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Sunil Tuli, President, Asia Pacific Travel Retail Association (APTRA), yesterday delivered an update on the association’s critical projects and advocacy initiatives across the region. “We look forward to working closely with TFWA and industry players to foster a stronger relationship in the years to come” I n yesterday’s TFWA Asia Pacific Conference, Alvin Tan, Minister of State, Ministry of Trade and Industry (MTI) and Ministry of Culture, Community and Youth (MCCY), Republic of Singapore, began his Welcome Address by congratulating TFWA on its 40th anniversary. “TFWA Asia Pacific Exhibition & Conference has had a strong record of more than 25 years in Singapore, and it has been exciting to see its growth over the years,” said Tan. “This year, we are delighted to welcome over 6,000 attendees to the event, including business partners and regional leaders across the duty free & travel retail industry, for four days of meaningful dialogue on collaboration opportunities and the latest industry trends and insights.” The Minister of State also took the opportunity to reaffirm Singapore’s commitment in supporting the growth of the event, and in enhancing the partnership with TFWA to deliver quality and successful shows in the years to come. “As a leading MICE destination and a well-connected logistics and transportation hub, Singapore is indeed well-placed to do so,” Tan explained. He also highlighted Changi Airport’s largest expansion to date. The new Terminal 5 is scheduled for completion in the mid- 2030s. “The expansion of Changi Airport presents great potential, not only in terms of anchoring Singapore as a leading MICE destination and business hub, but also in terms of opportunities for the duty free and travel retail industry,” said Tan. “We look forward to working closely with TFWA and industry players to foster a stronger relationship in the years to come.” Sunil Tuli, President, Asia Pacific Travel Retail Association (APTRA): “A new era is shaping Asia’s future, led by several new kids on the block. The region is also experiencing the world’s biggest surge in youth demographics in emerging economies, in tandemwith the issue of ageing populations in more mature countries.” “A new era is shaping Asia’s future” I n yesterday’s conference, Sunil Tuli, President, Asia Pacific Travel Retail Association (APTRA), shared an update on the association’s work supporting the industry across a region of over 45 countries. “A new era is shaping Asia’s future, led by several new kids on the block,” said Tuli. “The region is also experiencing the world’s biggest surge in youth demographics in emerging economies, in tandemwith the issue of ageing populations in more mature countries.” Across the region there’s an incredibly diverse mix of nations and levels of economic development, but they all share a common drive for growth. “The focus of APTRA’s first at-scale conference earlier this year, India is leading the pace of change and the acceleration is at a phenomenal pace, leap-frogging economic evolution stages to become a powerhouse, not just at home but also as a key source market,” Tuli explained. Elsewhere, foreign investment in Asia’s emerging economies is on the rise. “In Indonesia, South East Asia’s largest economy, the country’s Investment Coordinating Board cites FDI of almost US$50 billion in 2023, while the Thai Government reports almost US$20 billion for the same period,” Tuli commented. “Hot on their heels is Vietnam, with fast-increasing domestic and foreign investment, reaching over US$9 billion in just the first four months of 2024.” What these markets all have is tremendous ambition, drive and growth in tourism and essential infrastructure. “They also have young populations and it’s perhaps why much of the foreign investment comes from the mature markets in the region – with Singapore leading the pack followed by Hong Kong, Japan, China, Malaysia and Taiwan,” said Tuli. His overriding emphasis was that we are immersed in change that cannot be ignored. “I’m a realistic optimist, and I am hugely passionate about this industry,” Tuli added. “I want us all to be ready, to be preparing now so we are match-fit to seize an early advantage and stay relevant in 10, 20, 30 years from now.” Alvin Tan, Minister of State, Ministry of Trade and Industry (MTI) and Ministry of Culture, Community and Youth (MCCY), Republic of Singapore, delivered a Welcome Address in yesterday’s TFWA Asia Pacific Conference. Tuesday 14 May 2024 5 T F W A D A I L Y