WTTC and ICC Join Forces to Empower Millions of Travel & Tourism SMEs Worldwide

The World Travel & Tourism Council (WTTC) and the International Chamber of Commerce (ICC) have signed a Memorandum of Understanding (MOU) in Madrid to strengthen millions of small and medium-sized enterprises (SMEs) in the travel and tourism sector worldwide. The agreement, announced on [date], aims to provide targeted support to SMEs, which make up a significant portion of the industry.

The partnership comes as the travel and tourism sector continues to recover from the COVID-19 pandemic, with SMEs facing challenges such as access to finance, digitalization, and market access. The MOU outlines collaboration on advocacy, capacity building, and resource sharing to help these businesses thrive. According to WTTC, SMEs account for around 80% of all businesses in the sector and employ a large share of the workforce. "This partnership is a crucial step in ensuring that SMEs have the tools and support they need to succeed," said a WTTC spokesperson.

The collaboration is expected to have far-reaching implications for the global travel and tourism industry, potentially leading to more resilient and sustainable SMEs. Industry stakeholders have welcomed the move, noting that SMEs are the backbone of the sector. Next steps include the development of joint initiatives and programs to be rolled out in the coming months. The WTTC and ICC will work together to advocate for policies that support SMEs at national and international levels.