Business travel represents a substantial force in the global economy. Just before the Covid-19 pandemic hit, it contributed to more than USD 1.2 trillion, about 25 percent of the travel and tourism sector’s overall economic impact, to the global GDP. Businesses had resumed spending on travel after substantial declines in 2008 and 2009.

A research by Global Business Travel Association Foundation had found that for every one percent change in business travel spending, the US economy typically gains or loses 74,000 jobs, USD 5.5 billion in GDP, USD 3.3 billion in wages and USD 1.3 billion in taxes. The report also stated that personal vehicle (35 percent) was the most popular mode of transportation among US business travellers in 2016, followed by airplane (28 percent) and rental cars (13 percent).

Internal travel encompasses trips taken for intracompany purposes, where employees participate in activities such as training, team building or inspection of field operations. External travel, on the other hand, refers to travel done by employees for engagements outside the company, including in-person meetings with clients and suppliers, trade conferences and customer sales calls.

"Obstacles to business travel, such as cumbersome visa protocols and long flight connections, constrain access to knowhow and limit growth opportunities, especially in developing countries," said Frank Neffke, research director at Harvard Kennedy School’s Growth Lab.

Benefits Of Business Travel

In the past, companies have experienced that, on average, 40 percent of customers would eventually be lost without in-person meetings and support.

Detailed statistical modelling over 18 years and 14 industries indicates that for every dollar invested in business travel, US companies make a USD 9.50 return in terms of revenue. The modelling also found that US business travel has yielded USD 2.90 in profits for every dollar spent.

There is a small segment of employees for whom travel is deemed essential for conducting business. This category accounted for around 15 percent of all corporate travel expenses in 2019 and includes decision makers in manufacturing companies with a wide distribution of factories and plants, and field-operation workers. For some corporate travellers, it is possible to move oversight responsibility to local personnel and/or utilise digital medium. This segment will see their business travel decline. A large segment of business travel is done to cultivate new or important client relationships. This segment will bounce back as soon as Covid-related restrictions are lifted.

A tiny portion of business travel comes from the public sector, professional associations and nonprofits. During the pandemic, many professional associations were able to hold virtual events to replace in-person conferences and will likely be more cautious in their return to travel.

Business Travel Catches The Virus!

Business travel has taken a big hit during the Covid-19 pandemic and its future is still up-in-the-air, waiting for the end of the pandemic and firming up the ‘New Normal’. In 2020, total global business travel expenses contracted by 52 percent, while managed corporate-travel spending in the United States alone plummeted by USD 94 billion (71 percent).

The World Travel and Tourism Council’s (WTTC) latest annual research shows that the global travel and tourism sector suffered a loss of almost USD 4.5 trillion to reach USD 4.7 trillion in 2020, with its contribution to GDP dropping by a staggering 49.1 percent compared to 2019. In 2020, sixty-two million jobs were lost, representing a drop of 18.5 percent, leaving just 272 million employed across this sector globally, compared to 334 million in 2019. The threat of job losses persists as many jobs are currently supported by government retention schemes and reduced hours, which could be lost without a full recovery of the travel and tourism sector.

Some business travellers expect to take at least as many business trips in 2022 as they had in the year before the Covid-19 pandemic was declared. While teleconferencing will reduce the need for some business travel, many survey respondents cited the need to meet in-person to rekindle relationships with customers, suppliers and business partners. Another frequent reason cited for the need to travel for business was a job change.

The countries most eager to travel for business once Covid-19 travel restrictions are lifted seem to be China, US and Australia. Of course, the potential increase in Covid cases from the Delta and future variants of the virus may still cause further backsliding on rising confidence levels for resumption of business travel. (TT)

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Fornnax Technology has received the Special Export Award – Rubber Machinery for 2025–26 from the All-India Rubber Industries Association (AIRIA). The recognition stems from the company recording the highest export volume of tyre recycling plants to Europe, marking a significant achievement in its international trade performance.

For more than 10 years, Fornnax has driven innovation within India’s tyre recycling sector. The firm now holds a 90 percent share of the domestic market, while exports constitute 30 percent of its operations, serving regions such as Europe, Australia and the GCC. Its integrated, high-capacity recycling lines and shredding systems support a more circular ecosystem.

The company’s approach centres on complete infrastructure rather than standalone equipment, combining multiple shredding and size-reduction stages to boost throughput and reliability. Fornnax aims to expand its global footprint and advance technologies suited to rising international recycling demands.

