Dear colleagues,

The start of 2004 sees a number of encouraging signs. The airline industry is emerging more resilient, sharper and stronger from the crises that have beset it over the past three years. The traffic outlook is positive in most regions, and a collective return to profitability can be projected if major surprises don't shatter this fragile recovery.

This is not a time to relax, however.  Our business is changing at an unprecedented rate, and external pressures are undiminished.  Continued energy will be needed to drive a new agenda:

• To increase cost efficiency, by streamlining key elements of our business.
• To work with partners to implement performance improvement targets.  
• To press governments to let us operate like other global industries.
• To retain public confidence with further improvements in industry safety.
• To ensure that anti-terrorism measures are effective, with costs borne by governments.

These will be some of the issues that will be addressed at our AGM and World Air Transport Summit in Singapore June 6 – 8, 2004.   The AGM remains a unique networking opportunity, and a wonderful programme of 'non- business' events has been arranged.

I look forward to welcoming you to Singapore.