Speaking in Singapore, IATA director general and CEO Giovanni Bisignani said, “The global air transport industry will triple in size when Asians travel as much as those in the US.”

Bisignani noted that while Asia-Pacific is home to two of the world’s most profitable airlines, governments provided over $10 billion in airline bailouts in the first quarter of 2009.

As trade continues to grow, IATA says the region’s two biggest markets, India and China, face completely different circumstances. India’s challenge is to reduce costs and improve infrastructure, while China is adjusting to new global trade patterns.

During the last decade, China replaced Japan as Asia-Pacific’s largest player. Today the country has an airline fleet of 1,400 aircraft compared to Japan’s 540.

Bisignani said he hoped the Asia-Pacific region would take advantage of the business opportunities in developing sustainable second generation biofuels. “Five airlines have successfully tested biofuels and we expect certification within 2011 at the latest. Aviation biofuel is a $100 billion plus business opportunity. And I hope that this region will play a key role in its early development,” he added.