Over the last three years we have successfully leveraged opportunities, and effectively mitigated negative market shocks. The result is a strong foundation to be leveraged over the next three years.
The announcement in April of the Governments investment for tourism is a game changer that will see significant value delivered to the New Zealand economy. From 1 July, TNZ will receive an additional $29.5 million, taking our total budget to $113 million.
With our mandate to 'increase the value of international tourists for the benefit of NZ' remaining unchanged but with increased funding announced, our new strategy is both an evolution and expansion of what we are doing now.
While refined, the essence behind our strategic priorities remains largely unchanged. These will continue to be reviewed as part of annual business planning to ensure TNZ is best placed to respond to the dynamic and fast changing global travel industry.
The additional funding allows TNZ to up-weight its activity in core markets, while also being able to focus on and resource opportunities in emerging markets and high-value sectors. The new funding will be committed across four key areas of our business: international business events, emerging markets, high-value premium travel and the up-scaling of specific activity in core markets.
By delivering in these areas, the focus is firmly on generating value for the industry now but also, investing for the industry's future. Planning is well underway to develop separate strategies for each area mentioned above to guide activity and ready the organisation to deliver added value to the industry.
We have updated our market portfolio so that it balances short term opportunities, generates a sustainable long term position and addresses global trends. Tourism New Zealand's 'top six' target markets - Australia, China, the USA, the UK, Germany and Japan - will remain the highest priority, while India, Indonesia and Latin America are identified as priority emerging markets.
Tourism New Zealand is also experiencing significant growth and is on the look-out for industry talent who can support the delivery of the new strategy. There are a number of new career opportunities being offered that require strong performers so keep an eye on the website.
We will keep you updated with our progress, and you will be able to access additional information on our corporate site - www.tourismnewzealand.com.
First published in Tourism Business: June-July