Driving Thailand’s Economy Through MICE

Thai MICE (Meetings, Incentive Travel, Conventions and Exhibitions) continued to grow last year with total revenue of more 200 billion baht. Thailand Convention and Exhibition Bureau (TCEB), a public organization has initiated business strategies that include both the public and private sectors to focus on the 10 targeted S-curve industries and Thailand 4.0 initiative. This is welcome news for the meeting facility sector because they could attract more events to be organized in the Kingdom.

TCEB will play the role of marketing agency for Thailand to attract more organizers to host their MICE events in Thailand. Thailand is a dynamic MICE destination because there is an ecosystem of ideas, people and technology. There is vibrant knowledge and wide networks that can help event organizers as well as business travellers.

Business travellersare often referred to as quality customers because they usually spend three times more than an ordinary tourist. As a result, multiple effects and positive impact are generated on the MICE supply chain that includes event venues, hotels, logistic services, tourist attractions and the service sector. Moreover, business conferences tend to bring new know-how and business opportunities for the Thais.

TCEB’s supportive strategy is compatible with Thailand 4.0 initiative that focuses on making Thailand as the centre of business in Southeast Asia. TCEB is supportive of all MICE activities and aims to provide the right know-how and international matching opportunities for Thai investors. Another MICE objective is to attract global investors to the country.

For example, if Thailand wins bidding for a business event in robotic profile, the country will not only gain a lot of benefits since a multiple effect will be created besides the economic impact. Potential opportunities for new business as well as investments on products, services and knowledge can be generated.

The direct economic impact of the MICE industry can be measured through expenditures on the industry that includes organizers, meeting facility, logistic services, security services and equipment rental. The indirect economic impact includes additional expenditures incurred by vendors of the MICE industry as well as those of businesses that provide products and services to visitors and delegates like food and beverage, transport and recreation.

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