Dreaming of Davos and Vegas, Seoul boosts investment in MICE tourism

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Dreaming of Davos and Vegas, Seoul boosts investment in MICE tourism

Published: 14 Feb. 2024, 17:41

CHO JUNG-WOO
cho.jungwoo1@joongang.co.kr

A rendered image of a convention and exhibition center at Jamsil Sports MICE Complex in southern Seoul [SEOUL METROPOLITAN GOVERNMENT]

The city of Seoul will expand its investments in MICE tourism, aiming to attract around 1.2 million tourists through conferences, exhibitions and other global events.

According to the Seoul Metropolitan Government on Wednesday, the city will inject 9 billion won ($6.7 million) into the MICE industry, a 15 percent increase from last year's 7.7 billion.

MICE stands for meetings, incentives, conferences and exhibitions.

Hoping to host regular international events like CES in Las Vegas and the World Economic Forum in Davos, the city will select four Seoul-based international conferences this year, providing them with professional consultation and up to 80 million won in subsidies.

The target market, which has been focused on China, will be expanded to other countries, including Southeast Asian countries and India.

The capital will focus on hosting mid- to large-scale events inviting over 3,000 visitors, including 1,000 foreigners. It will also host major events related to the five major areas the city is focusing on fostering — AI, robotics, bio, fintech and creative industries.

Nearly 300 million won will be invested to win the bid to host 30 international conferences, including bringing the 2025 International Congress and Convention Association (ICCA) to Seoul.

The expansion of the investment comes as the city falls behind many other countries in hosting such events.

Seoul has topped the Global Traveler’s Tested Reader Survey Awards as the best MICE city for nine straight years. However, according to the Korea Tourism Organization’s data based on the ICCA standards, the Korean capital ranked 18th among cities hosting MICE events worldwide in 2022.

Global Traveler cites Seoul as best MICE city in the world

Vienna ranked first on the list, hosting 162 MICE events in 2022, followed by Lisbon’s 144 and Paris’s 134. Seoul had 66 MICE events in that year.

“The MICE industry yields an over 300-fold economic effect compared to the amount invested in events,” said Kim Young-hwan, director-general of the city government’s tourism and sports bureau.

“The city will try to boost the quality of tourism in Seoul by enhancing support measures that will lead to the growth of related industries and successfully attracting 1.2 million MICE tourists.”

BY CHO JUNG-WOO AND LEE SOO-KI [cho.jungwoo1@joongang.co.kr]