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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Sailun Group has received an upgraded ESG rating from the internationally recognised index provider MSCI, moving from A to AA. This latest assessment cements the company’s top position within China’s tyre industry on MSCI’s ESG rankings and places it among the highest-rated tyre manufacturers worldwide.

Following its previous upgrade to an A rating in 2025, Sailun Group’s further rise to AA signals strong endorsement from global capital markets regarding the firm’s ESG governance, execution capabilities and ability to generate long-term value. This progress stems from the company’s sustained effort to integrate sustainability principles across its entire operations, including global expansion, research and development, manufacturing, labour management and supply chain oversight.

Looking forward, Sailun Group intends to press ahead with its eco-friendly sustainable development strategy, using its industry leadership to help steer the global tire sector towards a new phase of high-quality and sustainable growth.

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FORNNAX TECHNOLOGY PVT LTD recently convened its Fornnax Annual Meet 2026, a landmark gathering that celebrated the organisation’s complete achievement of its targets. The event brought together top professionals from across the company for a day focused on leadership development, recognition of excellence and strategic planning. The atmosphere was marked by a shared sense of pride and purpose, with activities ranging from intensive leadership sessions to an emotional award ceremony and a vibrant celebration reflecting the firm’s core spirit.

The keynote address was delivered by Director and CEO Jignesh Kundaria, who traced the company’s journey from its earliest days without a formal blueprint to its current status as a globally recognised multi-division original equipment manufacturer. Kundaria spoke of building the enterprise through relentless determination and engineering excellence, emphasising that Indian-made machinery could set worldwide standards. His narrative highlighted grit and growth, weaving together humble origins with the firm’s present stature as an internationally respected brand.

Kundaria also presented a detailed review of Fornnax’s major recent accomplishments, including the launch of the R-MAX3300, described as the world’s largest secondary shredder. This engineering breakthrough demonstrates the company’s ability to lead at the highest levels of industrial performance. Additionally, he showcased the development of Fornnax’s largest New Product Development centre and demo plant, a facility designed to accelerate innovation and allow customers to experience solutions at full operational scale. A new state-of-the-art manufacturing facility was also unveiled, aimed at boosting capacity and meeting rising global demand.

A defining segment of the annual meet involved forward-looking roadmaps presented by heads of four key functional pillars. The Head of Sales outlined an ambitious market expansion strategy for deeper geographical penetration and customer-centric growth. The Design Department head focused on accelerating product development cycles and expanding differentiated solutions. The Production Department leader presented plans for capacity optimisation and quality enhancement using the new facility. Meanwhile, the Project and E&I Department head detailed strategies to strengthen project execution and reduce delivery timelines. The Service Department head committed to building a responsive post-sales ecosystem with faster turnaround times and proactive maintenance support.

The event also featured leadership training sessions that encouraged ownership and accountability among participants. An awards ceremony recognised individuals and teams who had driven the company’s complete achievement, with each honour reflecting real effort and tangible results. The gathering served as a reminder that behind every milestone are people who refused to settle for mediocrity.

All departmental roadmaps collectively converge on an ambitious financial target: achieving INR 5 billion in revenue by 2030. The Fornnax Annual Meet 2026 thus stood as both a celebration of past performance and a strategic launchpad for future growth, underscoring the organisation’s commitment to innovation, operational excellence, and customer-centric engineering on a global scale.

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Zeon has confirmed its participation at Chemspec Europe, the premier international exhibition for fine and speciality chemicals, taking place in Cologne from 6 to 7 May 2026. The event gathers global manufacturers, suppliers and industry experts to foster connections and explore innovations across the chemical value chain.

At the trade fair, Zeon aims to engage with both current and potential partners. Discussions will centre on pressing challenges and future trends within the speciality chemicals sector while also identifying fresh avenues for collaboration and technological advancement.

Attendees of Chemspec are invited to visit Zeon for an exchange of ideas. The company’s representatives will be located at Booth D89 within Hall 8, ready to discuss opportunities and industry developments in person.

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NEXEN TIRE has secured a role as an original equipment supplier for the 2026 Jeep Cherokee, which introduces Stellantis’ first hybrid system. The new Cherokee is estimated to achieve 37 miles per gallon and travel over 500 miles on a single tank of fuel.

The tyre chosen for this model is NEXEN’s ROADIAN GTX, engineered specifically for SUVs and crossover vehicles. Its advanced compound maintains stable braking performance across both summer and winter conditions, while an optimised tread pattern enhances stopping power on dry and snowy roads. Improved mileage extends replacement intervals, and a zigzag tread design distributes road pressure evenly to prevent sudden load shifts, thereby increasing driving stability. Additional benefits include low noise, snow traction and overall ride comfort.

Having already been selected as original equipment for multiple SUV models from global automakers, the ROADIAN GTX demonstrates the quietness and driving stability required for hybrid SUVs. Its technology suite meets the specific demands of electrified vehicles, reinforcing NEXEN TIRE’s reputation for quality and performance in the original equipment market.

“By supplying OE tyres for Jeep’s first hybrid SUV in North America, we have once again demonstrated our competitiveness in the future mobility market. We will continue to strengthen our supply to global automakers through ongoing R&D and strong partnerships,” a NEXEN TIRE official said.

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