The business events industry is a profitable sector that needs to be tapped into, as business travellers generally spend more and stay longer than the average tourist, while international business events create a ‘snowball effect’ to the economy and related industries.
Strong support from the government is crucial in bringing more international events to the destination and to contribute to the overall economic impact of the country.
“According to The Economic Significance of Meetings to the US Economy, only 43% of this direct spending went to travel and tourism commodities such as food & beverage and air transportation. The remainder, 57%, went to meeting commodities such as venue rental, meeting planning and production," MyCEB noted.
MyCEB added that for Malaysia, the business events sector is especially important as a driver of GDP. By 2030, it said business events are expected to attract 5.9 million delegates, contributing to RM42.12 billion (US$9.2 billion) in estimated economic impact whilst creating an estimated 25,833 jobs.
Abdul Khani, CEO of MyCEB said: “Even though business was down compared to 2019 due to the global economic downturn which resulted in reduced demand, companies do realise that corporate events, product and media launches must continue in order to gain a stronger presence in their respective fields when the economy recovers.
"Overall, the business events sector is lucrative and growing, as our country develops. What we need currently is strong funding by the Government in order for us to bring in more international events to our shores that contribute to the overall economic impact of our country.”
In 2019, prior to the pandemic, MyCEB hosted 330 business events activities all over the country at 34 different purpose-built venues for convention and exhibition.
During the pandemic, it launched the Malaysia Business Events Strategic Marketing Plan (SMP) 2021-2030, with the support of industry players, which aims to deliver transformative outcomes and a strong short-term action plan enabling Malaysia to recover swiftly.