are critical for markets to be accessible to travellers, with smooth border processes being the next step. Some countries have already made significant progress with visa-free policies or efficient online visa application processes. For regions looking to grow their tourism industry and maximise its economic and social impact, we urge the relevant authorities to consider making the visa process shorter and more efficient,” she urged.

Ms. Sun noted that countries that have wielded policy tools to boost inbound travel have seen remarkable results. Saudi Arabia, which has prioritised its investments in tourism as a key pillar of its Vision 2030, has experienced a meteoric rise since the launch of its eVisa programme in 2019. As one of the world’s fastest-growing country destinations, Saudi Arabia reported triple-digit year-on-year growth across Trip.com Group platforms in 2024. The expanded access for international tourists, marketing initiatives, and the upgraded tourism infrastructure have further encouraged tourists to pursue more in-depth exploration that enables more even growth across the country’s various destinations.

Trip.com Group is at the forefront of working with destinations and providers to leverage its technological capabilities, generating value for stakeholders and enriching traveller experiences. Incorporating insights into partner offerings into its knowledge base, Trip.com Group utilises AI-assisted tools, such as the intelligent travel assistant TripGenie and the Trip.Best rankings, to recommend hidden gems beyond the usual hotspots and generate itineraries that extend the suggested travel time. In addition to boosting user conversion and gross merchandise revenue, these projects seek to create mutually beneficial relationships between travel businesses and destinations, as well as between tourists and host communities.

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Grasping these trends will be key to capturing the estimated additional USD 5 trillion in annual economic value that travel will generate within the next decade, as the World Travel & Tourism Council (WTTC) forecasted. Driving and sustaining this growth demands a collective effort across sectors, combining policy, innovation, and investment to empower people, build collective talent, and share benefits with communities.

Having pioneered progressive innovations in travel and beyond for 25 years, Trip.com Group reaffirmed its commitment to shaping a more connected, sustainable, and inclusive future as Ms Sun engaged in forward-looking industry discussions at high-level events and meetings at WEF Davos 2025.

“There is much to be optimistic about as the travel industry stands poised for transformative growth,” said Ms Sun. “We look forward to working with peers to ensure that travel continues to deliver shared, positive, and lasting impact for all stakeholders.”

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.

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CGTN: China’s booming ice and snow industry fuels its economic growth

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BEIJING, Feb. 7, 2025 /PRNewswire/ — Harbin, capital of northeast China’s Heilongjiang Province, exemplifies the country’s thriving ice and snow economy.

During the eight-day 2025 Spring Festival holiday from January 28 to February 4, the city has seen booming snow tourism. As an ice-themed park known for its dazzling ice sculptures, Harbin Ice-Snow World attracted over 610,000 visits. In particular, more than 100,000 visits were made on February 1, setting a new record for single-day attendance.

The increasing popularity of the park is partly attributed to the city’s upcoming role as the host of the 9th Asian Winter Games, which will be held from February 7 to 14, marking China’s second major winter sports event following the Beijing 2022 Winter Olympics.

Chinese President Xi Jinping will attend the opening ceremony of the 9th Asian Winter Games and host a welcome banquet for foreign leaders in attendance.

Ice and snow economy enters ‘fast lane’

Xi has paid close attention to the development of China’s ice and snow sports and industries, urging efforts to consider ice and snow economy as a new growth point to promote the development of the whole industrial chain involving winter sports and culture, snow-and-ice equipment and tourism.

In recent years, as winter sports and tourism surged in popularity across China, the ice and snow economy has witnessed significant growth.

According to the General Administration of Sport of China, the number of people participating in various ice and snow sports such as skating, skiing, curling and ice hockey nationwide reached 57.35 million in the 2023-2024 snow season. Over 385 million winter leisure visits nationwide were recorded, marking a 38 percent increase from the previous year.

During the last snow season, Harbin alone welcomed over 87 million visitors, marking a 300 percent year-on-year increase and generating 124.8 billion yuan (about $17.4 billion) in tourism revenue – a staggering 500 percent growth.

Meanwhile, the ice and snow consumption is becoming an important growth point to expand domestic demand, transforming the “cold” resources into “hot” engine for economic development.

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According to online shopping and tourism platforms, orders for ice and snow equipment surged, while searches and bookings for ice and snow tours saw rapid growth during the “Double 11” shopping festival last year.

On China’s leading e-commerce platform, Tmall, sales of categories such as down jackets, thermal wear and skiing equipment surged by over 200 percent year on year during the “Double 11” shopping festival.

Broad prospects

To harness its abundant ice and snow resources for economic development, China is intensifying efforts to expand its winter economy, encompassing sports, culture, equipment, and tourism.

According to the guidelines issued by the General Office of the State Council, the country aims to promote its ice and snow economy as a new growth point, with the goal of reaching an economic scale of 1.2 trillion yuan (about $169 billion) by 2027, and 1.5 trillion yuan by 2030.

To achieve these goals, various cities and regions are integrating winter sports and tourism into their development plans.

The Heilongjiang Province is promoting the establishment of a China-Shanghai Cooperation Organization winter sports demonstration zone, expediting the development of ice-and-snow equipment and digital industry parks.

In Beijing, the city has launched an action plan, proposing 24 specific measures in areas such as expanding the ice and snow sports and consumption, and advancing the construction of ice and snow venue facilities.

