Meetings, Incentive Travel, Conferences and Exhibitions Industry:

SL poised to capitalize on rapid boom

Charumini de Silva

The Meetings, Incentive Travel, Conferences and Exhibitions (MICE) industry is a vital sector in the country's economy which needs to be prominently highlighted. MICE sector has been relatively quite in its activities but has a large scope as there are plenty of indirect support services available for the industry. MICE sector could therefore directly help the country's economy in multiple ways.

Economic Development Ministry has recognized the importance of this segment and has accordingly given priority to activities to promote MICE tourism, Sri Lanka Convention Bureau General Manager, and the Acting Director General of the Tourism Development Authority, Vipula Wanigasekera told Daily News Business.

He said there is tremendous scope for MICE sector in Asia Pacific as one of the positive and sustainable sectors in the future. Sri Lanka can certainly capitalize on this situation.

The Return on Investment (ROI) in the MICE industry is long-term, and that is why there is some hesitation in the private sector to make a heavy investment in the MICE industry. However, with Sri Lanka now being identified as one of the safest venues in the world, investors are seriously looking at Sri Lanka. This favourable situation could open up many opportunities for the MICE industry, he said.

"We have a multipronged strategy to develop the MICE segment. We work with local associations and assist them to bring in association meetings and conferences into Sri Lanka. Similarly we target corporate sector to invite corporate meetings into Sri Lanka and both these sectors are performing reasonably well, Wanigasekera said.