PACIFIC ASIA WATCH

The first World Tourism Investment Summit, coordinated by the Canada-based World Trade University Global Secretariat (WTU), was hosted by the Busan Metropolitan Government of the Republic of Korea in conjunction with the Tourism Promotion Organization for Asia Pacific Cities (TPO) Forum in October of last year. The Summit, with the theme 'Future of Investment,' successfully brought together over 350 senior public & private sector executives from 37 countries representing every major region and six continents.

In opening the Summit, Mr. Sujit Chowdhury, secretary general of the Summit and WTU President & CEO, stated "We are gathered in Busan to explore, identify and address essential questions relating to the local and global impacts of tourism investment on all segments of the economy, to gain from the current and future trends and to set a new agenda that relative to other industries, tourism can be environmentally friendly, non-consumptive and non-polluting while strengthening all points of economic and cultural sustainability and enrichment".

Mr. Bruce C. Bommarito, the executive vice president and COO of the Travel Industry Association of USA (TIA) (which has since changed its name to the US Travel Association) delivered the Summit opening keynote address. Over 50 global speakers including H.E. Ching Ko Wu, member of the International Olympic Committee and several ministerial representatives, seven global roundtables, five special sessions including the Minister and CEO panel on Public-Private Partnership at the APEC House chaired by Mr. Abdel Hamid Mamdouh, director of Trade in Services-World Trade Organization, eight dedicated sessions on Regional Investment Trends, several promotion sessions, three simultaneous workshops, TPO Exhibition-Marketing Showcases, Let's Make a Deal Sessions, numerous press briefings including a high level press breakfast with the mayor of Busan, two organized gala dinners with cultural events, were all integral parts of the Summit.

The Summit showcased major development projects from 'tourism-rich-regions' of the world, demonstrating the 'current & future trends' in tourism investment.

Three of the immediate outcomes of the Summit were: The Govt. of Tanzania presenting the deed for the land transfer of 400 acres, in Bagamoyo, a UNESCO World Heritage Site on the Indian Ocean coastline, near Dar es Salaam, for the development of World Tourism University-Africa in Tanzania; finalizing the negotiation and signing of the MOU for the development of World Tourism University-China with the support of the Shandong Provincial Govt. (of China), witnessed by representatives from several national & international organizations; and launching of the World Indigenous Economic Council engaging several prominent North American Tribal Councils.

The inaugural investment summit marks the third global tourism event convened by WTU, building on successful World Tourism Marketing Summits in 2004 and 2007. Similarly recognizing global leadership of National and Regional Authorities, World Tourism Leadership awards were bestowed to the Metropolitan Government of Busan and the Government of Tanzania for extraordinary leadership in 'sustainable tourism development, promotion and management'.

The symbolic Summit flag handover ceremony officially closed the precedent setting three-day event, with the WTU and the Government of Busan passing on to the Government of Tanzania - on whose behalf Her Excellency Shamsa S. Mwangunga, the minister of Natural Resources and Tourism, accompanied by a governmental delegation of 18 most senior officials and private sector representatives - assumed the duties as host nation of the World Tourism Investment Summit in 2011.

Pictured here (L to R) are Mr. Hwan Myung Joo, secretary general, Tourism Promotion Organization, Korea; Hyung-yang Kim, director general, Culture, Sport &Tourism Bureau, City of Busan, Korea; Mr. Sujit Chowdhury, secretary general, World Tourism Investment Summit, president and CEO, WTU Global Secretariat, Canada; Mr. Abdel-Hamid Mamdouh, director - Trade in Services Division, World Trade Organization, Switzerland; Hon. Shamsa S. Mwangunga, minister, Ministry for Natural Resources and Tourism, Tanzania; Mr. Robert W. M. Birks, president, Panicaro Foundation, Canada.