The memorandum of cooperation between the World Travel and Tourism Council (WTTC) and the International Chamber of Commerce (ICC) was signed to strengthen the voice of small and medium enterprises (SMEs) in the global tourism and travel industry. This collaboration aims to enhance the growth and competitiveness of millions of small and medium businesses in this sector.
Consolidation of Expertise and Capacities
This collaboration combines WTTC's specific expertise in travel and tourism, economic research, and industry insights with ICC's global business network, which includes over ٤٥ million businesses in more than ١٧٠ countries. The goal of these two organizations is to provide practical guidance, tools, insights, and opportunities to SMEs to assist in their growth and competitiveness.
Small and medium enterprises account for over ٨٥% of the global tourism and travel businesses and play a vital role in job creation, entrepreneurship, innovation, and local economic development. However, these businesses are disproportionately affected by challenges such as inadequate regulations, skills shortages, limited access to markets and financial resources, and digital challenges.
Identifying Barriers and Supporting SMEs
WTTC and ICC intend to work on identifying existing barriers to create conditions that allow SMEs to compete and grow. This collaboration will include sharing research and business information, engaging with businesses in the ICC international network, and bringing together leaders from the public and private sectors. On the other hand, this collaboration will provide SMEs with practical tools and insights and strengthen the existing evidence for policymakers.
Gloria Guevara, President and CEO of WTTC, stated: “The travel and tourism industry is driven by millions of businesses around the world, and SMEs are at the heart of this industry. By combining WTTC's understanding of tourism and ICC's exceptional global access, we can directly convey evidence to governments and work with policymakers to eliminate barriers.”
John Denton, Secretary General of ICC, also said: “The travel and tourism industry is one of the most interconnected industries in the world, and in times of economic uncertainty, strengthening the operating environment for millions of small businesses that empower this sector is an economic and strategic necessity.”
The aforementioned memorandum establishes a framework for strategic cooperation between WTTC and ICC and will initially include activities such as research and business engagement, policy development, and knowledge sharing.
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