Seoul adopts tool to support future bids and enhance its competitiveness. Photo Credit: Adobe Stock/gorkhe1980
Seoul Tourism Organization (STO) has introduced a tool to measure the economic impact of events, enabling it to analyse and use data to assess the value of events.
The Event Impact Calculator, originally co-developed by Destinations International (DI) and global economic analysis firm Tourism Economics, is a global standard platform that quantitatively measures the economic value generated by MICE events. STO’s version has been tailored to Korea’s MICE environment and will be used to support future international event bids and policy development.
Ki Yon Kil, president and CEO of the STO said, “The MICE industry is a core driver of a city’s sustainable growth and global competitiveness. By adopting this calculator, we can objectively demonstrate the economic value of international meetings and accelerate the development of advanced policies to establish Seoul as a leading global MICE destination.”
STO said it plans to strengthen its support for academic and industry associations in attracting international conferences. Through quantitative, data-based analysis, Seoul aims to accelerate its transformation into a sustainable and globally competitive MICE city.