Canada’s aim to lure organisers of large international association meetings to their destination is on the brink of success with the launch of a new subvention fund. The money will be distributed to the Canadian convention bureaux to help them bid for international meetings, which align with Canada’s wider economic strategy.
It will be used to help event organising bodies defray the cost of their meetings by supporting venue hire, marketing budgets, transportation costs etc.
“This investment will ensure that Canada can contend with the best — and then welcome them.”
“Hosting more international events is a central part of our work to help Canadian tourism reach its full potential,” said the Honourable Soraya Martinez Ferrada, minister of tourism.
“That’s why, as part of the new Federal Tourism Growth Strategy, Destination Canada is making historic investments to attract more conferences and conventions. These events showcase the best of Canada, extend our tourism season, and attract businesspeople – who typically spend twice as much as leisure travellers.
“We anticipate that this program will bring in at least CAD$174 million into the Canadian economy. From the Women Deliver Conference to the World AIDS Conference, Canadians are world-class hosts. With fierce competition for these events, this investment will ensure that Canada can contend with the best—and then welcome them.”
Funding from the Government of Canada will support eligible Canadian destinations in their bids to host major international business events. The awarded financial commitment, eligible up to $1 million CAD will be determined by a pre-established scoring system based on various criteria. ICAF is then estimated to produce around CAD$3.5 for every dollar invested, generating at least CAD$174 million for the Canadian economy.
“We see 2024 as Canada’s year of competitiveness for business events,” said Destination Canada CEO, Marsha Walden. “This is what it takes to compete for the world’s major business events, and win. Business events have immediate benefits for the Canadian economy and the tourism sector today as well as long-term ‘beyond- tourism’ benefits in attracting foreign direct investment, innovative businesses, and new talent in high-growth sectors that are critical to Canada’s future economy.”
WHO IS ELIGIBLE FOR ICAF FUNDING?
Canadian Destination Management Organizations (DMOs) putting together a bid for an eligible major international convention may apply.
DMOs must have an international business events attraction strategy, which includes the following key components: hosting infrastructure and facilities, marketing and promotion, dedicated financial and human resources, and industry collaboration.
The international convention under consideration must:
- Fall within one of Destination Canada’s six priority sectors – advanced manufacturing, agribusiness, life sciences, natural resources, digital industries and finance/insurance – and/or align with a Canadian federal government mandate, objective or initiative.
- Produce well-documented economic benefits for host regions.
- Qualify as a “citywide” event by attracting a pre-defined minimum number of delegates, proportional to the size of the city, its infrastructure and facilities.
Visit www.destinationcanada.com to find out more.
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