Feb. 2 – The Asia-Pacific region is now considered the world’s largest aviation market with 647 million passengers recorded last year, nine million more than the North American market says the International Air Transport Association.
By 2013, the Asia–Pacific market is expected to expand by 217 million travelers. Overall, the industry outlook is more positive for 2010 with book losses expected to reach US$5.6 billion compared to US$11 billion losses incurred in 2009 on account of Asia-Pacific’s carriers markets growth. “Achieving Asia-Pacific’s tremendous potential is contingent upon short-term efforts to battle the impacts of the economic downturn with cost reductions and efficiency gains. Longer-term Asia-Pacific must also face global challenges including environment, security and liberalization,” said Giovanni Bisignani, IATA’s Director General and CEO during the Singapore Air Show Aviation Leadership Summit.
The Association of Southeast Asian Nations is expected to finalize its liberal air services pact with China by this year and the group has timetable to 2015 meet regional liberalization plans.
