PENANG MICE INDUSTRY'S ESTIMATED ECONOMIC IMPACT HIT RM1 BLN IN 2025

GEORGE TOWN, Jan 5 (Bernama) -- The Meetings, Incentives, Conferences and Exhibitions (MICE) industry in Penang recorded an estimated economic impact (EEI) of RM1 billion last year.

State Tourism and Creative Economy Committee chairman Wong Hon Wai said MICE is an important sector in driving Penang’s economic growth.

“Last year (2025), the estimated economic impact (EEI) of MICE activities reached more than RM1 billion, covering the transportation, retail, hospitality, and supply chain sectors in the state. With the presence of the Penang Waterfront Convention Centre (PWCC), we expect the economic impact figure to rise even further in 2026. The actual figure may be higher as demand for event hosting continues to increase,” he told reporters here today.

He was speaking after Chief Minister Chow Kon Yeow conducted a working visit to PWCC at The Light City here. Also present was IJM director Datuk Tony Ling Thou Lung.

Chow said Penang’s MICE sector has shown encouraging growth over the past few years due to the active roles played by the Penang Convention & Exhibition Bureau (PCEB) and Penang Global Tourism (PGT).

He said PWCC is expected to become a key catalyst in strengthening Penang’s position as a tourism and MICE hub, not only in the northern region of Peninsular Malaysia but also at the national level.

According to him, the addition of the new convention centre is not meant to compete for existing opportunities, but rather to accommodate the growing demand from organisers and tourists who choose Penang as an event destination.

“The opening of PWCC since October last year has added another strategic facility to the existing MICE ecosystem in the state. I welcome the opening of PWCC, and by mid-year, the shopping mall, office spaces, and hotel will also be fully completed.

“This will become a very important centre in enhancing Penang’s potential as a MICE event destination and will also enable Penang to fully realise its potential as a tourism and MICE hub in the northern region,” he said.

Commenting on the mixed-use development comprising a shopping mall, offices, and a hotel within the PWCC area, Chow said it catalyses overall development rather than contributing to an oversupply of shopping malls. “It is an integrated development that provides supporting facilities for the convention centre and the surrounding area. Therefore, it has its own role as a development catalyst, and we congratulate IJM and its strategic partners for successfully delivering an international-standard facility to Penang and Malaysia,” he added.

Meanwhile, IJM’s Ling said the shopping mall to be developed at PWCC will not create an oversupply issue in Penang, as it is part of a carefully planned integrated mixed-use development. He said the mall is not developed as a standalone project, but instead functions as a catalyst for the overall development, which includes the convention centre, office spaces, and a hotel.

Ling added that the issue of oversupply of shopping malls depends on location and development planning. In the case of PWCC, the shopping mall has a specific role in providing facilities and amenities to the surrounding area. “This shopping mall is part of an integrated development and is created to support the functions of the convention centre, offices, and hotel in this area, not to add to an oversupply of shopping malls,” he said.

Previously, the media reported that the freehold project, valued at RM4.5 billion, spans a gross floor area of more than 330,000 square feet and is situated along the Tun Dr Lim Chong Eu Expressway, near the Penang Bridge and The Light Waterfront. PWCC is part of the Penang waterfront development, and the project is a joint venture between IJM Corporation Bhd (IJM) and Singapore-based Perennial Holdings Private Ltd (Perennial Holdings).

-- BERNAMA