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2014 MICE Destinations 1. Major Results from 2014 Busan MICE Industry

In 2014, a lot of cities of the world have striven to grow their MICE industry and thereby create added value for them. As a result, a lot of cities have turned out to have registered steadily improving performance in the international ranking as disclosed by Union of International Association (UIA) or International Congress and Convention Association (ICCA). Among them, Busan, a Korean city, has cut a figure in MICE among Korean cities through the year by registering a total of 261% for the last five years in accordance with UIA statistics by hosting major international conventions such as ITU Plenipotentiary Conference and ASEAN-Republic of KOREA Commemorative Summit. In its turn, London has grown 100% for the last five years based on ICCA statics through hosting strategic conventions that rapport with the flagship industries of the region. So, for this issue, we have taken a closer look at the MICE industry and other major business projects in Busan and London, respectively, that have registered an outstanding performance in the Korean MICE market in 2014.

Contents

1. Major Performance from 2014 Busan MICE Industry
2. Growth Strategy and Major Projects for Busan MICE Industry
3. Major Performance from 2014 London MICE Industry
4. Growth Strategy and Major Projects for London MICE Industry

1. Major Results from 2014 Busan MICE Industry

1) Hosting Top 3 Super-Large International Events

① ITU Plenipotentiary Conference
Economic Spillover Effect and Political and Diplomatic Outcome amounting to 700 bil. dollars
International Telecommunication Union Plenipotentiary Conference (ITU Plenipotentiary Conference) is a top-level general assembly in which ministers in information and communications technologies (ICT) from all ITU member countries meet every four years to make final decisions on global ICT policies. According to The Herald Business (dated Dec. 29, 2014), 2014 Busan ITU Plenipotentiary Conference came in as the largest ever event with approximately 3,000 people in government delegations from different countries including ministers and deputy ministers of some 170 countries of the world. Proceeding for three weeks (Oct. 20 ? Nov. 7, 2014), the generated direct effect on production inducement amounted to 130 billion won according to an analysis. Notably, the special events and cultural events which were linked to the event attracted 600,000 people, thus creating an economic spillover effect worth a whomping 700 billion won. The session of ITU Plenipotentiary Conference not only showed the powerful ICT infrastructure but also demonstrated that Korea is a power in terms of policy and foreign relations. Furthermore, having successfully implemented a major conference which gathered ranking dignitaries from all over the world, Busan was able to demonstrate its capacity and possibility as a convention city.

② Korea-ASEAN Summit
A bridgehead for economic exchange among businesspeople and regions
Held at BEXCO in Busan on Dec. 11 and 12, 2014, ASEAN-Republic of KOREA Commemorative Summit was an international event which drew to Busan leaders of ten ASEAN countries and 3,000 or so businesspeople in the way of commemorating the 25th anniversary of the dialogue between Korea and ASEAN which was established in 1989. The event actively staged not only meetings among the country leaders but also the get-together between the delegation and principal businesspeople. Especially, Busan, as the host city, took the opportunity to put in its best efforts to expand the exchange between the city and ASEAN business people. For this purpose, Mayor of Busan Metropolitan City, Mr. Suh Byung-soo, moved busily to expand international exchange while holding business meetings with representatives of different national economies such as Indonesia, Myanmar, and Brunei. His actual accomplishment included the approval of a Ho Chi Minh branch of Busan Bank and the advancement of Busan-based medical foundations into medical tourism. With this event, Busan Metropolitan City expects, the region’s trade volume will grow exponentially from its 2013 trade volume of mere 3.4 billion dollars.

③ G-Star
G-Star 2014 attracts largest ever audience with big investment and support from the city government
G-Star 2014, Global Game Exhibition, which was participated by 617 game-related companies from 35 countries including Korea, was wrapped up with an estimated audience of 200,509 persons. Proceeding for four days from Nov. 20 through 23, 2014, the event which was held at BEXCO in Busan provided plenty of visual attractions, not only drawing the largest ever audience in the history of G-Star, but also presenting a variety of 10th-anniversary events including B2C and B2B exhibitions. Having moved its venue to Busan in 2009, G-Star has renewed its record each year and kept on with its dazzling growth. Here comes Busan Metropolitan City with strong commitment to solidly supporting the game industry. Presenting its plan to invest for next five years 100 billion won in the local game industry, Busan Metropolitan City is demonstrating aggressive commitment to investing while aiming to host G-Star permanently. Such strong commitment from Busan Metropolitan City to support and investment is going to have positive influence on Interim Evaluation of the post G-Star Venue to be held in January and February, 2015.

2) Busan Hosts a Steadily Growing Number of International Meetings

According to UIA, the city ranked 9th among international event host cities
According to 2013 International Meetings Statistics Report listing top international meeting cities as disclosed this year by Union of International Associations (UIA), Busan which hosted 148 international meetings came in 9th among 1,465 cities of 174 countries and 4th in Asia. According to Financial News (dated Jun. 11, 2014), Busan making top 10 cities was a feat achieved in 8 years from 2005 when the city made top 100 cities by coming in 73rd. Considering the growth rate of 261% from 2009 through 2013, its status as the only non-capital city among those Asian cities making top 10, and the 41 international events hosted in Busan in 2009 according to UIA, Busan registered a whomping 261% in just 5 years in its performance in hosting international meetings. Such performance, which surpassed the growth rate of Singapore (44%) and that of Seoul (60%), stood out among high-ranking cities. Moreover, given that Busan is the only non-capital Asian city among the world’s top 10, the current performance shown by Busan has a lot of implications for the domestic and international MICE industries.

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