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By Author
Published on March 10, 2024
Thailand has secured the rights to host the 2029 International Horticultural Expo, a prestigious event focused on sustainable horticulture and environmental awareness. The expo, dubbed "Korat Expo 2029," will take place in Nakhon Ratchasima province, also known as Korat, from November 10, 2029, to February 28, 2030.
Thailand's bid was supported by a diverse team representing key ministries and bureaus, showcasing the nation's commitment to ensuring the success of the expo. With the potential to generate significant economic benefits, including the creation of over 36,000 jobs and an additional income of 18.9 billion baht, Korat Expo 2029 holds promise as a catalyst for social, economic, and environmental growth.
The theme for Korat Expo 2029 is “Nature & Greenery: Envisioning a Green Future.” This theme reflects Thailand's commitment to promoting sustainable development and fostering a harmonious relationship between humans and the environment. The expo will showcase innovative solutions and best practices in areas like Sustainable food production, Green communities, the connection between nature, culture, and livelihoods, and advancements in agricultural and food production.
Mr. Chiruit Isarangkun Na Ayuthaya, serving as President of the Thailand Convention & Exhibition Bureau (Public Organization) or TCEB, an entity backing the bid, emphasized the lasting impact and anticipated economic advantages stemming from the Expo. “Korat Expo 2029 is primed to be a milestone event, driving substantial economic, social and natural gains. It aligns well with AIPH’s core value to champion a prosperous industry, growing plants that enhance lives, advance societies, and sustain our planet for this generation and the next. In this connection, TCEB would like to thank concerned parties in all sectors for their roles – Horticultural Science Society of Thailand, Nakhonratchasima Chamber of Commerce, The Federation of Thai Industries, Nakhon Ratchasima Chapter, Tourism Council of Nakhon Ratchasima, Khao Yai Tourism Association, Nakhonratchasima Rajabhat University and the private sector in the province.”
The expo is expected to attract up to 4 million visitors from around the world, generating significant economic benefits for the region. The event is also projected to create over 36,000 jobs and contribute to the transformation of Nakhon Ratchasima into a model city for green innovation.
This is not the first time Thailand has hosted a horticultural expo. In 2006, the country successfully hosted the International Horticultural Expo in Chiang Mai. Korat Expo 2029 aims to build on this success and further solidify Thailand's position as a leader in sustainable development and innovation.
Image Source: Thai.News
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By Nithyakala Neelakandan
Published on October 14, 2024
The World Travel & Tourism Council (WTTC) introduced a new initiative called "Together in Travel" at its 2024 Global Summit in Perth, Australia. The initiative aims to support small and medium enterprises (SMEs) in the global Travel & Tourism sector by providing essential tools and resources to help these businesses grow and have a stronger voice on the world stage.
The platform is free to subscribe to and offers access to various educational programs, networking opportunities, and valuable content. Starting next year, WTTC will offer a paid subscription with additional features to further assist SMEs in their development.
Julia Simpson, WTTC President & CEO, highlighted the importance of SMEs in the industry, stating, "SMEs are a cornerstone of Travel & Tourism, with millions of small enterprises providing services to customers, creating innovative start-ups, and providing local knowledge to larger partners." She added that for the first time, SMEs can join a community to exchange ideas and resources to improve their businesses.
WTTC is predicting a record-breaking year for the travel and tourism industry in 2024, with the sector's global economic contribution expected to reach $11.1 trillion. Simpson also pointed out that up to 80% of the travel and tourism industry consists of SMEs, emphasizing the need for a system that can enhance their productivity and impact.
Matthew Upchurch, Vice Chair of Membership at WTTC and CEO of Virtuoso, said that the "Together in Travel" initiative marks a significant step forward in supporting SMEs. He emphasized the importance of building a more resilient and sustainable future for the travel industry, especially as it continues to recover from the effects of the global pandemic.
Ryan Mossny, Co-Founder of Matagarup Zip+Climb, shared his excitement about the initiative, saying, "As a small business, accessing the vital resources and industry connections needed to thrive in the travel sector can be challenging. WTTC’s new initiative has come at a perfect time; through tailored support, we will be able to directly tackle our problem areas head-on, allowing us not only to survive but to thrive in an increasingly competitive market."
For more information about the "Together in Travel" platform, visit their official website at www.togetherintravel.com or WTTC at www.wttc.org.
By Nishang Narayan
Published on October 13, 2024
Foreign airlines operating in India will no longer be liable to pay Goods and Services Tax (GST) on services provided by their head offices to branch offices in the country, as per a government notification issued by the Central Board of Indirect Taxes & Customs (CBIC). This decision, part of the recommendations made at the 54th GST Council meeting, will take effect starting October 10.
