Following JTB Corp's acquisition of a 40 per cent stake in Panorama Tours Indonesia in February, both partners have just unveiled their new identity, Panorama JTB Tours Indonesia, at The World of Holidays travel fair in Jakarta last week.
Commenting on the partnership, Royanto Handaya, CEO of Panorama JTB Travel Indonesia, said: “The business environment has changed dramatically with the ASEAN Economic Community (AEC) formation. Secondly, the AEC is developing cooperation with China, South Korea and Japan, and thirdly, the biggest economic growth is in Asia-Pacific. Therefore, our choice was to expand our business in this area."
JTB makes the ideal partner because of its global reach as well as the fast-growing Indonesia outbound business to Japan in recent years, added Royanto.
“For us, partnering JTB means we are not only a Japan specialist but also an international player. While we are a major company in Indonesia, it would not be easy to expand outside the country on our own. People do not know us,” he said.
Apart from the outbound business, Royanto also aims to cater to the Japan corporate travel segment in Indonesia, a market that growing in tandem with more Japanese investment in the country.
Furthermore, Indonesia is an important source market for Panorama JTB Tours Indonesia to achieve its goal of becoming the top travel company in Asia by 2020, said senior director (corporate strategy) Hiroaki Izumi.
“JTB has been in Indonesia for many years, but our business was targeted at the inbound market into the country. JTB is well-known in Bali but perhaps not so in Jakarta (the major source of outbound market).
“For us to penetrate the market and expand (so fast) to achieve the 2020 target will not be easy. Therefore, we are happy to partner Panorama Tours,” he said.