Singapore Seen As Benchmark for Malaysia in Business Tourism
Currently, the Meetings, Incentives, Conventions and Exhibitions (MICE) segment in Malaysia contributes about 8% to total tourism receipts. Malaysia is looking at Singapore as a benchmark to bring in more business tourism into the country, with a target of 10%-15% of overall tourism receipts by 2020.
According to Muhammad Bakhtiar Wan Chik, Deputy Minister of Tourism, Arts and Culture, business tourists bring in three times more revenue than leisure tourists. He explained that
the ministry’s target is to achieve 36 million tourists by 2020, generating RM168 billion in tourism receipts. He added that by 2020, business events are expected to contribute RM3.9 billion in the incremental of gross national income.
He also shared that the business events industry will remain an important component to Malaysia’s prosperity. He said that the impact from hosting international business events not only stretches beyond direct spending and job creation, but will also help power Malaysia’s continued development as a knowledge and creative society.