Chairman Wang Jianlin on Tourism Investment at BRF Thematic Session

On May 14, Chairman Wang Jianlin attended the Thematic Session on People-to-People Connectivity of the Belt and Road Forum for International Cooperation (BRF), where he gave a speech on tourism investment.

Below is the transcript of his speech:

Invest in Tourism to Build People-to-People Exchanges and Friendship

Chairman Wang Jianlin gives speech at the Thematic Session on People-to-People Connectivity of the Belt and Road Forum for International Cooperation

I am honored to speak on this occasion. My topic is “Invest in Tourism to Build People-to-People Exchanges and Friendship”.

I. BRI Offers Huge Investment Opportunities

1. Along the “Belt and Road” are mostly developing countries with a sizable population and a considerable demographic dividend. For example, India is the world’s second most populous country with a population of over 1.3 billion and a median age of 26 years, and Indonesia with a population of approximately 260 million, ranking 4th in the world, and a median age of less than 26 years. These countries are relatively lagging behind in tourism infrastructures and offer huge opportunities for tourism investments.

2. The European countries along the “Belt and Road” are economically well developed with comprehensive infrastructures, but their large-scale tourism infrastructures are often decades old and stand in need of improvement and modernization, and this also offers business opportunities.

II. Tourism Investments Facilitate Connectivity

1. Tourism is an effective way to increase connectivity

Tourism is one of the most effective ways to build connectivity because it encourages population movement, drives circulation of information and flow of funds, and promotes investment and consumption.

2. Investing in tourism is investing in livelihood development

First, investing in tourism stimulates investment activities in related economic sectors such as restaurants, lodging, retail and transport. According to an internationally accepted calculation method, tourism has a high multiplier effect, bringing more than 6 times its revenue to related sectors.

Secondly, there is a high revenue sharing ratio. Participants in the tourism industry are mostly medium, small and micro-sized enterprises and even individuals, with more than two thirds of tourism revenue going directly into the hands of individuals, thus directly enriching the people. This is unlike investments in manufacturing and infrastructures, for example, which benefit individuals in monetary terms only after two or three steps of transmission.

3. Tourism promotes cultural integration

Tourism can greatly promote cultural exchanges among nations. By investing in tourism in countries along the “Belt and Road”, we can not only introduce excellent Chinese culture to other parts of the world, but also incorporate appropriate elements of local cultures, towards the building of a harmonious and dynamic cultural ecosystem.

III. Wanda’s Tourism Investments along the “Belt and Road”

1. Cultural tourism meta-project in Paris. The project is near the Charles de Gaulle airport and approximately 10 km from downtown Paris. Occupying 800,000 sq. m. of land with a planned gross floor area of 760,000 sq. m., the project has a total investment of more than EUR 3 billion, making it the largest tourism investment project in Europe. With planned components including theme park, hotels, retail shops, and meeting center, it will create 13,000 jobs after opening, becoming the largest job-creating project in Europe. The project, co-developed by Wanda Group and Auchan, has started construction. 

2. Wanda Industrial New City in India. The project is located in Haryana state within the Delhi-Mumbai Industrial Corridor and India’s National Capital Region, in close proximity to urban Delhi. Covering 11 sq. km. of land, the project will have a manufacturing park, cultural tourism park and residential zone, with manufacturing and cultural tourism taking up more than 70% of its total land area. After completion, the project will create more than 100,000 jobs. It is currently the largest investment project in India. The Wanda New Industrial City in India will attract manufacturers from around the world, especially Chinese manufacturers to take Chinese manufacturing to the world, while also in furtherance of India’s own “Indian manufacturing” strategy.

3. In addition to the abovementioned two large tourism projects, we are discussing projects in four other countries along the “Belt and Road”. We expect to launch two new large tourism projects within this year.

The global expansion of Wanda Cultural Tourism City will not only bring investments to countries along the “Belt and Road”, but also take Chinese culture there for a happy marriage with distinctive local cultural elements, making each overseas Wanda City a new B&D ambassador of cultural exchanges as well as investment.

Thank you all!