Kuala Lumpur: The business events industry, also known as Meetings, Incentives, Conferences, and Exhibitions (MICE), is poised to generate the arrival of over 25 million international tourists and industry participants, with anticipated revenue of RM76.8 billion. This growth coincides with Malaysia’s ASEAN chairmanship this year and the upcoming Visit Malaysia Year (VMY) next year.
According to BERNAMA News Agency, World Trade Centre Kuala Lumpur (WTCKL) group managing director Datuk Seri Dr Irmohizam Ibrahim emphasized the potential benefits for Malaysia. The dual events are expected to drive economic growth centered around business events, contributing to the nation’s people-centric economic development.
Dr Irmohizam highlighted the pivotal role of WTCKL and other Malaysian convention centers in fostering economic growth through three main indicators: the development of the business ecosystem, job creation, and community economy enhancement. He described the MICE industry as a burgeoning service-based economic resource that positions Malaysia as a key player on the global stage, bolstering confidence in Malaysian human resources.
He noted that business events significantly benefit the community economy, impacting sectors such as e-hailing, public transportation, hotel bookings, food and beverage, and local tourism. Prior to the COVID-19 pandemic, the MICE industry contributed RM86.14 billion to Malaysia’s GDP, with international tourist arrivals surpassing 26 million in 2019.
Addressing the global economic transition and ongoing tariff war, Dr Irmohizam stressed the strategic role of the MICE industry in Malaysia’s economic ecosystem. He aims to attract high-profile international delegations, including speakers, investors, and industry leaders, to Malaysia through diverse events such as concerts and conferences.
He also pointed out that the business events industry enhances Malaysia’s branding and builds investor confidence in the country’s ecosystem. He cited the upcoming KL International Book Fair at WTCKL, which will bring together publishers and delegates worldwide, as an example of how such events stimulate demand for hotel accommodation, services, transportation, food and beverage, and tourism activities in Malaysia.