At the 21st Annual Financial General Assembly of the Turkish Tourism Investors Association (TTYD) held at The Marmara Taksim, President Oya Narin highlighted the need for increased support for the growth of domestic hotel chains abroad. The assembly, led by High Advisory Board Presidency Council Member Oktay Varlıer, reviewed the association's activities and sector developments, including proposed bylaw changes requested by the Istanbul Governorship's Directorate of Civil Society Relations.

Where is the new Ramada Hotel being built in Istanbul? Where is the new Ramada Hotel being built in Istanbul?

In her address, Narin outlined the critical challenges Türkiye faced, including the pandemic and earthquakes, and lauded the collaborative efforts of tourism investors and governmental support. She noted these efforts had propelled Türkiye into one of the world's top four tourism destinations, attracting 57 million tourists and earning $56 billion in revenue during the centennial year of the Republic. This achievement was underscored by Istanbul and Antalya ranking as the most visited cities globally.

Narin emphasized the imperative of transformation in tourism, as detailed in the "Tourism Transformation Report" shared publicly by TTYD in 2020. She proposed that with the implementation of structural adaptation policies, tourism revenues could potentially rise to $135 billion by 2033, boosting tourism's share of GDP from an average of 5% over the last decade to 7.5%.

She also touched on the role of investors and representatives of tourism diplomacy, particularly focusing on projects in the Arabian Peninsula. With competition intensifying in the Mediterranean, upcoming projects in the Persian Gulf and Red Sea regions, expected to total $800 billion, will further elevate the economic impact of tourism to unprecedented levels.

Oya Narin stressed the importance of creating advantageous financial structures to enhance competitiveness and maximize economic contributions from the tourism sector. She also highlighted the need for brand development, not only to facilitate economic growth and enhance global competitiveness but also to make domestic brands more visible internationally. Out of the 60 hotel chains operating in Türkiye, 44 are domestic with 517 hotels, and these local chains own 30 hotels abroad.

The necessity for scale expansion and diversified supports, such as VAT exemptions similar to those provided to other exporters, was also outlined to bolster the sector's competitive stance in the international market.

Concluding her speech, Narin announced that the fourth Tourism Investment Forum (TIF 2024) would take place on November 26-27, 2024, aiming to establish Türkiye as a reference point for global tourism investments, in line with its pioneering role in the sector.

Editor: Haber Merkezi