MICE Industry Can Generate RM76.8 Bln, Attract Over 25 Million Tourists In Conjunction With ASEAN Chair, VMY

KUALA LUMPUR, May 3 (Bernama) — The business events industry or Meetings, Incentives, Conferences and Exhibitions (MICE) is projected to record the arrival of more than 25 million international tourists and industry players with total revenue expected to reach RM76.8 billion in conjunction with Malaysia's ASEAN chairmanship this year and the implementation of Visit Malaysia Year (VMY) next year.

World Trade Centre Kuala Lumpur (WTCKL) group managing director Datuk Seri Dr Irmohizam Ibrahim said both events are seen as particularly beneficial to Malaysia, especially in driving a people-centric economic boom and also an industry centered on business events. 

“In terms of the role of the WTCKL and all convention centres in Malaysia, they can contribute directly or indirectly to the country’s economic growth, and it depends on three main indicators, namely the development of the business ecosystem, job creation and community economy.

“I often say the business events industry or convention industry is a new service-based economic resource that I think Malaysia can be a catalyst or contribute to the world’s confidence in hiring Malaysian human resource in future.

“When there is an event at WTCKL, the community economy, for example in terms of e-hailing, public transportation, hotel bookings, food and beverage, as well as local tourism activities (tourism locations in our country) can also benefit,” he said during the Ruang Bicara Aspirasi Ekonomi programme titled ‘Convention Industry Driving Strategic Economy’ broadcast by Bernama TV last night.

He said that before COVID-19 hit the country, the business events or MICE industry had contributed RM86.14 billion to Malaysia's gross domestic product (GDP), with international tourist arrivals exceeding 26 million in 2019.

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Meanwhile, Irmohizam said, the current global economic transition, especially with the ongoing tariff war, required serious attention.

“Malaysia as a country that is not exempted, needs to see how the business events industry can play a strategic role in the country's economic ecosystem, to ensure that Malaysia continues to emerge as a regional business events destination hub.

“I am organising this not only for exhibitions and conventions but also for events such as concerts and conferences that can attract international visitors, high-profile international delegations including delegations of speakers, investors and industry players worldwide to Malaysia,” he said.

According to him, the business events industry is not only able to have an impact on Malaysia's branding, but also increases the confidence of direct and indirect investors to come to Malaysia, based on their confidence in the existing ecosystem.

“For example, the KL International Book Fair, which will be held at the World Trade Centre here at the end of May, will bring together various publishers, book creators and delegates worldwide.

“Of course, this event will create an ecosystem that contributes to generating demand for hotel accommodation, services, transportation, food and beverage and tourism activities in Malaysia,” he said.

— BERNAMA