The Asian Development Bank (ADB) and the Pacific Asia Travel Association (PATA), a non-profit membership association for acting as a catalyst for the responsible development of travel and tourism within the Asia Pacific region, have teamed up with Plug and Play, a global open innovation platform to develop technologies in the space of sustainable tourism for the region.
Within the space of travel and sustainable tourism, there is ample room for disruption and impact investment. Tourism is growing rapidly: an industry of industries that contributes USD 8.8 trillion to global GDP and sustains 318 million jobs. Last year, international tourist arrivals worldwide reached 1.4 billion, 5.6% more than 2017. Strong and rising demand driven by improved connectivity, higher incomes, and open access to travel information suggest tourism will continue to foster global prosperity.
“ADB recognises that Asia and the Pacific benefit tremendously from tourism. Well-managed tourism is helping to end poverty, make cities more liveable and inclusive, and promote peace,” said Dominic Mellor, senior investment officer at ADB.
Headquartered in Bangkok, Thailand, PATA works in partnership with its private and public sector members to enhance the sustainable growth, value, and quality of travel and tourism to, from, and within the region. “PATA views sustainability as everybody’s responsibility, and advocates for more inclusive stakeholder collaboration and public private partnerships,” said Dr Mario Hardy, CEO of PATA. “We provide leadership within the travel industry across the Asia Pacific region, knowing that sustainability is the way forward to address the issues that will transform our members businesses for a more profitable, inclusive and ecological future. The Plug and Play Travel Asia Pacific platform is the perfect partnership to bring this opportunity to our membership.”
Since inception, Plug and Play has evolved to become one of the most established global consortium innovation platforms covering 14 industry-themed verticals that reviews thousands of startups per year across its 29 offices.