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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Linglong Tire hosted legendary Brazilian full-back Roberto Carlos at its headquarters in Zhaoyuan from 14 to 16 August 2026. The Real Madrid official ambassador’s visit included high-level meetings with the tyre manufacturer’s senior management, alongside engagements with key clients and commercial partners. His itinerary featured a comprehensive tour of the company’s primary production facility and an in-depth briefing on its smart manufacturing systems.

The former Real Madrid star explored the firm’s research and development centre and evaluated the Sino-Asia test track, recognised as China’s largest and most advanced proving ground. Carlos expressed considerable admiration for the facility’s professionalism and scale, particularly noting the colossal 63-inch off-the-road tyre displayed at the headquarters. His schedule also included a panel discussion with Linglong Chairman Wang Feng and CEO Lingkun ‘Andy’ Zhou.

Linglong Tire has served as Real Madrid’s Global Tire Partner since 2024, a commitment that extends into the 2026/2027 season. The partnership is activated as the nine-time European champions prepare for their La Liga opener against Real Sociedad at the Santiago Bernabeu on 26 August. As part of the agreement, the Linglong brand secures prominent visibility on the stadium’s digital perimeter boards for all domestic league and cup fixtures.

Additional sponsorship benefits include logo placement on partner boards and the official club website, along with VIP hospitality packages. The collaboration also features advertisements in Real Madrid’s digital and print publications, television spots on the club’s official channel and extensive integration into the club’s media activities, solidifying Linglong’s presence within the Spanish giants’ commercial framework.

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The Yokohama Rubber Co., Ltd. has announced the presentation of findings from an international joint research project for developing technologies to prevent and control rubber tree leaf fall diseases. Lead researcher Minami Matsui delivered a public lecture on 1 August, addressing the global history of rubber trees and collaborative measures against Leaf Fall Disease, which has significantly reduced production in affected regions.

Yokohama Rubber participates as a cooperating corporation in this initiative, which aims to achieve sustainable natural rubber production through disease management. The project has been selected under the Science and Technology Research Partnership for Sustainable Development programme, jointly implemented by the Japan Science and Technology Agency and the Japan International Cooperation Agency, with support from the Ministry of Foreign Affairs and the Ministry of Education, Culture, Sports, Science and Technology. This international effort unites Japanese and Indonesian institutions, focusing on Indonesia as the world's second-largest natural rubber producer, where Leaf Fall Disease has severely curtailed output. The research targets smallholder farmers, who account for over 90 percent of the nation's production, by utilising pesticides to combat the disease.

Minami Matsui (left) and co-researcher Emiko Kurihara, Assistant Professor at Keio University

Since the project launched in 2020, research has progressed from pesticide screening to field evaluations at institutional test farms and corporate plantations, and then to smallholder farm assessments beginning in September 2025. Throughout each phase, Yokohama Rubber has investigated pesticide residues in natural rubber latex and evaluated their effects on rubber properties, confirming that proper application does not compromise quality. All field evaluations have demonstrated the selected pesticides' effectiveness, and the project is now advancing towards the practical phase, including securing pesticide registration for Indonesian use.

This research aligns with Yokohama Rubber's Procurement Policy for Sustainable Natural Rubber, which includes supporting small-scale farmers. The company also participates as an official partner in another SATREPS project focused on utilising rubber seeds for green products to address global warming and plastic pollution.

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NEXEN TIRE is intensifying its transition to renewable energy across its domestic manufacturing facilities, marking a significant step in its long-term sustainability strategy. The company is advancing this effort through a combination of external power purchase agreements and the expansion of on-site solar generation at its Yangsan and Changnyeong plants.

A key component of this initiative involves a Direct Power Purchase Agreement (DPPA) inked with SK Innovation E&S, which allows the tyre manufacturer to secure renewable electricity directly from producers via a long-term contract. Beginning in November, the Yangsan plant will receive approximately four megawatts of onshore wind and solar power, with an anticipated yearly output of six gigawatt-hours. This supply is expected to cut annual greenhouse gas emissions by an estimated 2,700 tonnes of carbon dioxide equivalent.

Parallel to the DPPA, NEXEN TIRE is bolstering its self-generation capabilities. Rooftop solar systems at the Changnyeong facility, currently under lease, will be transitioned to company-owned generation as leases expire, targeting a total capacity exceeding 10 megawatts by 2028. This shift will convert roughly 9 percent of the plant’s electricity use to renewable sources, while the Yangsan plant is also evaluating similar proprietary solar installations.

Given its substantial presence in Europe and its role as an original equipment supplier to premium automakers, NEXEN TIRE faces increasing pressure from clients to lower production-related emissions. The company has already secured Science Based Targets initiative (SBTi) validation for its goal to reduce Scope 1 and 2 emissions by 58.8 percent from a 2023 baseline by 2034, reinforcing that environmental performance is now a critical competitive factor in its key markets.

John Bosco (Hyeon Suk) Kim, CEO, NEXEN TIRE, said, "The shift to renewable energy is not merely a response to regulations but a strategic investment to secure sustainable competitiveness in the global market. We will continue to expand the adoption of renewable energy across our production sites both in Korea and abroad in a phased manner."

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Nokian Tyres has achieved a significant milestone in the 2026 S&P Global Corporate Sustainability Assessment (CSA), securing a total score of 80 points. This evaluation examines sustainability factors that are critical to long-term corporate performance, with a strong emphasis on risk management, organisational adaptability and overall resilience. The company views this result as a clear validation of its strategic approach.

The assessment awarded the tyre manufacturer perfect scores in several key categories, including Climate Risk Management, Raw Materials Programs, Information Security Policy and Human Rights Mitigation and Remediation. Company leadership has acknowledged that this accomplishment is rooted in the deep integration of sustainable practices across daily operations, product innovation and long-term value generation.

Nokian Tyres also stressed that responsible expansion relies heavily on collaborative efforts with employees and partners, reinforcing that sustainable decisions are fundamental to building resilience in a rapidly evolving global environment.

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