A virtual seminar on the Travel Retail Outlook Golden Week Data Sharing and Experts Communication was hosted by China’s Investment Promotion Agency of Ministry of Commerce (CIPA) on Oct. 23.

The latest global duty free industry report was released at the seminar, which focused on exchanging duty free sector news and information, as well as promoting ‘win-win’ investment opportunities.

Wang Meng, the chairman of Beijing Mainuokai Investment Consulting, introduced new global tax-free trends and consumption data. “China has enjoyed rapid growth in the duty free sector this year, especially Hainan Province,” said Meng.

To provide international insight into the booming industry, top executives from Milan-based Hydra Advisory firm joined the online discussions. Maximiliano Nicolelli, founder and managing partner of Hydra Advisory, proposed that duty free companies devise clear business plans to attract new brands, while Sushanta Das, partner in charge of Asia and the Middle East, suggested collaboration efforts between airports and duty free retailers.

Launched on Aug. 25, the Travel Retail Outlook is an international cooperation platform sponsored by CIPA designed to further develop and promote China’s duty free sector to the world.