European Commissioner for the Internal Market, Frenchman Thierry Breton, has proposed organizing, in the months of September-October, a European summit dedicated to tourism, a sector heavily hit by the consequences of the coronavirus pandemic.
This sector, which is responsible for 12% of jobs and 10%-11% of the European Union’s Gross Domestic Product, is particularly affected by the quarantine measures and travel restrictions introduced to stop the spread of the coronavirus.
Last week, the International Monetary Fund also drew attention to the risks faced by countries in the southern Eurozone, Spain, Italy, Portugal, and Greece, whose economies are heavily dependent on tourism revenues.
This summit could take place as early as June, via videoconference, specified a spokesperson for the Internal Market Commissioner. According to them, the idea is to bring together institutional actors, public, regional, and local authorities, as well as companies from the tourism industry.
Breton specified that the summit would aim to "analyze what tourism will look like after the crisis and to develop a roadmap towards a sustainable, innovative, and resilient European tourism."
At the same time, he stated that this sector must also protect itself against aggressive investment strategies from non-European countries that might see the current crisis as an opportunity to acquire renowned European companies at low prices.
Source: Profit
Frequently Asked Questions
Who proposed the organization of the European tourism summit?
The proposal was made by the European Commissioner for the Internal Market, Thierry Breton, to support the sector’s recovery after the pandemic.
What is the importance of the tourism sector for the European Union?
Tourism is responsible for approximately 12% of jobs and between 10% and 11% of the EU’s Gross Domestic Product.
What external risks were identified for European tourism companies?
There are concerns regarding aggressive investment strategies from non-European countries that might acquire renowned European firms at low prices during the crisis.