ADB earmarks $3-B tourism investments for ASEAN
‘Looking ahead, ADB has a $3-billion pipeline in new tourism and tourism-enabling investments across ASEAN through 2030, underscoring our confidence in the sector’s continued relevance to development outcomes.’ — Scott Morris, vice president for East and Southeast Asia, ADB
ASIAN Development Bank vice president for East and Southeast Asia, Scott Morris said, ‘Tourism remains one of ASEAN’s most powerful economic and social engines. With the right policies, investments, and partnerships, it can continue to drive inclusive, resilient, and sustainable growth across the region.’
Photograph courtesy of Asian Development Bank
The Asian Development Bank (ADB) has announced the provision of a $3-billion fund for various tourism-related investments in the ASEAN region.
This was announced by ADB Vice President for East and Southeast Asia Scott Morris during the ASEAN Tourism Forum at the NUSTAR Resort and Casino, Cebu City, on Thursday.
“Looking ahead, ADB has a $3 billion pipeline in new tourism and tourism-enabling investments across ASEAN through 2030, underscoring our confidence in the sector’s continued relevance to development outcomes,” Morris said.
Since the early 2000s, Morris said the ADB had mobilized over $4 billion in tourism-related financing across the region, investments that supported destination infrastructure, product development, skills upgrading, and sector growth.
Strategic infrastructure investments
Apart from that, Morris said ADB has also funded strategic infrastructure investments with policy reform, capacity building, and private sector mobilization, “delivering measurable results in improved connectivity, higher quality tourism offerings, stronger local value chains and increased resilience of destinations and communities to natural disasters, climate change and market vulnerabilities.”
Further, he said that ADB is also working with sub-regional programs in the ASEAN to enhance the economic, social, and environmental benefits of tourism at the community level.
“Looking ahead, ASEAN has articulated a clear and ambitious vision for the future of its tourism sector. By 2045, ASEAN aims to be a global leader in quality and high-value tourism, one that delivers sustainable and resilient outcomes while generating meaningful employment for its people,” he said.
“This vision has translated into action through the ASEAN tourism strategic plan 2026, through 2030, providing a coordinated regional framework to guide the next phase of tourism development,” he emphasized.
A powerful economic and social engine
Since the early 2000s, Morris said the ADB had mobilized over $4 billion in tourism-related financing across the region, investments that supported destination infrastructure, product development, skills upgrading, and sector growth.
“With the right policies, investments and partnerships, it can also continue to drive inclusive, resilient and sustainable growth across the region. The ASEAN tourism sectoral plan provides a strong foundation for ADB and ASEAN member countries to pursue an integrated and holistic approach to tourism, one that creates jobs, safeguards the environment, and strengthens economic resilience across the region,” according to Morris.