Jignesh Kundaria, Founder and Director, Fornnax, said, “This honour from AIRIA is a reflection of an incredible journey we have undertaken over the years. When we started Fornnax, there was no established recycling industry in India to follow. We chose to build for the future instead. Today, when you see India’s tyre recycling sector, it has already transformed into a dynamic, high-growth industry, and we are proud to have played our part in building it.”

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Apollo Tyres Ltd has expanded its industrial tyre portfolio with the introduction of the AWE 733 flotation tyre, engineered for mobile excavators working on soft and sensitive ground. Developed in Europe, the product reflects the company’s ‘Engineered for Tough Conditions’ approach, combining minimal surface compaction with high traction and durability.

The tyre, offered in size 600/50-22.5, targets construction, infrastructure and utility duties requiring low ground pressure and dependable off-road manoeuvrability. Its wide flotation tread incorporates rounded lugs and shoulders to reduce ground disturbance while preserving grip.

A steel-belted bias construction supports stability during lifting and digging, and a reinforced carcass with steel breaker guards against cuts and punctures. High flotation and a durable tread compound extend service life and cut downtime. Global sales begin in the fourth quarter of 2026.

Bernhard Schmolz, Division Head OHT Europe, said, “The AWE 733 flotation tyre is an important addition to our proven excavator portfolio. It combines flotation, traction and durability in a purpose-built solution, enabling operators to work productively in challenging conditions while reducing ground impact. It is another example of Apollo Tyres’ commitment to providing reliable and application-focused solutions for industrial equipment operators.”

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Hankook Tire has entered a five-year partnership with Racing America, a US motorsports company, becoming the official tyre partner and exclusive racing tyre supplier for its major series from 2027 through 2031. The agreement was signed at Hankook’s Tennessee plant on 25 September local time.

Under the deal, Hankook will exclusively supply racing tyres to Racing America’s major series while collaborating on technical and engineering support, trackside services and joint marketing initiatives. The company will begin supporting Trans Am, a leading US road racing series, and International GT, a premium sports car racing series. It will also renew partnerships with Racing America’s Formula ladder series, which it has backed since 2019.

Trans Am, established in 1966, is a historic series featuring muscle cars with nearly six decades of competition. International GT showcases premium sports cars, while Racing America’s Formula ladder focuses on developing the next generation of formula drivers. Through the partnership, Hankook aims to display its racing tyre technology across North American motorsports and strengthen its premium brand position. Fan engagement will expand through exclusive tyre supply, technical and trackside support, event branding, digital and broadcast exposure and social media activities.

Globally, Hankook supplies racing tyres and supports teams at more than 70 motorsports events, including the FIA World Rally Championship. In North America, it continues expanding its premium presence through partnerships with major events such as the off-road racing event King of the Hammers.

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Dr Suttipong Angthong, Secretary-General of the Association of Natural Rubber Producing Countries (ANRPC), served as a panellist at the Economic Forum 2026, hosted by the Royal Thai Embassy in Kuala Lumpur on 25 September 2026 at the Imperial Lexis Hotel. The event, titled ‘Bridging the Two Borders: Elevating Thailand – Malaysia Resilient Value Chains in Halal and Rubber Industries’, gathered government agencies, industry players, chambers of commerce, academia and think-tanks from both nations. H.E. Ms. Lada Phumas, Thailand's Ambassador to Malaysia, delivered welcoming remarks, followed by opening remarks from YB Tuan Haji Akmal Nasrullah bin Mohd Nasir, Malaysia's Minister of Economy.

Dr Angthong participated in Panel Session 2, titled ‘Strategic Partnership in Action: Advancing Thailand–Malaysia Sustainable Rubber Value Chain’, moderated by the Centre for IMT-GT Subregional Cooperation. Fellow panellists represented the Industrial Estate Authority of Thailand, Thai Eastern Group Holdings PCL, the Northern Corridor Implementation Authority and the Malaysian Rubber Board. Discussions centred on upstream-downstream cooperation, border economic corridors, joint research and development, international standards compliance and safeguarding smallholders and grassroots stakeholders.

Dr Angthong outlined the natural rubber market landscape and challenges confronting ANRPC member nations, including sustainability and traceability demands in importing markets, price volatility and the imperative to increase value addition within producing countries.

“ANRPC welcomes cooperation among its member countries that supports a sustainable and resilient natural rubber sector. Regional dialogue of this kind helps members share experience on value addition, standards compliance and smallholder welfare. ANRPC will continue to support its members with statistics, market analysis and a platform for cooperation,” said Dr Angthong.

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