According to a February report released by the China Tourism Academy, the number of inbound and outbound tourists is estimated to exceed 90 million, double that of the previous year and recovering to 31.5% of the pre-pandemic level.
During the 2023 Spring Festival holiday in China, the tourism industry saw its strongest performance since 2020, signalling the beginning of a period of sustained growth.
The influx of tourists to the Pacific via more international flights is expected to drive up demand for trade and investment. Increased tourism often leads to greater economic opportunities, such as the need for goods and services to support the tourism industry. Furthermore, heightened exposure to the Pacific through tourism could make the region more appealing to foreign investors seeking fresh business prospects.
Recently, news of a Chinese billionaire visiting Fiji, Cook Islands, Samoa, Niue and Vanuatu has been garnering high attention in China, with much discussion about his stays at the luxury resort on Laucala Island, as well as widespread speculation about his investment intentions.
“The celebrity effect can create favourable conditions for businesses looking to expand their reach and attract new customers or investors,” says Jane Ma, Investment Manager of Pacific Trade Invest (PTI) China, on capturing the trend of public opinion.
“The connectivity of celebrities with a destination, a company or a project – even if it’s slight – can give it a significant boost by providing credibility and attracting investors who want to be associated with the celebrity’s success.
“Our role is to establish the connectivity to generate investment and outcomes,” Ma says.
“As new investors become interested in Pacific Island countries, we must be ready to provide the opportunity.”
The discussion of PTI China’s investment work plan for 2023 is ongoing with relevant ministries and IPAs in the Pacific Island countries. The potential investment opportunities and strategies for attracting foreign investors are being further updated in the process, while the current economic trends and identified areas where investment could drive growth and development are also being examined.
Aiming to facilitate constructive dialogue and collaboration between stakeholders to foster a favourable investment climate, the policies and regulations affecting investment and the probability to streamline processes and reduce barriers for investors are also key areas of discussion.
“With border restrictions now lifted, we will encourage more interested investors to visit the Pacific to see the opportunities in desired investment areas, as guided by the investment policies of our member countries. Only by witnessing it firsthand can one truly understand this region.”
The positive trends seen in the tourism industry are expected to continue throughout the year, bringing much-needed economic growth and stability both in China and the Pacific.
For more information on investment, please contact Jane Ma, Investment Manager of PTI China, at jane.ma@pacifictradeinvest.org.cn
