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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HS HYOSUNG ADVANCED MATERIALS has been honoured as a Community Contribution Certified Company for the seventh consecutive year. The recognition was conferred at the 2025 Community Contribution Recognition Day event in Seoul, where the company also received a Minister of Health and Welfare’s Commendation and the highest possible ‘S’ grade. This dual accolade underscores the sustained public value and consistent performance of its social responsibility programmes.

The certification itself is a rigorous evaluation administered by the Ministry of Health and Welfare and the Korea National Council on Social Welfare. It involves a comprehensive review based on ESG Principles, spanning multiple evaluation areas and numerous detailed indicators. In the latest assessment, the company excelled particularly in environmental management, earning recognition for its robust sustainability and carbon-neutral practices. Its diverse community initiatives, which are developed through long-term regional partnerships and extensive employee volunteerism, were also highly commended for building a stable and effective collaborative framework with local communities.

This ongoing commitment has been strategically reinforced following the establishment of the HS Hyosung Group in 2024. Under the new slogan ‘Value, Together’, the company has redefined its approach to social contribution. Its efforts are now organised around three core pillars: providing support for vulnerable groups, fostering the advancement of local communities and culture and promoting eco-friendly initiatives.

H S CHO, Vice Chairman, HS HYOSUNG, said, “Receiving the Minister of Health and Welfare’s Commendation and the highest ‘S’ grade is the result of our longstanding commitment to putting ‘Value, Together’ into action within our communities. We will continue to carry out diverse social contribution initiatives as a responsible company that grows together with local communities.”

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Toyo Tires has become a member of the Global Data Service Organisation for Tyres and Automotive Components (GDSO). This international non-profit is dedicated to creating universal data standards for tyres and auto components. Through this collaboration, Toyo Tires will intensify its efforts to establish industry-wide systems for tyre identification and traceability, which are crucial for modern supply chains.

A core component of this initiative involves the use of radio frequency identification (RFID) technology. This wireless system allows for non-contact identification of individual tyres, which significantly improves the accuracy and efficiency of quality assurance and inventory management processes. By building a comprehensive database of its products, Toyo Tires will enhance information reliability across the entire industry.

The data accumulated through RFID will be instrumental in developing high-value-added services, particularly within the company’s solution business such as retreading and maintenance programmes. This strengthens information management throughout a tyre's entire life cycle. Furthermore, this technological adoption supports Toyo Tires' broader commitment to sustainability. By proactively leveraging digital tools like RFID, the company aims to reduce its environmental impact while simultaneously enhancing its corporate value and advancing the development of more sustainable tyres.

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Hankook Tire, the exclusive rally-tyre supplier for the FIA World Rally Championship, is all set to provide tyres for all competitors in the championship's dramatic 2025 season finale, Rally Saudi Arabia. Taking place from 25 to 29 November in the Jeddah region, this decisive event marks the WRC's inaugural visit to the country. The rally’s route, centred around the Jeddah Corniche Circuit, comprises approximately 319 kilometres of competitive action across 17 special stages, presenting a completely new challenge for teams and drivers.

This new Middle Eastern challenge demands a tyre capable of mastering a vast spectrum of conditions. The stages combine long, fast desert sections with technically demanding rocky terrain, all subject to sharp temperature swings, blowing sand and unpredictable micro-climates. Hankook will equip the crews with its Dynapro R213, an extreme all-terrain rally tyre engineered specifically for such rough and unpaved surfaces. Available in Hard and Soft compounds, it features a robust casing and a specialised tread pattern to deliver stable grip, crisp steering response and reliable impact absorption at high speeds, all while managing heat buildup for consistent long-stage performance.

The rally also serves as the setting for the championship's climax. The Drivers' Championship will be settled in Jeddah, with Toyota GAZOO Racing's Sébastien Ogier having narrowed the gap to leader Elfyn Evans to just three points after his recent victory in Japan. This sets the stage for a final, high-stakes showdown where tyre strategy and durability will be as critical as outright speed, focusing the global motorsport world on the Saudi desert.

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Giti Tire has intensified its AdvanZtech EV Ready initiative with the introduction of the GitiWinterW2, a winter tyre engineered to perform on battery-electric vehicles, hybrids and traditional internal combustion engines. This new product, available for the 2025/26 winter season, is the first winter-specific offering within this specialised tyre line. The range is comprehensive, encompassing 17 different sizes to fit rims from 15 to 20 inches, making it suitable for a wide array of vehicles from the compact Fiat 500e to the Tesla Model 3 and popular SUVs like the Volkswagen Tiguan and Volvo XC60 PHEV. Each tyre is marked with a distinct sidewall logo to guide consumers towards the correct application for their vehicle type.

The development of the GitiWinterW2 focused on achieving a balance of critical performance attributes. Engineers prioritised managing the high torque output of electric vehicles for superior control while simultaneously minimising rolling resistance to help extend driving range. This technical development was accomplished without sacrificing the essential safety and handling characteristics required for winter driving in snow and wet conditions. The manufacturer emphasises that the final product delivers a quiet, comfortable and secure driving experience.

This winter tyre joins the existing summer patterns, the GitiSportS2 and GitiSynergyH2, which were originally launched in August 2024 under the same AdvanZtech EV Ready strategy. All three tyre lines are the result of research and development conducted through Giti's global AdvanZtech system, with significant work carried out at their European Research & Development Centre located in Hannover, Germany.

Fabio Pecci-Boriani, Deputy General Manager – Product Planning PCR and LTR, Giti Tire R&D Centre (Europe), said, “The Giti brand was among the first in the mid-market to introduce an EV ready concept, ensuring maximum flexibility and product clarity for dealers and peace of mind for drivers. As is proven, winter can have an impact on the performance of part-electric and electric vehicles with lower temperatures reducing battery range and immediate torque levels being tricky on slippery roads; the Giti AdvanZtech EV ready GitiWinterW2 goes a long way to addressing these issues.”

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