MICE: The Driving Factor for Future Development

in a Country

The Meetings, Incentives, Conventions and Exhibitions (MICE) industry is one of the key drivers of tourism destination development and an important sources of income, employment and foreign investment. Beyond economic benefits, the MICE industry presents opportunities for knowledge sharing, networking and capacity building, making it an important driver for intellectual development and regional cooperation.

The MICE industry is recognised as the driving force for economic, social and cultural development worldwide as it: creates added value for tourism and enhances the tourism economy, mainly in the low season i.e. business events’ visitors are not only among the most lucrative tourist segments across the world but they can extend their stay for leisure purpose to showcase of excellence in creative industries.

MICE Industry has been recognized as a high value industry adding business worldwide as it creates jobs and retrains workforces and many countries are committed to strengthening and enhancing the infrastructure to accommodate internationally renowned events at a national level. This is a multifaceted business, in which convention and exhibition centres, specialized facilities, tourism, trade, and distribution operate systematically in generating revenue. The expenditure of a MICE-related visitor exceeds than of the general tourist. This industry creates jobs and increases exposure of the host country, which in turn impacts the economy significantly. The growth of the convention industry since the 90s was due to a number of factors on both the supply and demand sides. Some factors are closely related to factors that supported the growth of tourism in general. For example, the increase in disposable income, the greater propensity to travel, increased leisure time, improvement in transportation industry and technology have all facilitated the growth of the convention industry. The numerous factors specific to the convention industry had contributed to its development.

Resulting from the greater demand for conventions and meetings and in view of the industry’s potential economic benefits, many destinations around the world have invested heavily in infrastructure development. National and local convention bureaus actively promote destinations’ facilities and other attributes that influence the site selection process. Furthermore, industry representation and coordination through international, national, and regional association have also improved significantly

The MICE industry is capable of generating huge revenues for the country especially in value-added area of business transactions such as trading production and export and tourism related services. The tourism-related revenue generated by MICE visitors is significant contribution to the overall tourism industry. It’s is anticipated that all those involved in the MICE industry, including organizers, venue management and hospitality service providers are in the process of strengthen their human resources in anticipation of the demands for international standard of service.

Jey Mazumder