Keeping MICE sector closed will lead to RM27.5 bil in GDP losses: council

KUALA LUMPUR – Business events or meetings, incentives, conferences and exhibitions (MICE) need to restart urgently.

This is because any further delays to reopening the industry will cost the country more than RM27.5 billion in gross domestic product (GDP) losses.

Business Events Council Malaysia (BECM) acting chairman Datuk Vincent Lim said that if the arts and creative industries, including cinemas, art galleries and museums, can reopen in the final quarter of this year, there is no reason to keep the business events sector closed.

“It does not augur well as to why the entertainment industry, such as cinemas, galleries and art exhibitions, can reopen, yet such a critical sector like business events, which includes trade exhibitions and conferences, remain closed,” said Lim.

Lim said that the reopening of the sector is crucial to ensure that the 28,000 companies part of the BECM and 3.24 million people employed by them are given a chance to make a profit in the last quarter of the year.

“Business events are a key contributor to Malaysia’s economy as, in 2019 alone, it generated over RM27.5 billion to our GDP,” Lim said, adding that the  industry should be re-categorised as an economic activity under the National Recovery Plan.

Lim gave his assurance that those conducting business events will adhere to standard operating procedures (SOPs) and regulations set by the government if they are allowed to reopen after more than 18 months of restrictions.

“We cannot afford to sit back any longer,” Lim said, adding that business events require at least three months to plan, promote and execute.

“Reopening the sector now allows us a chance to catch up with the rest of the world in planning. If we wait any longer, we will lose out to other global cities that are also bidding for a stake of the industry, such as Singapore, Thailand and Indonesia.” – The Vibes, September 15, 2021