Penang Convention & Exhibition Bureau (PCEB) today announced that the Business Events Penang industry had achieved an Estimated Economic Impact (EEI) of RM 1,312,897,291 for the year 2018, a 31% increase from 2017.
“This positive increase of association meetings coming into Penang allows us to look beyond the numbers and focus on the long-term benefits.”
The industry achievement was announced at the launch of the Business Events Penang 2018 Annual Review produced by PCEB at the Eastern & Oriental Hotel.
Launching the 2018 Review were the Chief Minister of Penang Chow Kon Yeow. Also present were Penang State Exco for Tourism Development, Arts, Culture and Heritage(PETACH) Yeoh Soon Hin; and PCEB CEO Ashwin Gunasekeran.
The Business Events Penang Annual Review is a comprehensive study of the industry, a key component of Penang’s tourism sector. The first industry review was released in 2016, and over the three years, the EEI for Business Events Penang has grown by 62% from RM 808.326 million in 2016 to RM 1.313 billion in 2018.
The analysis and study by PCEB revealed that one of the most significant growths experienced in the three years is the number of room nights; an astounding growth of 285%. This has been attributed to an increase in the number of Business Events delegates and the duration of the events held in Penang.
Among the top contributing segments for Business Events Penang in 2018 include International Association (20,601 delegates, EEI of RM 129.244 million), International Corporate (85,664 delegates, EEI of RM 470.150 million), and National Corporate (176,778 delegates, EEI of RM 528.908 million).
PCEB’s CEO Ashwin Gunasekeran informed that PCEB would be focusing more on garnering more association meetings as they prove to be the highest contributor to the Business Events. “This positive increase of association meetings coming into Penang allows us to look beyond the numbers and focus on the long-term benefits they have for the destination in the form of a legacy, as well as an interconnected network, partnerships and growth between the association, suppliers and participants,” he said.
In his official address, Chief Minister Chow said, “Ensuring the sustainability and continuous growth of the Business Events sector falls in line with the vision of Penang2030. Two of the key tenets of Penang2030 is creating a variety of high-quality tourism products
across Penang Island and Seberang Perai as well as to foster an ecosystem that nurtures creative industries and niche business services. I am confident that the Business Events sector will have an empowering force to facilitate these two targets for the state.”
Commending the Business Events Penang industry members, Penang State Exco and PCEB Chairman Yeoh said, “Your valuable contribution through Business Events not only positively impacts the economic growth of the state, it also propels community development. What this 31% growth means to the people of Penang is jobs, better opportunities, and avenues to sharpen entrepreneurial skills.”