GEORGE TOWN, March 20 — Business events industry in Penang has raked in an estimated economic impact (EEI) valued at about RM1.3 billion last year, announced Penang Convention and Exhibition Bureau (PCEB).
Its chief executive officer G. Ashwin said the EEI for business events industry in the state has grown by 62 per cent from RM808 million in 2016 since the inception of Business Events Penang Annual Review three years ago.
He said Penang had hosted 2,733 business events in 2018, increasing steadily from 1,251 events in 2016 and 2,511 events in 2017.
“We expect that we can achieve an EEI of RM 1.6 billion for this year and a marginal 30 per cent increase in the number of business events held in Penang,” he told reporters after the launching of PCEB’s third Business Events Penang Annual Review by chief minister Chow Kon Yeow here today.
He said PCEB would be focusing on garnering more association’s meeting as they proved to be the highest contributors to the business events industry.
According to the annual review, among the top contributing segments for business events Penang in 2018 included international associations with EEI of RM129.2 million, international corporates (RM470.1 million) and national corporates (RM528.9 million).
“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,” he said, adding that Penang is now the top second-tier destination of choice for business meetings. — Bernama