Business Aviation in Asia – My Take: The Asian business aviation industry is full of movement and energy… It’s a market of boundless possibilities encompassing all the world’s fastest growing populations and economies. As it is still in its formative phase, it’s vital to continue to lay foundations that will support future growth and sustainability.
Travel patterns in Asia Pacific are steadily changing, no surprise when you consider the rapid economic growth in China, India, and Southeast Asia. It’s predicted that the APAC region will continue to lead global economic growth with an average forecast GDP of 3.9% annually over the next 20 years. According to Boeing, the region’s share of global GDP is predicted to rise from 33% to 40% by 2036. Impressive figures – but what does it mean for BizAv?
Aviation infrastructural and regulatory development in Asia has predominantly focused on the commercial sector. It’s unclear whether this is due solely to short-term financial gain that commercial aviation brings or a lack of understanding of the benefits business aviation brings to the economy. What is clear is that there is a glaring need for more dedicated business aviation airports, regulations, and infrastructure in the region.
Right now, business jet operators often have no choice but to use commercial airports compounding the problem of these airports becoming increasingly congested and subject to strict slot constraints. Despite this, business aviation is growing healthily but in order to sustain this and encourage more growth, it’s vital to get regulatory backing and the right infrastructure in place. This is precisely why we must continue to lobby and demonstrate to regulatory decision makers the benefits and value brought by business aviation.
Anyone at ABACE in Shanghai last week will have sensed the great energy and commitment of the business aviation community in APAC. It’s an exciting time for the industry there. A personal highlight of the week was being welcomed on to AsBAA’s Board of Governors. The work this organization does to further the interests of our industry throughout Asia is phenomenal. I’m enthusiastic to get to work and do everything in my power to further enhance business aviation throughout Asia.