Travel, tourism to support 9 crore new jobs by 2035: WTTC
_vb_12.jpeg)
Mumbai (PTI): The international travel and tourism sector will support 9.1 crore new jobs in the next 10 years, accounting for one in every three jobs created globally, according to a report by the World Travel & Tourism Council (WTTC).
Demographic and structural shifts could create a workforce shortfall of more than 4.3 crore people if left unaddressed, says the report, ‘Future of the Travel and Tourism Workforce’, which focused on 20 economies.
The Council works with governments on issues of the travel and tourism industry, and is the global authority on the economic and social contribution of the sector.
The report, released at the 25th WTTC Global Summit in Rome recently, is based on extensive global research, including a large-scale survey of business leaders and in-depth interviews with the tourism body’s members and other key stakeholders, a release said.
“In 2024, demand for travel and tourism was stronger than it has ever been. The sector’s GDP contribution grew 8.5 per cent to reach USD 10.9 trillion, surpassing 2019 levels by 6 per cent. Travel providers created 20.7 million new jobs, bringing the total to 357 million worldwide,” the report said.
Over the next decade, the sector is projected to generate 9.1 crore new roles, accounting for one in every three net new jobs created globally, the report said.
By 2035, global demand for workers in travel and tourism will outpace supply by more than 4.3 crore people, leaving labour availability 16 per cent below required levels, it said.
The report said labour challenges will affect all the 20 major economies analysed, with the largest absolute shortfalls forecast in China (1.69 crore), India (1.1 crore), and the European Union (64 lakh).
Europe remains at the forefront of international tourism, with five of the world’s top 10 most powerful travel and tourism markets by GDP, it said.
The Middle East remains one of the fastest-growing regions in the sector, with Saudi Arabia continuing to stand out, with inbound visitor spend surging and infrastructure investment reaching record levels, the report said.
In her keynote at the summit opening ceremony, Italian Prime Minister Giorgia Meloni highlighted her government’s investment in tourism infrastructure and her conviction that the sector is “an extraordinary generator of wealth and well-being.”
Italian Tourism Minister Daniela Santanchè, Saudi Arabia’s Tourism Minister Ahmed Al-Khateeb and Malta’s Deputy Prime Minister and Minister for Foreign Affairs and Tourism Ian Borg were present.
Gloria Guevara, WTTC Interim CEO, said “Travel and tourism is set to remain one of the world’s biggest job creators, offering opportunities for millions of people worldwide.”
At the summit, Manfredi Lefebvre, a global leader in travel and tourism, was named as the new WTTC chair, succeeding Greg O’Hara, who led the organisation since November 2023.
“WTTC has been a cornerstone of our industry, championing resilience and progress. Travel is not just an industry; it is a profound passion that connects people,” Lefebvre said.
The summit was hosted in partnership with the Italian Ministry of Tourism, ENIT (the Italian national tourist board), the Municipality of Rome, and the Lazio Region.
Every year, WTTC produces reports on the economic and employment impact of travel and tourism for 184 countries/economies and 28 geographic or economic regions in the world.
The Economic Impact Research reports are a vital tool in helping equip public and private sector bodies understand the significant value travel and tourism brings to the economy, and ensure that policymaking and investment decisions support the sector.
The Council aims to maximise the inclusive and sustainable growth potential of the travel and tourism sector by partnering with governments, destinations, communities, and other stakeholders to drive economic development.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
K'taka remains central to Aequs' strategy, says min Patil amid row over firm's investment in TN
Bengaluru (PTI): Karnataka Commerce and Industries Minister M B Patil on Monday asserted that Aequs continues to expand in the state and that its proposed investment in neighbouring Tamil Nadu was a business decision aimed at diversification, not a shift away from Karnataka.
Reacting to criticism on social media over reports that the Karnataka-based firm had signed a major investment deal in Tamil Nadu's Krishnagiri district for setting up a specialised aerospace and defense manufacturing cluster, he said the state government was fully aware of the company's plans and remained confident about its long-term commitment to Karnataka.
"While we welcome every major investment in India, would like to clarify a few points," Patil said in a post on 'X'.
Aequs was significantly expanding its footprint within Karnataka, including a Rs 3,000 crore investment in Kolar for electronics manufacturing.
"Its recently approved Rs 1,500 crore ECMS project will also be grounded in the state. Karnataka remains central to its long-term strategy," he said.
Patil added that the government had prior knowledge of the TN proposal.
The government was already informed and aware that the TN investment is a business decision aimed at geographic diversification and de-risking operations, not a shift away from Karnataka.
"Healthy competition between states strengthens India's manufacturing ecosystem," he said.
Emphasising the state's focus on high-technology sectors, Patil said, "We remain committed to deepening Karnataka's leadership in aerospace and advanced manufacturing, and our engagement with industry partners is strong and ongoing."
The Aequs Group has pledged Rs 4,000 crore to bolster Tamil Nadu's aerospace manufacturing capabilities at the SIPCOT-Shoolagiri Industrial Park in Krishnagiri district.
The group proposes to establish a specialised aerospace and defense manufacturing cluster for the production of aircraft engines, gearbox components, and precision engineering parts. This initiative is expected to provide employment to 7,000 individuals.