The exemption is subject to the condition that foreign airlines secure a certificate from the civil aviation ministry, confirming that their operations in India fall under the scope of a bilateral air services agreement. This move is expected to ease the tax burden on foreign airlines and streamline operations.
In addition to this, academic institutions that have received grants for research purposes will also be exempt from GST, further promoting research and development activities across the country.
The CBIC has rolled out several new GST-related updates, including measures aimed at reducing penalties for taxpayers. Individuals or businesses that comply by March 31, 2025, will be eligible for waivers on penalties and interest. This is particularly applicable to taxpayers facing demand orders under section 74(1) of the GST Act, as long as they have not filed an appeal.
The GST Council has also introduced a special rectification window for taxpayers to amend past input tax credit (ITC) discrepancies. This opportunity is designed to help taxpayers correct genuine mistakes made in the past, potentially resolving many pending litigations and reducing the burden on both taxpayers and the government.
Additionally, the Travel Agents Association of India (TAAI) has raised concerns over the excessive GST charges on air ticket cancellations and modifications. The association revealed that GST was incorrectly charged at 18% instead of the appropriate rates of 5% for economy class and 12% for business class, leading to an over-collection of taxes. They have urged airlines and relevant ministries to refund the excess GST that was wrongly collected.
Experts believe that the latest measures are a step towards encouraging voluntary compliance while resolving disputes outside the court system. By offering taxpayers a chance to correct their errors and reduce penalties, the government aims to streamline tax compliance and promote a more efficient system.
This series of notifications, especially the rectification of ITC mistakes, is expected to significantly reduce taxpayer grievances and litigation, creating a more taxpayer-friendly environment moving forward.
India’s tourism sector is witnessing a significant surge, with foreign tourist arrivals expected to exceed pre-pandemic levels by 2025, according to the latest "How India Travels 2024 – The Inbound Edit" report by Booking.com. The report, conducted in collaboration with Accenture, highlights India's growing appeal, underscored by its rich cultural heritage, diverse landscapes, and competitive pricing, making it one of the top destinations in South Asia.
In 2023 alone, over 9 million foreign tourists visited India, driving foreign exchange earnings (FEEs) from tourism to USD 15.3 billion in the first half of 2024. This marked a 17.6% increase from the previous year and a 5.5% jump from pre-pandemic levels in 2019. The surge in inbound tourism is not just boosting the economy but also creating substantial employment opportunities, with the potential to generate 58 million jobs by 2033.
The United States, United Kingdom, Germany, and United Arab Emirates have emerged as top inbound markets, replacing traditional frontrunners like China and Canada. In 2024, new markets like Hong Kong, Australia, Italy, and the Netherlands also made their way into the top 10. While major cities such as Delhi, Mumbai, Bengaluru, and Jaipur continue to attract the lion's share of visitors, lesser-known destinations like Hampi, Leh, Patnitop, and Khajuraho have seen year-on-year growth double, as tourists increasingly seek out off-the-beaten-path experiences.
The influx of tourists has been fueled by the ease of online bookings and greater flexibility, with 52% of visitors opting for full travel packages and 40% booking individual components separately. Online platforms are playing a key role in offering personalized travel experiences, a growing trend among foreign tourists.
Despite the positive trajectory, challenges remain. Limited customization options (49%), a lack of seamless travel packages (51%), and an overwhelming amount of information (43%) were some of the barriers identified in the report. Addressing these issues will be crucial to maintaining momentum in the inbound travel market.
As part of World Tourism Day celebrations, the Indian government has launched several initiatives to bolster the industry, including the "Chalo India" campaign, which offers 1 lakh gratis visas to foreign tourists. The Paryatan Mitra and Paryatan Didi programs have also been introduced to promote responsible tourism across 50 prominent destinations, fostering sustainability and empowering local communities.
Looking ahead, India’s inbound tourism is poised for further growth. The report emphasizes the need for simplified visa processes, expanded international flight routes, and continued promotion of India’s diverse travel offerings. With targeted investments in infrastructure and digital resources, India is set to cement its position as a premier global travel destination.
Mugdha Sinha, Director General of Tourism, stated, “Vision 2047 for Tourism is designed to position India as a leading global destination. Through technology and data analytics, we are committed to offering travelers unparalleled experiences, from wellness to adventure tourism.”
Santosh Kumar, Country Head at Booking.com, noted, “The surge in foreign tourist arrivals demonstrates India’s rising stature as a must-visit destination, offering authentic and immersive experiences that cater to a wide variety of traveler preferences.”
Anshul Gupta, Managing Director at Accenture, added, “India’s tourism industry is undergoing a technology-driven transformation. Leveraging AI and big data, the country is well-positioned to streamline travel operations and enhance visitor experiences, reinforcing its place on the global tourism map.”
With such strong indicators, the future of India’s inbound tourism looks brighter than ever, promising further economic growth and global recognition for the nation’s unparalleled travel experiences
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