Tourism refers to all activities related to the short -term movement of people to locations away from where they reside. Tourism is one of the largest industries and the economies of many nations are driven, to a large extent, by their tourist trade.
Tourism remains a key driver of South Africa’s national economy and contributes to job creation. The Tourism industry is a major contributor to the South African economy and employment of citizens. The Tourism sector contributes about 9% to the country’s gross domestic product (GDP).
The Tourism sector can also contribute positively to youth employment targets and, importantly, also to transformation. This is because it has shown to absorb higher numbers of women than other sectors. Research by WTTC (World Travel & Tourism Council) reveals that female share of employment in this industry in South Africa is 53,7%. This is higher than the proportion of total female employment in the economy (43,7%). A trend echoed in 10 other G20 countries.
Tourism Industry Sectors:
Transportation – Airline, Car Rental, Water Transport, Coach Services (travel) Railway.
Accommodation – Hotels, Shared Accommodation, Hostels, Camping, Bed & Breakfast, Cruises, Time Share.
Food & Beverage – Restaurants, Catering, Bars & Cafés, Nightclubs.
Entertainment – Casino, Tourist Information, Tourist Guides & Tours.
Connected Industries – Financial Services, Travel Agents, Tour Operators, Online Travel Agencies, Tourism Organizations, Educational.
Tourism Equity Fund
The Travel & Tourist department announced the creation of an equity fund. The equity fund aims to support all small – scale stakeholders in the tourism industry. The travel *& tourism sector continues to reel as a result of the global Covid – 19 pandemic.
The Tourism Equity Fund (TEF) will provide financial assistance to majority black – owned enterprises. The R1,2 billion fund, financed by Government and SA major banks, is now accessible to disadvantaged travel & tourism operators.
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