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Business

Japan's JTB to buy into Indonesia's top travel agency

Partnership aims to tap fast-growing market for Japanese tourism

JTB President Hiroyuki Takahashi, second from right, and leaders from Panorama Tours Indonesia announce their new partnership in Tokyo on January 31.

TOKYO -- JTB announced Tuesday a capital and business tie-up with Indonesia's biggest travel agency, seeking to make inroads into a promising market as well as further its global ambitions.

The Japanese travel company will spend several billion yen for a 40% stake in Panorama Tours Indonesia in March. JTB plans to use Panorama's customer base and network of 53 locations across 24 cities to sell Japanese tours and other products. The number of Indonesian visitors to Japan grew 32.1% in 2016 -- faster than for any other nationality.

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