Sydney is Australia’s number one business events destination; half of all business travellers to Australia visit New South Wales (NSW). The NSW government recognises that business events deliver valuable economic benefits to the state. We are a strong supporter of Business Events Sydney (BESydney), the state’s convention bureau, and the organisation delivers an excellent return on our investment – 32:1 in 2010/11.
Delegate tourism expenditure is an obvious economic benefit derived from hosting business events. Boosting the visitor economy is a key NSW government strategy to help grow the economy, and increasing the number of business events held in Sydney and regional NSW will play an important role in achieving strategy targets. Last financial year alone, 63 business events previously secured by BESydney were held, generating 224,957 delegate days and A$194 million (US$205 million) in economic impact for NSW.
Beyond the tourism value of business events, there are other significant long-term economic benefits. A successful business events strategy attracts world leaders to our shores and they experience first-hand Sydney’s dynamic business environment, our significant and respected intellectual capital, our stunning landscapes and leisure activities.
This inspires return travel and stimulates broader business opportunities. We all know that healthy businesses provide jobs for our local communities and in turn fuel productivity and economic activity.
To maximise these economic benefits and maintain our position as a global event city, industry and government must collaborate and be collectively future-focused and committed to the development of this valuable sector.
We must have an expert convention bureau. We must have world-class infrastructure – plans for the Sydney International Convention, Exhibition and Entertainment Precinct are under way. We must work as one across many portfolios and sectors, as by working together, we can increase the economic return to NSW through business events.