The ongoing financial and economic crisis is again threatening the survival of small and medium-sized enterprises (SMEs) in Asia Pacific’s travel and tourism industry, according to a new study commissioned for ITB Asia by Messe Berlin.
The study, entitled “Strengthening Small and Medium-sized Enterprises in the Asia Pacific Travel & Tourism Industry,” says that governments should place a higher priority on protecting their most valuable – and most vulnerable – entrepreneurs.
“It is time for some serious soul-searching about ensuring and insuring the future of SMEs in travel and tourism,” the study’s author, Imtiaz Muqbil, Executive Editor of Travel Impact Newswire, has warned. He presented the study 24 October during the ITB Asia B2B travel show in Singapore last week.
“SMEs are caught in a double-whammy,” he said. “On one hand, they have to work harder to establish themselves, secure business and gain access to finance. On the other, they are the first to be hit by all the forces of evolutionary change plus the unexpected external shocks and crises affecting the industry.”
According to the study, travel and tourism SMEs range from small inns and lodges and niche-market tour operators to restaurants, souvenir shops, guides and MICE event organisers.
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