Malaysia - Tourist Arrival may Exceed 20 1 Million this Year
Released on = June 10, 2007, 10:25 pm
Press Release Author = Shushmul Maheshwari
Industry = Transportation & Logistics
Press Release Summary = Malaysian tourism industry, as indicated by the current spectacular growth trend, may surpass the anticipated 20.1 million mark this year (2007).
Press Release Body = According to RNCOS report \"Opportunities in Malaysian Tourism Industry (2007-2009)” it has been found that the tourism industry in Malaysia has seen tremendous growth in both domestic and inbound tourism. It’s expected that Malaysia’s tourist influx will increase at a CAGR value of around 6.5% during next five years (period spanning 2007-2011).
As of May 10, 2007, tourist arrivals in Malaysia had already touched 8.9 million, indicating that the country may easily exceed its target of bringing 20.1 million tourists and RM44.5 billion as revenues for its Visit Malaysia Year 2007, as published by nst on May 19, 2007.
Malaysia is fast emerging as a favorite destination among the tourists from Asia as well as the world. Almost 68,461 visitors arrive in Malaysia daily, as per latest data. However this data doesn’t include day-trippers or those making an overnight halt. If the country is able to maintain this number, it’s expected to attract around 24.99 million visitors and earn RM55.3 billion as revenues from accommodation & shopping, transportation, and food & beverage. Business Times published this in news on May 17, 2007.
Strengthening foreign currencies, like the Singaporean dollar and Euro, against the RM is another major stimulator attracting travelers to Malaysia. Visitors particularly from Thailand, Singapore, and India – forming more than 60% of total tourist influx in the country - find value for their money as a significant factor.
With positive conditions in the market, inbound tourist receipts should grow at an annual rate of 8-10%. The travel & tourism industry is expected to remain a major contributor of the GDP of Malaysia.
As per the RNCOS report \"Opportunities in Malaysian Tourism Industry (2007-2009)”, “Just like many countries throughout the globe, tourism is a key industry in Malaysia as well. The industry is amongst the major foreign exchange earner for the country, next only to manufacturing industry. The govt. of Malaysia is whole-heartedly committed towards further expansion of its tourism industry.”
RNCOS report \"Opportunities in Malaysian Tourism Industry (2007-2009)” look in to the various aspects of the tourism industry in Malaysia. Issues and facts discussed in this report include: emerging trends in the Tourism sector in Malaysia, future Outlook of the Tourism industry in Malaysia in terms of Inbound Tourism, Outbound tourism, Expenditure by Inbound tourist, expenditure by outbound tourist, and so on.
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