The vigorous growth of the ice and snow economy has also drawn global attention. A slew of measures, including optimizing the visa-free policy and opening new international flight routes, have attracted a number of foreign tourists to start their “China Travel” and enjoy the winter season in the country.

China’s thriving ice and snow economy has also injected new momentum into the global tourism market, Chinese Foreign Ministry spokesperson Guo Jiakun said on Thursday, extending a warm invitation to friends from around the world to participate in ice and snow events, fostering friendship and cooperation.

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SM Investments Recognized for Landmark Capital Market Deal

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PASAY CITY, Philippines, Feb. 7, 2025 /PRNewswire/ — SM Investments Corporation (SM Investments), the parent company of the SM Group, has been awarded the “Philippine Capital Market Deal of the Year” by International Financing Review Asia (IFR Asia) for its successful issuance of a USD500 million five-year bond in 2024. This recognition underscores SM Investments’ leadership in the capital markets and the strong confidence of global investors in the company’s financial strength.

IFR Asia cited SM Investments’ return to the US dollar bond market after a decade-long absence as a significant development for the Philippine corporate sector. The transaction, which was the largest five-year deal by a Philippine corporate in 2024, reopened the market amid volatile conditions and achieved competitive pricing at 35 basis points.

“This landmark transaction represents a major milestone for both SM Investments and the Philippine capital markets. The strong demand from investors reflects confidence in Philippine corporate issuers and underscores SM’s reputation as a stable and well-managed investment option,” said Erwin G. Pato, Executive Vice President for Treasury, Finance, and Planning at SM Investments Corporation.

IFR Asia noted that SM Investments’ bond issuance attracted significant investor interest, given the relative scarcity of corporate issuances from the Philippines in recent years. The transaction also marked SM Investments’ first bond issuance since its USD350 million 10-year note in June 2014.

The deal was arranged by leading global financial institutions, with HSBC, JP Morgan, Standard Chartered, and UBS acting as joint lead managers and joint bookrunners. BDO Capital and Chinabank Capital also participated as joint lead managers.

International Financing Review Asia is a respected source of news and analysis on capital markets and investment banking, reinforcing the credibility of this recognition.

SM Investments’ achievement highlights its commitment to financial excellence and its role in strengthening investor confidence in the Philippine market.

About SM Investments Corporation

SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.

SM’s retail operations are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, the fourth largest private domestic bank.

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For more information, please visit www.sminvestments.com

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BRI UMKM EXPO(RT) 2025 Officially Concludes, Attracting Over 63,000 Visitors and Securing USD 90.6 Million in Export Contracts

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JAKARTA, Indonesia, Feb. 7, 2025 /PRNewswire/ — PT Bank Rakyat Indonesia (Persero) Tbk. (IDX: BBRI) successfully concluded BRI UMKM EXPO(RT) 2025, reinforcing its commitment to empowering MSMEs and expanding their global market reach. Held from January 30 to February 2, 2025, at ICE BSD City, the event attracted over 63,000 visitors, generated IDR 38.9 billion in transactions, and secured USD 90.6 million in export contracts through business matching. The closing ceremony was led by BRI President Director Sunarso.

A Platform for Global MSME Expansion

With the theme “Broadening MSME’s Global Outreach”, the event showcased 1,000 top Indonesian MSMEs ready for the international market. The closing ceremony was attended by BRI Vice President Director Catur Budi Harto. BRI President Director Sunarso highlighted the expo’s success in raising awareness of local MSME products, exceeding its initial target of 50,000 visitors.

By February 1, 2025, transactions hit IDR 38.9 billion, exceeding expectations. Sunarso reaffirmed BRI’s commitment to MSMEs, with business matching continuing through 2025 in partnership with the Ministry of Trade, holding twice-monthly sessions to boost exports.

This year’s BRI UMKM EXPO(RT) 2025 saw the participation of 506 registered buyers from 34 countries, significantly exceeding the initial target of 94 buyers from 33 countries.

So far, 166 MSMEs have engaged in 270 business meetings, one of the standout success stories is PT Siger Jaya Abadi, which secured a USD 13.05 million export deal with Bluestar Food Corporation, USA.

BRI UMKM Awards: Honoring Top MSMEs

BRI recognized outstanding businesses in three categories:

1. Top Deals on Business Matching

For MSMEs achieving the highest potential transactions in business matching sessions:

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  • Bintang Kita Kemuliaan (Food & Beverage)
  • Albasi Karang Layung (Home Décor & Craft)
  • Gula Aren Temon (Food & Beverage)

2. Newcomers on Business Matching

For first-time exporters who successfully secured international buyers:

  • Rumah Atsiri Indonesia (Healthcare & Wellness)
  • Minyak Sacha Inchi (Food & Beverage)
  • Organic Center (Food & Beverage)

3. Best Expo

For MSMEs demonstrating outstanding export readiness and digital adoption:

  • Sila Agri Inovasi (Food & Beverage)
  • Pelita Lumpang Mas (Food & Beverage)
  • Restu Mande (Food & Beverage)

These awards highlight BRI’s commitment to empowering MSMEs globally while advancing financial literacy and inclusion.

For more details on BRI UMKM EXPO(RT) 2025, visit briumkmexport.com.

For more information about BANK BRI, visit www.bri.co.id.

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