PENANG BUSINESS EVENTS INDUSTRY GARNERS RM1.29 BLN IN 2024 - CHOW

BAYAN LEPAS, March 10 (Bernama) -- The business events industry in Penang achieved an estimated economic impact (EEI) of RM1.29 billion last year, marking a 24.8 per cent increase from 2023.

Penang Chief Minister Chow Kon Yeow said the state hosted 2,059 business events in 2024, representing a substantial 240.9 per cent increase from the previous year.

He said those events attracted 305,259 delegates, marking an 87.3 per cent rise, with the total room nights generated reaching 558,543, which reflected a steady 3.6 per cent.

“This surge is a testament to the collaborative efforts of all stakeholders, including government agencies, industry partners and the dedicated team at the Penang Convention and Exhibition Bureau (PCEB),” he said at the Business Events Penang 2024 Annual Review, here today.

Penang Tourism and Creative Economy chairman Wong Hon Wai and PCEB chief executive officer G. Ashwin were also present.

Chow highlighted that 2024 was a landmark year for Penang as it welcomed the International Advertising Association (IAA) World Congress, the first time this prestigious event was held in Southeast Asia.

He also said Penang hosted the World Research Travel Conference 2024 as part of the 50th anniversary of diplomatic relations between China and Malaysia.

“These events elevated Penang’s global profile and showcased our capabilities in hosting large-scale international conferences.

“The success of such high-profile events is underpinned by robust infrastructure and strategic planning,” said Chow.

The chief minister said Penang will be hosting various ASEAN meetings this year, encompassing working, senior official and ministerial levels across strategic sectors including security, economy, investment, trade, education, and youth development.

He said the extensive engagement will position Penang as a pivotal hub for regional and international events, leveraging Malaysia’s ASEAN chairmanship to attract global attention and investment.

Meanwhile, Wong said the influx of delegates to business events will directly boost local tourism and bring substantial economic benefits to hotels, dining, transportation and related industries, propelling Penang’s overall economic growth.

“This year, three major conferences, each expected to attract over 8,000 participants, are in active preparation.

“Additionally, with Malaysia serving as chairman of ASEAN in 2025, several important international meetings will be held in Penang, further cementing its status as a regional conference hub,” he said.

Wong stated that Penang was Malaysia’s second busiest airport after Kuala Lumpur International Airport (KLIA) last year, highlighting the state’s growing role as a key hub for both business and tourism.

-- BERNAMA