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Turkey is set to welcome 33 million international tourists this year, its biggest annual arrivals forecast yet, according to estimates by the Association of Turkish Travel Agencies.
Mehmet Önkal, co-organiser of the upcoming Turkey and Neighbours Hotel Investment Conference (Cathic) scheduled for 29-30 May at the Marmara Taksim in Istanbul, said this year’s inbound tourism revenues are expected to top US$ 25 billion.
“Tourism is known to contribute to overall economic success by increasing job opportunities across a multitude of sectors, which in turn leads to increased consumer spending. Everyone benefits, as tourism becomes a catalyst for economic growth,” said Önkal who is also the managing partner at BDO Hospitality Consulting.
Önkal cited World Travel and Tourism Council (WTTC) figures that suggest the sector directly created more than two million jobs in Turkey last year, and contributed 10.9% to the nation’s GDP.
WTTC’s Executive Director Geoffrey Breeze said inbound visitors accounted for half the sector’s GDP contribution. He also noted that the GDP attributed to domestic tourism grew 4.9%, almost double the rate of the international contribution, presently pegged at 2.5% per annum.
“If the growth in domestic tourism continues at around 5% each year, then by 2023, this will account for 59% of total GDP contribution,” Breeze said.
Meanwhile, figures released by Turkey’s Ministry of Culture and Tourism suggest that international visitor numbers could, on average, top 50 million per annum in the upcoming decade; increasing year-on-year revenues in excess of US$ 50 billion respectively.
Önkal confirmed that Cathic will address both the opportunities and challenges that Turkey and the greater region faces as they look toward achieving this growth, including the role of governments, regional air travel, and understanding international investment.
The program includes a discussion on what is driving new investors into the market, as well as the appeal of Turkey for foreign direct investment. Other sessions include a look at what is driving the demand for the hotel sector and the impact of the global and European slowdown, alongside sessions from industry analysts.
In addition to the conference program, Cathic offers many networking opportunities including an exhibition where delegates have the opportunity to meet the key industry players.