The 67th IATA Annual General Meeting (AGM) and World Air Transport Summit was held in Singapore from 5 to 7 June 2011, hosted by Singapore Airlines.
After a record-breaking profit in 2010, 2011 opened with a series of crises and shocks—unprecedented even for aviation. Rising oil prices, political unrest, natural disasters, human tragedies and even another volcano eruption have all challenged aviation over the last months. As a result, we slashed our profit forecast by more than half to $4 billion, equal to a pathetic 0.7% margin on nearly $600 billion of revenues at the global industry level.
In addition to the CEO Forum, two executive panels explored subjects central to our industry: ‘Aviation in a dangerous world’ looked at security issues, including our Checkpoint of the Future, and ‘Partnering for profitability’ sought solutions for sharing aviation revenues more equally across the value chain.
The Vision 2050 Report, summarizing the conclusions reached by the 35 strategic thinkers who met in Singapore in February, identified the need for change, the drivers of change, and the roadblocks to change. Creating a sustainably profitable industry is our greatest challenge, and we must all unite under a common vision to better serve our customers, to connect to the world and take responsibility to build a truly successful global industry.
I invite you to visit our newsroom for details on the proceedings of the 2011 AGM, including the confirmation by the AGM of my successor, Tony Tyler, who will become Director General and CEO from 1 July 2011.