Gyeonggi Province Achieves 219.8 Billion Won Economic Impact from MICE in 2023

The economic ripple effect of 106 MICE (Meetings, Incentives, Conventions, and Exhibitions/Events) events that Gyeonggi Province and the Gyeonggi Tourism Organization either attracted or supported last year has been estimated at 219.8 billion won.

MICE is an acronym for Meeting, Incentive Travel, Convention, and Event/Exhibition, and refers to a high value-added tourism and service industry based on these four types of business.

According to an analysis by the Korea Data Institute commissioned by Gyeonggi Province, the events generated a production inducement effect of 219.8 billion won, created 1,894 jobs, and achieved an overall average return on investment (ROI) of 5.35.

By event type, the production inducement effect was highest for events at 150.2 billion won, followed by international conferences at 46.4 billion won, incentive travel at 13.6 billion won, and domestic conferences at 9.6 billion won. The more international the event, the greater the economic impact on the local economy.

Gyeonggi-do F1 Showrun Event

The return on investment (ROI) by event type ranged from a minimum of 1.30 to a maximum of 20.20. The overall average ROI was 5.35, far exceeding the recommended standard of 1.

To vitalize the MICE industry, Gyeonggi Province is implementing the 'Gyeonggi-do MICE Attraction and Event Support Project,' which includes support for pre-event visits by event officials or participation by attraction teams (attraction), installation and operation costs for promotional booths (overseas promotion), and venue rental fees (event support).

Jang Hyangjeong, Director of Tourism Industry at Gyeonggi Province, stated, "The MICE event support project is not only about attracting events to stimulate the local economy and tourism, but also serves as a key growth engine that leads to the development of local industries and job creation. We will continue to develop globally competitive MICE content to vitalize local tourism and enhance Gyeonggi Province's global standing."