Every year, Meetings, Incentives, Conventions and Exhibitions (MICE) generate billions of ringgit for Malaysia. Meeting Planner takes a closer look at the industry.
MICE is a lucrative multi-billion dollar industry for many countries around the world. According to the Convention Industry Council’s 2007 Certifi ed Meeting Professional Report, meetings, conventions, exhibitions and incentive travel generated direct spending revenue of US$122 billion in 2004, and that’s just for the United States alone.
On the Malaysian front, slightly more than a million tourists visited the country for MICE in 2007 and spent RM3.17 billion, accounting for 5% of the total 20.7 million tourist arrivals to Malaysia. Although this was an improvement of 23.5% in the number of MICE tourists compared to 2006, it is only a fraction of total tourist arrivals. It is this percentage that the government is looking to improve on, to a targeted 30% to 40%.
As a popular tourist destination, it makes perfect business sense for a country like Malaysia to leverage on its existing facilities and attractions to lure business travellers to its shores. In a global economic slowdown like the one we’re grappling with now, corporations are becoming extremely cost-sensitive and every cent matters. Such sentiments augur well for a country like Malaysia, which offers great value for money, from its airfares to venues to accommodation and entertainment. Foreign event organisers are seriously shifting their attention towards the country to shop for the most cost-effective arrangements for their clients, who are becoming more and more value-driven.
| < Prev |
|---|