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Indonesia. The increase in economic growth and the development of Bali as a 'super
resort' had meant tourist numbers rising by 13-15 per cent per year, to over one million
by the end of the 1980s. There are a number of proposals to build new resort complexes
on the smaller islands. The market continued to be difficult to operate in, as foreign
exchange restrictions remained in force, and investors were required to have local
shareholders and make substantial 'local' payments. A stable tropical climate reduced
seasonality problems. The local capital market was poorly developed.
Japan. Japan was characterised by a steadily appreciating currency and a government
plan to increase outward tourism with a '10 million Program' - designed to reduce Japan's
growing trade surplus with the rest of the world. Declining economic growth in the early
1990s, and the dramatic growth of resort complexes, had reduced the numbers of tourists
travelling overseas. By the end of the 1980s there were over 100 Japanese mountain
resorts under construction and approximately 80 marina centres being developed.
Japanese regulations concerning foreign owners had been significantly reduced over the
past years, and companies were now allowed to own 100 per cent of hotel operations, and
to repatriate funds without trouble. The capital market was probably the most sophisticated
in the world. Though the winters were relatively cold, there was little seasonality in tourism.
Malaysia. Economic growth throughout the late 1980s had significantly increased demand
for business travel, with occupancy rates rising to an average of 80 per cent over the last
3 years. Capacity was rising rapidly as many of the Malaysian investors built new hotels,
especially in the tourist centres. It was anticipated that tourist visits would rise by 5 per
cent per annum throughout the 1990s as heavy promotion by the Malaysian government
attracted more long haul holiday traffic. Controls on foreign ownership of hotels had been
relaxed, and restrictions on foreign exchange were limited. A stable tropical climate
reduced seasonality. The capital markets were growing in size and stability, with the
Malaysian stock market showing the highest percentage rises in the early 1990s.
Macau. The uncertainties of Hong Kong, and the position of Macau as a tourist centre in
the region, had meant that investment in the country was increasing throughout the late
1980s and early 1990s. A $450 million international airport was under development and an
estimated 5000 new hotel rooms in a resort complex development. International visitors
had passed the million mark, by the mid 1980s, and numbers were growing at 7 per cent
per annum. There were no problems with foreign ownership of hotels, and no controls on
foreign exchange transfer. The Macau economy was of course linked closely to the Hong
Kong economy and the dollar area, with the same exchange rate and inflation rates.
Capital markets were dependent on Hong Kong.
Nepal. By the end of the 1980s visitors to Nepal exceeded 300,000 with numbers growing
at around 7 per cent per annum. There were at present no premium hotels. There
remained many problems concerning foreign ownership, currency transfer, power and
water supplies. The limited summer season also caused potential problems with
seasonality. There was no local capital available.
New Zealand. New Zealand had had an erratic tourist and travel industry through the
1980s and early 1990s. Economic problems combined with heavy promotional investment
by the Australian authorities had meant an overall reduction from a peak of one million to
an average of 850,000 by the end of the decade. This involved a substantial reduction in
occupancy rates and a weakening of room prices. There were no restrictions on foreign
ownership or transfer of capital out of the country. The tourist season suffered slightly from
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