Taiwan to subsidize foreign business travelers in 2024

TAIPEI (TVBS News) — Taiwan's Ministry of Economic Affairs (MOEA), in collaboration with the Ministry of Transportation and Communications (MOTC), announced on on Tuesday (Dec. 20) a "Subsidiary Tourism" program next year to boost business tourism by offering foreign business travelers subsidies of up to NT＄2,000 each.

The program's budget is set at NT＄10 million, with the International Trade Administration increasing subsidies from NT＄1,200 to NT＄2,000 starting in January. Subsidies on weekends (Friday to Sunday) will be NT＄1,500.

This move has reportedly boosted related hotel stocks, driven by two key factors. First, the tourism industry is on a path to recovery, with this year's visitor numbers at 6 million, showing significant growth potential compared to pre-pandemic levels of 12 million.

Also, the reduction in three-day public holidays to just four occasions next year is expected to boost domestic tourism and improve hotel occupancy rates.

The positive outlook for the hotel industry reflects optimism for increased travel and economic activity in the coming year.

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