BUSINESS events in Penang made an estimated impact of more than a billion Malaysia ringgit (US$256m) on the provincial economy in 2017 – less than a year after a convention bureau for the island state was established.
Figures show there were 2,511 events in 2017, compared to 1,251 the previous year, with Penang Convention & Exhibition Bureau also supporting 94 international and national events in 2017, an increase from 37 events supported in 2016.
Lim Guan Eng, chief minister of Penang, said in launching Penang Convention & Exhibition Bureau (PCEB)’s 2017 Review that he was proud to announce that PCEB and its partners have reached the MYR1 billion target for Penang’s Business Events in 2017.
Lim said the overall Estimated Economy Impact for the year was MYR1.002 billion with Penang hosting a total of 2,511 events, with 267,518 participants. This resulted in MYR1.373 million in room fees with an accumulation of 457,806 room nights.
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PCEB chief executive, Ashwin Gunasekeran, said that as service industry is the leading contributor to Penang’s economy, the business events industry’s contribution is growing. Not only are business events creating jobs, but also driving more private-sector investments into the state. These include the Penang Waterfront Convention Centre due to open in 2021 and nine new hotels by 2019.
The 2017 Review is a result of a year-long data collection initiative by PCEB to document the success of the island state’s business events industry. The in-depth review provides statistics and comparisons of all sectors and markets that contribute to the business events industry in Penang.
The review also showcases PCEB’s initiatives and achievements throughout 2017 along with a summary of activities and events it has organised. These include the first Penang Medical Expo and Healthcare Policy Conference, George Town Literary Festival and BE@ Penang, the state’s business events conference.
The PCEB annual review gives business events industry partners an insight into the segments and markets that are available in Penang, and which areas have growth potential.
The review was launched at the newly opened Doubletree Resort by Hilton Penang.
