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)
Bridgestone India Launches Project PRAVAAH To Combat Groundwater Depletion In Madhya Pradesh
- By TT News
- September 02, 2026
Bridgestone India has launched Project PRAVAAH, a new environmental initiative aimed at addressing severe water scarcity and ecological decline in the Dhar district of Madhya Pradesh. The programme, executed in partnership with the Society for Agriculture and Environmental Sustainability, targets the restoration of three traditional water bodies situated within a catchment zone of approximately 140 acres.
The region has historically suffered from critical groundwater depletion, with extraction rates reaching or exceeding the annual recharge capacity. This unsustainable usage has caused water tables to plummet to depths of 10 to 20 metres below ground level, particularly during the dry pre-monsoon period, severely impacting both domestic drinking water supplies and agricultural irrigation.
Moving beyond simple water conservation, Project PRAVAAH employs nature-based solutions and active community engagement to revive local ecosystems. The effort creates new livelihood opportunities for marginalised women and complements Bridgestone’s broader environmental portfolio, which already includes 9.5 acres of biodiversity parks and community gardens designed to promote conservation awareness.
The restoration project is projected to recharge up to 150,000 metric tonnes of groundwater, ensuring more reliable water access for nearby households, livestock and farms. By revitalising ponds as living ecosystems, the initiative aims to foster biodiversity, bolster community resilience against climate variability and reaffirm the company’s dedication to long-term societal and environmental well-being.
Sudhir Kulkarni, Executive Director – HR, Admin & CSR, said, “Care for the environment and the communities that it serves are core to Bridgestone’s philosophy. Project PRAVAAH aims at tackling the acute water shortage faced by communities in Dhar. With Project PRAVAAH, we are turning these ponds back into living ecosystems that will benefit these communities.”
Pyrum Secures First External Plant Deal With Czech Joint Venture
- By TT News
- September 02, 2026
Pyrum Innovations AG has officially entered into a binding plant purchase agreement with its Czech-based joint venture, SUAS reTire s.r.o., marking a watershed moment for the German technology firm. The agreement, covering a thermolysis system for the planned Sokolov recycling hub, constitutes Pyrum’s inaugural external equipment sale, a transaction that significantly propels its commercial footprint beyond domestic operations.
Financial groundwork for the Czech project has been firmly secured, as the joint venture concurrently closed loan arrangements with a local banking institution. This development rendered the venture fully capitalised, prompting SUAS reTire to place an irrevocable order for Pyrum’s core technology, which encompasses three reactor units and auxiliary process systems. As the primary technology partner, Pyrum will assume responsibility for harmonising all ancillary site equipment with the master control architecture.
The corporate structure underpinning the initiative sees Pyrum owning 49 percent of SUAS reTire, while the remaining 51 percent is held by SUAS Ecology s.r.o., a partnership forged in the preceding year. The JV is exclusively mandated to oversee the design, construction and subsequent operation of the advanced tyre recycling facility in the western Czech city.
Ground preparation at the industrial zone has already commenced, and the impending down payments will unlock procurement of long-lead components to uphold the project timeline. Once operational, the three-reactor train is designed to process upwards of 22,000 tonnes of scrap tyres per annum. The location’s inherent logistical edge derives from the adjacent SUAS power plant, which will permit direct conversion of pyrolytic off-gas into electricity, circumventing heavy auxiliary capital outlays. The plant is slated to begin production by the spring of 2028.
Pascal Klein, CEO, Pyrum Innovations AG, said, “By signing our first external plant purchase agreement, we have reached a significant milestone in Pyrum’s development. This achievement is the result of a long and intensive journey during which, together with our partners, we established key technical, financial and organisational foundations. We are therefore all the more pleased to have now signed our first plant purchase agreement for an external facility, which we will build together with our partner SUAS. The secured financing underlines our partners’ confidence in our technology and provides an excellent foundation for the successful implementation of the project in the Czech Republic.”
Kraton Corporation Secures Sixth Consecutive EcoVadis Platinum Rating With Record Score
- By TT News
- September 02, 2026
Kraton Corporation, a global producer of speciality polymers and bio-based chemicals derived from pine wood pulping byproducts, has secured its sixth consecutive EcoVadis Platinum rating for sustainability management. The firm achieved a record score of 90 out of 100, surpassing its own previous high of 88 from 2024 and improving markedly from the 86 posted in 2025.
This latest recognition carries added weight given that EcoVadis benchmarks performance relative to sector peers. The organisation evaluates over 150,000 companies globally, offering sustainability intelligence and improvement frameworks designed to foster responsible operations and ethical supply chains. Kraton’s sustained top-tier placement underscores its ongoing commitment to environmental and social governance standards within the speciality chemicals industry.
Rogier Roelen, Chief Sustainability Officer and General Counsel, Kraton, said, “While Platinum recognition has become familiar to many of our stakeholders, it should never be taken for granted. EcoVadis continuously raises expectations, and our peers continue to strengthen their sustainability programmes. Maintaining Platinum status for six consecutive years reflects the dedication of employees across our global organisation and the rigorous processes we have established to continuously advance our sustainability management practices.”
Sangwoo Ryu, Chief Executive Officer, Kraton, said, “EcoVadis serves as an important benchmark that helps us keep our sustainability management practices current, effective and aligned with evolving stakeholder expectations. This recognition reflects our commitment to building a more sustainable business and delivering long-term value for our customers, employees, investors and communities.”
Hankook Tire Secures Six Red Dot Design Accolades, Including Two Best Of The Best Honours
- By TT News
- September 02, 2026
Hankook Tire emerged as a standout performer at the Red Dot Award 2026, securing six accolades in the Design Concept category. The South Korean manufacturer captured two Best of the Best honours alongside four Winner titles, underscoring its prowess in forward-thinking mobility design. This competition, recognised among the three premier design awards globally, evaluates concepts based on innovative potential at the prototype stage.
Among the top honours, the i-Flex Gen 2 received a Best of the Best award for its evolution as a next-generation airless tyre tailored for electric and autonomous vehicles. Building upon research initiated in 2015, this concept introduces a groundbreaking circumferential spoke structure that elevates visual design while reducing noise and enhancing stability. The second Best of the Best winner, Medi Buddy, emerged from collaboration with the Korea Institute of Design Promotion, integrating autonomous driving and AI into a smart intravenous system to alleviate anxiety for young patients.
The four Winner awards recognised the Bladder Upcycling Series, Concept S targeting 100 percent sustainable materials by 2050, the omnidirectional WheelBot2 and Bloom, an intelligent urban canopy. The full collection is slated for display at a special exhibition in Singapore. Hankook Tire, which in 2015 became the first Korean company to receive the Red Dot Luminary honour, later secured the iF Gold Award and an IDEA Bronze, completing a sweep of the top three design accolades.
Through continuous innovation and focus on sustainable mobility, the company continues solidifying its reputation as an industry leader committed to redefining transportation's future. The achievement reaffirms the company's global competitiveness, driven by commitment to sustainability and future-ready technologies.
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