China offers “unparalleled opportunities” for aviation
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China has “exciting and enormous” potential and offers “unparalleled opportunities” for the aviation industry, according to Tony Tyler, Cathay Pacific Airways’ Chief Executive, and IATA’s in-coming Director-General & CEO. In a speech at the Asian Aerospace Expo & Congress 2011, which is taking place this week at the AsiaWorld-Expo in Hong Kong, Tyler expressed caution for airlines amid the current increase in fuel prices, but maintained a positive outlook for the aviation industry generally, and in particular the opportunities presented by the growing market in mainland China.
Addressing the audience of industry representatives, Tyler said; “We all remember the threat faced by the industry in 2008 when crude hit almost US$150 a barrel; now the price is back up above US$100,” he said. It’s possible that we’re already on the brink of the next industry crisis before the memory of the last has even begun to recede!”
Tyler added however, that he has always been positive about the development of the industry in Asia. “I’m still a bull on the future of aviation in Asia!” he said.
He went on to point out the “exciting and enormous” potential of China’s growing market, where the number of passengers is expected to soar from 267 million last year to 500 million by 2015 and up to 1.5 billion by 2030.
“Just imagine the impact of having hundreds of millions of China’s population become wealthy enough to travel outside the country’s borders! This is a very exciting prospect for airlines such as Cathay Pacific and Dragonair, positioned as we are in Hong Kong, one of the key gateways to the Mainland. China’s growth will be good for our industry as a whole, providing unparalleled opportunities for the future,” Tyler said. “The airfreight market will be driven by what’s happening in Mainland China,” he added
Tyler also revealed that Cathay’s joint venture cargo airline with Air China is about to come to life. “We will use Air China Cargo as the platform for the joint venture, with Cathay Pacific contributing some aircraft and with members of our senior management on board. We believe the JV will tap into the existing strength – and enormous potential – of the Yangtze River Delta region.”
Finally, Tyler talked about his feelings about leaving Cathay Pacific at the end of March and taking over the top job at IATA in July. I’m excited about that, of course – I’m leaving one hot seat to climb into another – but I’ll be very sad about leaving Hong Kong and all the great people I’ve worked with in this region over the past three decades.”
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