Tourism forum concludes with high hopes for future

Having borne fruit in boosting its international profile and promoting tourism development over the past decade, the Global Tourism Economy Forum (GTEF) is poised to play a more crucial role in driving the sector’s innovative growth, according to experts at the high-profile tourism gathering’s closing ceremony in Macao on Friday.

“The forum has successfully completed a decade, and its significance is remarkable,” Lei Wai-nong, secretary for economy and finance of the Macao Special Administrative Region government and executive chairman of the GTEF, said in his closing remarks.

“Echoing the United Nations’ 2030 Sustainable Development Goals, we encourage thinking beyond tourism and are ready to foster more open and new cooperation within the sector,” Lei said.

The 10th edition of the GTEF, which kicked off in Macao on Wednesday, featured top officials, ministers of culture and tourism, business luminaries and scholars from 38 countries and regions, as well as representatives from 84 Chinese mainland provincial-level areas and cities.

The forum also witnessed the second GTEF Investment and Financing Conference, which has facilitated fruitful exchanges within the tourism industry.

“It also provided valuable insights on how Macao can establish an internationally aligned financial system, explore new paths for financial support in the Guangdong-Hong Kong-Macao Greater Bay Area, and develop a modern financial industry that chimes well with the principles of moderate economic diversification,” Lei said.

“These discussions and insights hold significant opportunities and value for Macao’s economic development,” he added.

Pansy Ho Chiu-king, vice-chairman and secretary-general of the GTEF, said the forum has been actively utilizing innovative approaches to drive continuous progress and enhance its influence while staying true to the original intention and steadfastly upholding the forum’s mission and core values.

According to Ho, the establishment of the forum in Macao serves a dual purpose. On one hand, it capitalizes on Macao’s unique advantages under the “one country, two systems” principle, particularly its high degree of internationalization. This facilitates the introduction of foreign industries and investments.

On the other hand, the forum dovetails with Macao’s ambition to diversify its economy. For decades, Macao has been known as the world’s gaming hub. In 2021, the gaming industry contributed around half of the city’s GDP, employing one-fifth of the city’s workforce.

Today, more focus is being put on innovation and technology, cultural tourism, traditional Chinese medicine, and conventions and exhibitions, according to Ho.

Ho also emphasized China’s role as a leader in the global tourism industry in her speech, saying the country will unleash its immense potential, from the tourism revolution to industry integration and sustainable development.

“As an international forum that originated in China, we have brought the global tourism industry into the country over the past 10 years.”

“In the next 10 years, we will expand the forum’s footprint, elevating the discourse and influence of the Chinese tourism industry on the international stage by continuing to offer an inclusive and equitable platform for stakeholders worldwide and fostering new thinking in the global tourism industry,” she said.