TEXT SIZE: A | A | A          

May 24, 2013 -- Updated November 19, 2012 23:16 HKT

Korea Travel News: 10 Million Visitors in 2012


shayne@heffcap.com
Posted on: Nov 19th, 2012

South Korean tourism officials are preparing for an event to welcome this year’s 10 millionth foreign tourist, who is expected to arrive Wednesday. The ceremony set at Incheon International Airport, the country’s main gateway, should not end up merely with a self-complacent celebration for achieving the landmark figure for the first time. It should rather serve as an occasion for giving serious consideration to long-term measures to further promote Korea’s tourism sector.

The number of foreign tourists to the country this year is projected to exceed 10 million this week mainly on the back of Chinese and Japanese visitors coming in large numbers. Nearly 9.5 million tourists visited from January through October, up 20 percent from a year earlier, according to data from the Korea Tourism Organization. The figure is estimated to reach 11.2 million by the end of the year, compared with 9.79 million last year. The number of inbound travelers has increased at an annual average of 15 percent for 34 years since it exceeded 1 million in 1978. It topped 5 million in 2000 and surpassed 8 million in 2010.

It is no small achievement for the country to draw more than 10 million foreign travelers annually despite the geopolitical risk posed by the hostile confrontation between the two Koreas and the lack of world-renowned historical and natural heritages. Japan, which has a territory three times as large as Korea’s and more tourism merits, has still fallen short of reaching the 10-million mark. If as many as 11.2 million foreign tourists visit the country by December as forecast, Korea is expected to become the world’s 20th largest tourist destination.

Among the G20 members, Korea is the only country that has seen the number of inbound travelers rise by more than 10 percent for three consecutive years since 2010 amid the prolonged global economic downturn.

A boom in hallyu, or the popularity of Korean TV dramas, pop music and films abroad, is cited as a main reason for the sharp increase in the number of foreign tourists, especially from China and Japan. The number of Chinese and Japanese visitors surged by nearly 30 percent and 20 percent, respectively, from a year earlier during the January-October period. The enhanced image of the country, hosting many international events including Yeosu Expo, easing requirements for visa issuance and tourism agencies’ efforts to offer diversified tour packages have also combined to draw more travelers from abroad.

 

Accounting for about 20 percent of the world’s gross domestic product, the tourism industry carries high added value. According to a study by a local research institute, the inflow of 10 million foreign tourists is estimated to bring 22.6 trillion won ($20.7 billion) in economic benefits and add about 390,000 new jobs, alleviating the impact of sluggish domestic consumption on the economy. A separate study by the KTO showed the tourism sector with a higher rate of return than the nation’s key export items of cars, mobile phones and semiconductor chips. Tourism investment also creates five times more jobs than investing in the IT industry.

Korea still has a long way to maximize its potential in the tourism sector. Tourism’s proportion of its GDP remains at 5.2 percent, far below the global average of 9.1 percent. Last year, the country’s tourism investment accounted for a mere 2.2 percent of the total, compared to 20.2 percent in Singapore, 9 percent in Hong Kong and 6.8 percent in Thailand. The global average stood at 4.8 percent.

Tourism officials have put forward an ambitious goal of attracting more than 20 million foreign tourists by 2020.

Such a target cannot be reached by just riding on the Korean Wave. Continuous efforts should be made to settle or ease complaints raised by foreign tourists about difficulty in communication, insufficient accommodating facilities, traffic problems, being pressured to buy goods and overcharged by taxis. It is needed to expand more value-added packages such as medical tourism, shopping tours and hosting international conventions and exhibitions. More attractive destinations should be developed in provincial areas other than Seoul and the southern resort island of Jeju to lead foreign tourists to stay longer and have more diverse experiences.

But the most important aspect for making foreign travelers want to visit here again may be honesty, accuracy and kindness shown by Koreans toward them.











 

image1

 


 

Heffernan Capital Management
Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com

Singapore

3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699

  Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.

He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

Member
Chinese Society of Economists
American Economic Society




 

Enter your email address:Delivered by FeedBurner
 

Read the Terms of Service


 

Posted by on Nov 19th, 2012and filed underAsia, Latest News, Live Trading News Wire News, News wire, Special Reports.You can follow any responses to this entry through theRSS 2.0You can skip to the end and leave a response. Pinging is currently not allowed.
RESEARCH 1 of 6
China Economy in for a Shock

China Economy in for a Shock

Thursday’s PMI revived investor worries about whether China can sustain an economic revival this year, after annual growth slumped to a 13-year trough in 2012. China’s factory output and investment performance for April released earlier …

Commentary

Sponsored Ads

img2

Advertise with us


Investor Services

Portfolio Management Services
Portfolio Management Services

Portfolio Management Services

Protect against inflation and currency shifts.

What is Portfolio Management? 

Managing investments in equities requires time,

Sponsored Ads

img2

Advertise with us

UAE Economy Seeing a Spring Boom

UAE Economy Seeing a Spring Boom

UAE Economy Seeing a Spring Boom

HBC

Driven by stable high Crude Oil prices, tourism, diversification and a liberal trade policy, the United Arab Emirates (UAE) witnesses an unprecedented …

Wall St and the Looming Margin Crash

Wall St and the Looming Margin Crash

Wall St and the Looming Margin Crash

The New York Stock Exchange is showing something that concerns some analysts. The margin debt at the NYSE grew for the …

The Hot List

Hot Stocks EVSV, MJNA
Hot Stocks EVSV, MJNA

Enviro-Serv Inc (OTCMKTS:EVSV), Medical Marijuana Inc (OTCMKTS:MJNA)

Enviro-Serv Inc (OTCMKTS:EVSV)

EVSV had a stellar dy yesterday, ut it looks like it is just the begining of big things, good …

Sponsored Ads

Advertise with us

shoutbox

How are you investing and why?


140 characters left  

Guest: bztg, come on shane, lite this puppy up. been waiting too long lets go!!!

Tue, 04/30/13 | 0 Comment

1031         

104   

Guest: gsat get it now. if u snooze u lose

Fri, 04/19/13 | 0 Comment

1413         

146   

Sponsored Ads

Advertise with us


Subscribe to Live Trading News

NEW YORK           LONDON           BARCELONA           TOKYO           SYDNEY

back to topBack to top
    Add to RSS
    Find us on Facebook
    Follow us on Twitter
    Watch on Youtube
    Stay updated on LinkedIn