The World Travel & Tourism Council (WTTC) and the International Chamber of Commerce (ICC) have entered into a Memorandum of Understanding (MOU) aimed at enhancing the growth, competitiveness, and global representation of small and medium-sized enterprises (SMEs) in the Travel & Tourism sector. This partnership merges WTTC’s industry expertise with ICC’s vast international business network, which spans over 45 million companies in more than 170 countries.
The collaboration focuses on providing SMEs with essential resources such as practical guidance, research, tools, and connections to foster business growth. SMEs represent over 85% of global Travel & Tourism businesses, playing a pivotal role in job creation and local economic development. However, they often confront significant challenges, including regulatory fragmentation, skill shortages, and market access difficulties.
WTTC and ICC plan to identify and address these barriers and advocate for policies that cultivate a more enabling business environment. Their cooperation will involve research sharing, business engagement through ICC’s global network, and collaboration among public and private sector leaders.
The intention is to empower SMEs with practical tools and insights while gathering evidence to support policymakers. By integrating SME perspectives into broader research and advocacy efforts, both organizations aim to align national and international policies with the needs of businesses that are crucial for the sector’s economic and social contributions.
Key focus areas will include research, business engagement, policy development, and connecting Travel & Tourism companies with broader international networks. The partnership aims to encourage governments to reduce barriers that hinder job creation, investment, and sustainable economic growth.
Gloria Guevara, President & CEO of WTTC, emphasized the importance of SMEs in the sector, stating that they drive innovation and support local communities. John Denton, Secretary General of ICC, highlighted the need to strengthen SMEs’ operating conditions amid economic uncertainty, stressing the partnership’s potential to unite the global business community in promoting entrepreneurship and ensuring equitable economic growth.
– TradeArabia News Service
