IATA: half of global air travel will pass through Asia Pacific
IATA has forecast that almost half of global air travel will touch the Asia Pacific region by 2034.
"It is no understatement to say that air connectivity underpins modern economies. Aviation and aviation-enabled tourism accounts for over 24 million jobs and over $500 billion in economic activity across the Asia Pacific region," said IATA CEO Tony Tyler, at an aviation industry event in Japan.
"That contribution has tremendous potential to grow, but there will be challenges to become ever safer, to provide cost-efficient infrastructure and to ensure environmental responsibility," he added.
In his address Tyler said Asia Pacific is expected to generate over 60% of global growth over the next two decades.
Tyler outlined infrastructure challenges in fast growing markets in Indonesia, the Philippines and Vietnam, which he said are already struggling to cope with existing demand.
However Tyler urged caution touting for private sector financing of airport projects.
"To be successful it must have a strong governance structure embedded in regulation that keeps the consumer in mind when setting parameters on price and quality.
"It must set reasonable expectations on returns—in line with airports being public utilities, not hedge fund investments," he said.
IATA said it is also working closely with Chinese aviation authorities to ease growing airspace congestion.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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