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China’s largest travel agency discusses deal with Korea Tourism Organization

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China’s largest travel agency, Trip.com, is working on a trade deal with the Korea Tourism Organization that could provide a much needed boost to South Korea’s struggling tourism sector once the COVID pandemic -19 will start to subside.

According to a report from Seouls SEN TV, the signing of the agreement should coincide with an upcoming visit to Korea by Chinese President Xi Jinping currently scheduled for the end of 1:21 or the beginning of 2:00. The objective is to promote a Korea-China tourism exchange.

China has long been the largest source of tourism in South Korea, but has yet to recover from the fallout from the 2017 THAAD missile crisis, which saw China launch an official tourism boycott in Korea. South, including a ban on all tour groups. The result was a 50% drop in the number of Chinese visits, from 8.1 million in 2016 to 4.2 million in 2017, only to drop back to 6 million in 2019.

Among those who felt the pain were the 16 all-foreign Korean casino operators, who remain at the mercy of international visits. This represents all but one of the casinos in Korea, with only Kangwon Land, about 2 hours east of Seoul by car, allowing locals to gamble.

Paradise Co, the leading casino operator in Korea, with three casinos in Seoul and Busan, as well as its integrated Paradise City complex in Incheon, recorded losses of KRW 19.0 billion (USD 17.7 million) in 2017 and 21 , 05 billion KRW in 2018 due to the THAAD crisis, returned to a narrow profit of 14.96 billion KRW ($ 12.3 million) in 2019, but then fell to a loss of nearly 100 million dollars in 2020 as a result of COVID.

Any deal with Trip.com would be a welcome boost given the events of the past year.

We are preparing various plans with various possibilities regarding Korea-China tourism exchange, a Trip.com representative told SEN TV, as one of them we are also discussing deals with the Tourism Organization. , but nothing was promoted.

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