Asia is expected to lead the airline industry’s future growth and help make 2007 a profitable year for the global airline business, said Giovanni Bisignani, the International Air Transport Association’s director general and chief executive.

According to Bisignani, the IATA expects the global airline industry to make a combined net profit of $3.8 billion this year after suffering six years of losses totaling more than $40 billion, reported the Associated Press. He predicts that by 2010, Asia will account for one-third of the world’s air traffic, making it the largest aviation market.

European airlines are expected to make about $2.4 billion and Asia-Pacific airlines will generate around $1.7 billion. But the IATA forecasts that North American airlines will lose a combined $600 million this year due to high restructuring costs.

For the Asian airlines to lead the industry, Bisignani said it would require improving standards in technology, policy and environmental protection though better fuel efficiency.