PERTH: A new report by the World Travel and Tourism Council (WTTC) says Oceania’s travel and tourism sector could inject an additional $US112 billion ($A166 billion) into the region’s economy by 2034.
According to the report, released at the WTTC’s Global Summit, this boost could also support an extra 1.1 million jobs, raising the total employment in the region supported by travel and tourism to 3.5 million over the next decade.
The report, Unlocking Opportunities for Travel and Tourism Growth in Oceania, outlined the transformative potential of the region’s sector if strategic investments are made.
It said Oceania could become a global leader in sustainable travel, while significantly boosting its economy. However, this would require targeted action in a number of key areas.
The WTTC called for greater investment in sustainable infrastructure to mitigate and adapt to the impacts of climate change; the enhancement of air travel connectivity; a streamlining of visa processes, and the promotion of eco-friendly tourism practices that protected Indigenous communities.
WTTC President, Julia Simpson said Oceania had an unparalleled opportunity to grow its travel and tourism sector in a way that not only drove economic growth but set the standard for sustainability.
“By investing in climate-resilient infrastructure and supporting Indigenous communities, the region could become a global leader in eco-conscious, inclusive tourism,” Ms Simpson (pictured) said.
“By the end of this year, travel and tourism in Oceania is forecast to grow by 16.5 per cent above pre-pandemic levels to reach $US224 billion ($A332 billion), and employment supported by the sector is expected to exceed pre-pandemic figures by 4.8 per cent, employing 2.3 million people.”
However, she noted that international visitor spending was projected to remain four per cent below 2019 levels, with a full recovery not expected until 2025.
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Cloudera expansion boosts business AI
NEW YORK: Cloudera, a hybrid platform for data, analytics, and artificial intelligence, has expanded its enterprise AI ecosystem with EVOLVE24 New York.
The initiative brings together a diverse group of industry-leading AI providers to deliver comprehensive, end-to-end AI solutions for customers, helping to maximise the value of AI.
Chief Strategy Officer at Cloudera, Abhas Ricky said the new partners included Anthropic, Google Cloud, and Snowflake.
“This ecosystem of technology providers makes it easier, more economical, and safer for enterprises to maximise the value of AI initiatives,” Mr Ricky said.
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Vantage platform now available to all
TORONTO: Vantage has announced that its retail media platform, previously available in limited release, will now be available to all retailers looking to enhance their businesses in this sector.
The Vantage platform allows retail partners to unlock high-margin revenue opportunities and drive growth in today’s fast-evolving media landscape.
Chief Executive, Aran Hamilton said retail media was not just the latest fad in the industry; rather it was an opportunity to transform the relationship between retailers and their vendor partners.
“Vantage helps retailers launch and scale retail media networks to their full potential. This isn’t just a technology play. Vantage’s orchestration layer integrates the teams and the technologies that are often disjointed and fragmented,” Mr Hamilton said.
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V-Gallant increases range of AI solutions
KUALA LUMPUR: VCI Global Limited, through its subsidiary, V-Gallant, is now offering end-to-end AI computing solutions to enterprises by integrating next-generation AI servers with updated software and automated machine-learning platforms.
Group Executive Chair of VCI Global, Victor Hoo said V-Gallant was collaborating with leading server manufacturers and solution providers to empower organisations to fully leverage the latest advancements in generative AI.
“Ultimately, these collaborations enable enterprises to enhance their capabilities, transforming innovative ideas into fully-functional systems that allow businesses to tackle even the most demanding AI workloads across various use cases,” Mr Hoo said.
“Recent data suggests a significant surge in AI adoption among enterprises, and now is the opportune moment for V-Gallant to capitalise on this AI boom.”
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ATFX sparks fintech move into Asia
LONDON: Fintech broker ATFX has made a strategic investment in Spark Systems, a next generation, institutional-grade e-FX trading platform based in Singapore and serving clients in Asia and globally.
Group Chair of ATFX, Joe Li said the investment built on the Group’s commitment to enhance its trading infrastructure.
“This and other initiatives have positioned ATFX as a leading player in the industry, providing clients with cutting-edge trading solutions and improved market access,” Mr Li said.
“Investing in Spark Systems aligns with our strategic vision to enhance our institutional offerings and drive innovation in the e-FX space.”
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Philippines solar project moves ahead
MANILA: Nexif Ratch Energy, a leading independent power producer focused on renewable energy solutions, has secured finance for its 145MWp Bacolod Solar Power Project, its second in the Philippines.
The Bacolod Solar Power Project, developed by Negros PH Solar Inc., will serve Bacolod City and Bago City in the Negros Occidental Province.
It will be a ground-mounted solar photovoltaic facility that can potentially power to up to 52,600 households.
Construction will begin this month with the goal of achieving commercial operations by the fourth quarter of 2025.
An occasional round-up of international business stories
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