Minister of Tourism and Economic Affairs, Transportation and Telecommunications (MinTEATT) Hon. Ted Richardson, who attended Routes Americas 2014 Aviation Conference with SXM Airport Managing Director Regina Labega in San Salvador, El Salvador, says the forecast is optimistic for aviation in the Americas.
Routes Americas is the essential event for all aviation based companies who wish to conduct business to, from and within the region.
Strong economic growth in Latin America has driven passenger demand over the past few years; it was reported at the conference. Due to strong economic growth, above the global average, this is leading to people traveling more and it is expected that Latin Americas middle class will grow to represent more than half of the population by 2032. The Latin American population currently stands at 560 million.
Of the top 10 country markets in Latin America by seats, the three fastest growing markets are Costa Rica (19 per cent), Bolivia (9.8 per cent) and Argentina (9.3 per cent). Brazil has the largest volume growth with a four per cent growth.
Airbus Global Market Forecast report in future demand for travels says that Latin American traffic growth in the next 20 years is expected to outperform the world average of 4.7 per cent with an annual growth rate of 5.2 per cent.
The seat capacity in the Caribbean is set to grow 5.6 per cent. The growth is being driven by low cost carriers increasing their market share in the region. Full service scheduled carriers have had a mixed experience in the Caribbean.
Brazilian GOL is developing a Caribbean hub in the Dominican Republic at Santo Domingo Las Americas International Airport and GOL has increased its capacity by 35 per cent.
"The conference has revealed a number of opportunities that are worth exploring. We now have to follow-up. With GOL planning a hub function in the Dominican Republic which is not far from us, I think this is a great opportunity for Winair to further explore on possible synergies with GOL. Latin Americas winter is during our slow summer months of June to September," Minister Hon. Ted Richardson said on Wednesday from San Salvador.
This was the seventh annual edition that brings together a range of airlines, airports and tourism authorities, including some of the largest carriers from North, Central and Latin America. This event offers a participating organization the opportunity to meet with some of the most influential aviation professionals from across the Americas region.
Over 400 aviation professionals, 70 airlines, 200 airports, 25 tourism authorities attended over 1100 pre-arranged meetings and there will be over 20 high level speakers.
Minister Richardson was also accompanied by representatives from the departments of tourism and aviation/maritime affairs.
PHOTO CUTLINE: Minister Hon. Ted Richardson.