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Wednesday, June 19, 2024

More conventions and conferences expected to boost business activities

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An executive of World Trade Center Metro Manila on Thursday underscored the role of meetings, incentives, conference and exhibitions or MICE sector in harnessing economic activities and helping hasten the country’s recovery.

WTCMM chairman and chief executive Pamela Pascual said major national and international events attract businessmen and entrepreneurs with high interest to engage in trade and new business opportunities, creating prospects for the movement of local products, trade receipts and foreign direct investments that harness employment.

“WTCMM, as a recognized major venue provider in the country, along with other industry players, play a vital role in the economic recovery by providing a fast track for companies in the B2B [business to business] space,” she said.

Pascual cites cases of industry shows like PHILCONSTRUCT and WORLDBEX in 2022 and 2023, respectively, which brought the local construction and building industry and its foreign counterparts face-to-face and virtually.

WTCMM linked the PHILCONSTRUCT show with buyers in China online, while buyers from Tianjin, China visited WORLDBEX.

“In these cases, we optimized the value of the global network of the WTCA in promoting business, trade and investments,” she said.

She said apart from China, companies from Japan, Taiwan and Korea are regularly participating in trade shows in the Philippines.

Pascual said that beyond generating business opportunities, the MICE industry triggers a multiplier effect for other industries such as hotels and accommodation facilities, transportation, shopping and retail, restaurants and tourist destinations.

The industry also boosts the country’s socioeconomic development as it facilitates knowledge and technology transfer, boosts tourism and entertainment, promotes cultural exchange and global understanding needed to foster regional collaboration, and builds a positive image for the country, she said.

Long treated as a sub-product of tourism in the country, MICE has been drawing attention as a high value-added industry. A MICE delegate spends as much as six times compared to what an average leisure tourist spends a day.

Countries with successful MICE industries have institutionalized monitoring of their contribution to the economy. In Thailand, MICE contributed $3.2 billion or 0.77 percent of its gross domestic product.

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