Caption: To encourage international conferences, Seoul intends to offer additional incentives and financial support. Photo Credit: Adobe stock/kampon
The Seoul Metropolitan Government is investing 9 billion won (US$6.74 million) to boost its MICE industry, marking a 16.8% increase from the previous year's allocation.
This strategic move aims to elevate Seoul's status as a premier destination for major exhibitions and international conferences, putting it in league with renowned events such as CES in Las Vegas, and the World Economic Forum in Davos, Switzerland.
The initiative not only seeks to rejuvenate the MICE sector but also aims to stimulate the broader tourism market by integrating business with leisure opportunities. The city has set an ambitious target of attracting 1.2 million tourists this year, with a focus on securing medium-to-large-sized events, especially those relevant to Seoul's key industries such as AI, robotics, biotechnology, fintech, and the creative sector.
To incentivise international conferences in the biotechnology and advanced technology sectors, Seoul plans to provide up to 280 million won in support per event, aiming to attract 30 such gatherings. Additionally, the government will offer support to 33 exhibitions and four Seoul-based international conferences with professional consulting and funding of up to 80 million won each.
The initiative also includes diversifying efforts to attract corporate meetings and incentive tourism, expanding beyond Chinese organisations to target markets in Southeast Asia and India. The Seoul Tourism Organization will offer tailored subsidies to entice foreign tourists, varying benefits based on the number of international visitors and their length of stay.