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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Prinx has announced an evolution in its enduring partnership with Garrett Truck Sport, marking a new chapter in their collaboration from the 2026 season onwards. The tyre manufacturer will assume lead brand status within the team’s motorsport programme, bringing a sharper brand focus and renewed drive to the initiative. This strategic shift is intended to strengthen the programme’s identity both on and off the track while elevating visibility for the Prinx brand and reinforcing the technical commitment that underpins the project. It also ensures closer integration between motorsport activities and the company’s wider commercial objectives across Europe.

The decision follows a strategic meeting in London, where Prinx representatives and the Garrett Truck Sport management team reviewed the 2025 season and aligned on the future direction. Driver Luke Garrett also took part in the discussions, which centred on creative alignment and the expression of the partnership throughout the 2026 season – from trackside presence to broader communications. With Prinx now taking the lead, the partnership aligns closely with the brand’s expanding footprint in the European commercial tyre sector and the ongoing rollout of its Truck and Bus range.

While Prinx assumes the flagship role, the wider brand portfolio remains integral to the programme. Austone Tires, Fortune Tires and Chengshan Tires continue to operate under the group’s unified motorsport platform, ensuring clarity and consistency for partners across Europe. From a commercial standpoint, the transition strengthens Prinx’s position in the European market.

Beyond track visibility, the partnership serves as a platform for genuine connection. Throughout the 2026 European Truck Racing Championship, Prinx will host selected partners and guests through a tailored hospitality programme at major events, fostering shared experiences and deeper collaboration within an authentic motorsport setting.

Ari Salah, Marketing Manager, Prinx, said, “This is a great opportunity for the PRINX brand to gain greater visibility and bring our portfolio into the spotlight. We are looking forward to the upcoming events and are pleased to share this journey with our partners. Updated Prinx flagship branding and livery will be revealed ahead of the 2026 season.”

Adrian Costache, Commercial Director, Prinx, said, “Taking the lead brand role allows us to focus the partnership more clearly on our commercial priorities in Europe and to support our partners with a strong, consistent presence throughout the season.”

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Scandinavian Enviro Systems (Enviro) has received court approval to initiate a formal company reorganisation process. The Gothenburg District Court granted the application submitted by the company on 26 February 2026, with the procedure applying specifically to the parent entity. This type of restructuring is initially granted for three-month intervals, with the first period now commencing. Johan Sölveland from Ackordscentralen has been appointed to oversee the process as reorganisation administrator.

The decision to seek this legal protection was driven by acute liquidity challenges. A primary factor was the financial strain from unfavourable contractual agreements tied to the Infiniteria joint venture. Additionally, costs stemming from disputes related to a domestic plant project, combined with ongoing arbitration proceedings, have hindered the company’s ability to attract new financing. Compounding these issues, the operational facility in Åsensbruk has not been generating sufficient cash flow to offset these pressures.

Through the reorganisation, the company aims to create necessary breathing room to negotiate with creditors and develop a sustainable long-term financial framework. Management is actively engaged in discussions with both suppliers and customers to maintain normal business operations throughout this period. A detailed plan outlining the proposed structural changes to the business will be presented in due course.

The board has confirmed that current liquidity is adequate to sustain operations for the initial three-month phase of the reorganisation. Efforts are underway to arrange additional funding within this timeframe, with the objective of presenting a fully financed restructuring plan that ensures the continuity of the business.

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Mitas has launched TERRAGUARD, a new generation of VF implement radial tyre, at the Commodity Classic in San Antonio, Texas, held from 25 to 27 February. This latest addition to the Mitas portfolio addresses the pressing demands of contemporary agriculture, including the need to accommodate larger, heavier implements, improve operational efficiency and prioritise soil health.

Engineered for high-capacity applications, TERRAGUARD is designed to bear significant loads while operating at reduced inflation pressures. This allows the tyre to conform to ground contours, ensuring stable handling, a consistent footprint and reliable performance across uneven terrain during both fieldwork and road transport. The tyre’s square shoulder design maximises the contact patch to boost stability, while reinforced sidewalls improve lateral stability, especially when traveling on roads.

A key attribute of the TERRAGUARD is its focus on efficiency. Its advanced VF radial construction and optimised tread geometry lower rolling resistance, facilitating smoother operation and better energy conservation. Furthermore, the tyre’s ability to spread weight evenly over a larger surface area reduces soil compaction, preserving soil structure and enhancing productivity during extended work periods.

The distinctive sawtooth tread pattern complements this by balancing rolling efficiency with controlled traction, minimising vibration and ensuring dependable performance across diverse cultivation tasks and conditions. By integrating high load capacity, operational efficiency and soil protection into one solution, the Mitas TERRAGUARD meets the needs of modern farming. Initially available in sizes VF 280/70R15 TL IMP 140D and VF 295/75R22.5 TL IMP 158D, the range is set to expand with additional sizes in the future.

Roberta D’Agnano, Marketing Director MItas at Yokohama TWS, said, “Modern agricultural operations require implement tyres that do more than simply carry weight. With TERRAGUARD, we combined advanced VF technology with an innovative tread design that actively supports efficiency and soil protection, helping farmers boost productivity in demanding applications. Presenting this product for the first time at Commodity Classic is especially meaningful for us, as the US market is at the forefront of large-scale, high-load farming applications. TERRAGUARD has been developed to meet the specific demands of American farmers, making this event the ideal platform for its global debut.”

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A landmark supply agreement was formalised at the PIF Private Sector Forum 2026 in Riyadh to advance local manufacturing in the Kingdom of Saudi Arabia. Saudi Basic Industries Corporation (SABIC) will provide polybutadiene rubber and carbon black to a joint venture established by the Public Investment Fund (PIF) and Pirelli. This partnership will supply the raw materials necessary to produce three and a half million tyres annually at a facility within the King Salman Automotive Cluster at King Abdullah Economic City.

This initiative marks a significant step for the NUSANED localisation programme by enhancing domestic content and establishing a comprehensive tyre production value chain within Saudi Arabia. The agreement is unprecedented as it enables the complete manufacturing of car tyres locally. It will result in the creation of a bespoke Saudi tyre brand specifically designed for passenger vehicles and regional car manufacturers, operating alongside the production of Pirelli-branded tyres.

The PIF Private Sector Forum serves as a vital platform connecting PIF-related companies, government entities and private firms to cultivate new partnerships. The event plays a crucial role in enabling the private sector to drive transformative projects. It facilitates the exploration of high-potential opportunities that support business expansion and contribute to shaping the nation's economic future, in direct alignment with the objectives of Saudi Vision 2030.

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