Three industry leaders will join Warwick Smith in a Consultative Group responsible for developing an Emerging Markets Strategy.
Warwick Smith, Executive Director of Macquarie Bank Limited, is chair of the Consultative Group for the strategy, which will work to maximise the enormous export potential of Australia’s two fastest-growing inbound tourism markets—China and India. The Group will be supported by the Department of Industry, Tourism and Resources.
“Developing an Emerging Markets Strategy will position Australia for long-term capture of the emerging inbound tourism markets,” Fran Bailey said.
“It will dovetail with the National Tourism Investment Strategy to ensure we fully address any impediments to meeting the expected demand of volume tourism especially from China and India, two of the biggest emerging markets, over the next decade and beyond.”
China is our largest potential growth market, currently forecast to grow annually by 16.1 per cent, while economic value from Chinese tourists is forecast to reach $5.9 billion annually by 2014. While India is our second largest potential growth market forecast to grow by 14.2 per cent between 2004 and 2014.
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