TCEB unveils the scheme to create value-added Thai MICE industry. 3 key sectors will make a start by injecting cultural capital into their deliveries in order to create long-term strength. With the execution of the directions, it is targeted that MICE travellers will number 23.2 million, generating 140 billion baht in revenue by the end of 2024.

This article was originally found on TCEB.

Mr. Chiruit Isarangkun Na Ayuthaya, President, Thailand Convention & Exhibition Bureau (Public Organisation) or TCEB, disclosed that TCEB's directions in driving Thai MICE industry aim to respond to the shifting needs in both local and international markets as the shifts have prompted the business sector to adjust to survive and maintain competitive advantages.

With such business landscape, TCEB invested fund to conducted a research titled "MICE Foresight" to study the future of MICE industry and envision the directions that can be used to formulate the guidelines in making strategic plans.

According to the research results, TCEB's performances throughout 21 years of its establishment have been successful. The bureau has won 442 bids for world events and has supported more than 6,300 local and international MICE events in combination. Such performances have generated and injected no less than 63,000 million baht into the Thai economy.

In the research, 650 MICE entrepreneurs worldwide have selected Thailand as Top of Mind destination compared to other 14 countries in Asia, followed by Japan and Singapore. Thailand has been rated prominently in value for money, uniqueness, readiness in accommodating and recognised brand as MICE destination.

For macro picture in the research, MICE industry across the globe has been currently encountering significant challenges, ranging from decreasing business travel, shorter period of travel time to join MICE events to changing needs. For example, requirements for MICE innovation, new venues, new experiences, new business goals and environmental sustainability.

For these reasons, TCEB has determined the future directions of the industry, focusing on transforming Thailand into a High Value-Added Destination, developing new strategies, where Thai unique identities will be integrated through innovation and creativity, and solidifying cooperation with related stakeholders in every sector.

"Our directions will ensure distinctive uniqueness and value for MICE activities held in Thailand. We strongly hope that in the next ten years, the image of Thai MICE industry will shine brightly as a High Value-Added Destination and that will boost the role of Thailand as the Springboard of ASIA's Growth that successfully stimulates MICE industry across Asia and ensures growth and stability of the business sector."

For TCEB's 2024 operation that will be a stepping stone towards the Springboard of ASIA's Growth, the 3 departments of the bureau will take charge as follows :

1. Mega Events and Festivals - Through the years, TCEB have provided support to more than 100 festivals, generating over 50,000 million in circulation for the Thai economy. The future directions of this department will be executed by using social, cultural and economic capitals or Soft Power as a creator of 360-degree value. The value will entail unique and priceless experience which will become a new selling point. The directions will be made possible through collaboration of all sectors. The department, however, has a Quick Win measures for 2024, consisting of pro-active overseas marketing. The focus will be on building a network through one-on-one meeting roadshow alongside the building of a platform to take in challenges which will enable the building of network and opportunities in world stage.
2. International Exhibition - According to the report of the Global Association of the Exhibition Industry or UFI, Thailand was in 2022 ranked No.1 in ASEAN and No.4 in Asia in terms of exhibition spaces. In 2023, exhibition has been a key factor in the increase of revenue and the number of foreign MICE travellers entering Thailand. The number of both categories has immensely surpassed the target by 68% or equivalent to the revenue of 2019, which was the year with a record high of revenue before the COVID-19 outbreak. Furthermore, there has been no less than 25 new shows and a tendency for more. In this respect, the department has been preparing for competitive advantage by producing a tool that will help penetrate the target group in a less competitive market (Blue Ocean). This approach will create and expand business opportunities on a sustainable basis.
3. Domestic MICE Market - In 2023, the number of domestic MICE travellers has accounted for 16.5 million or equivalent to 95% of overall local and overseas MICE travellers, generating 50,000 million baht of revenue. The domestic market serves as a crucial foundation in strengthening Thailand's MICE industry, helps to curb risks from uncontrollable external factors and promotes domestic economy. The department has, therefore, made preparation to drive Destination Readiness and create Authentic Experience. This approach will put all 10 MICE Cities into connection. In addition, a campaign to promote domestic market will be launched as part of a driver of the whole market.

It is targeted that, by the end of the fiscal year 2024, Thailand will record 23.2 million MICE travellers, generating 140 billion baht in revenue. This comprises 960,000 overseas travellers, creating 63 billion baht in revenue, and 22.2 million domestic MICE travellers, who generate 73 billion baht in revenue.