Edited by: Sheera Abg Mansor
KUALA LUMPUR: A catalyst will be provided by the rapid multi-billion ringgit infrastructure developments in the country for domestic tourism.
Quoting the statement from the brokerage, Bernama says the project like East Coast Rail Line would greatly improve accessibility of east coast islands such as Redang and Perhentian and finish the construction of the previously stalled Resorts World Genting outdoor theme park by end of 2020 or 2021.
Maybank Kim Eng, in its latest report, also as quoted in Bernama said, major infrastructure developments such as the construction of the RM1.6 billion Kulim International Airport, which would primarily be a cargo hub, and the RM1.2 billion expansion of the Penang International Airport were expected to reinforce Penang island as a popular local tourism destination.
Maybank Kim Eng pointed out that domestic tourism receipts were rapidly catching up to inbound tourism receipts against the backdrop of total visitor arrivals plateauing over the past five years due to fewer visitors from Singapore.
Tourism value added grew at a compound annual growth rate of 11.2 per cent from 2005 to 2017 contributed by retail trade (44.8 per cent share in 2017), food and beverage serving services (16.3 per cent) as well as accommodation (12.8 per cent).
Maybank Kim Eng said employment in the industry had risen in tandem to 3.4 million people in 2017 from 1.5 million in 2005, contributing 23.2 per cent of total employment in 2017 from 15 per cent in 2005.