Abstract:
Around the world, tourist's flow is increasing year after year. The flow of international tourists increased from a mere 25 million in 1950 to 898 million by 2007 (with a CAGR of 4.7 percent during 1980-2007). The international tourism receipts was only US$ 2.1 billion in 1950, but increased to over US$ 738 billion by 2006 (with a CAGR of 8.3 percent during 1980- 2006). The written history of the world reveals that Arab traders (basically from Middle Eastern region) were the pioneers of retail and distribution industry and it was the result of the adventurous nature of those traders to explore the potentiality of goods and services from the Asia Pacific and African region, which they succeeded by identifying the market for these products in the European market. This is in a way can be considered as the ancient form of business travel. From 1818 onwards, European colonial powers took over the Arab supremacy, and till 1940's most of the countries in Middle East, North Africa, and South Asian (MENASA) region was under colonial rule. From 1940's onwards there seems to be a complete reversal of the scenario from Western and European dominance towards MENASA region. This is because of the growth and development of tourism and travel industry, coupled with parallel growth in hotel and hospitality industry. The major source of funding was found to be venture capital, which has the inherent characteristics of generating / creating / adding wealth in a manifold way. Though there was a decline in the global venture capital activity after 9/11; the picture from MENASA region shows a positive growth completely deviating from the global pattern. Utilising on the significance of venture capital financing, a socially responsible growth can be seen in tourism and hospitality industry in MENASA region in the near future. India can learn a good lesson from this changing scenario and take the lead; then in the near future the world can witness a harmonious growth and development in the entire MENASA region; which will act like ripples in water and the result will be global prosperity.
