JEJU-DO < invest Korea

According to Yonhap News,

A research result shows the economic effect of the MICE industry, a leading industry of Jeju Province, is worth over KRW 500 billion annually.

Sin Dong-il, a researcher of Jeju Development Institute, announced ‘the research on the effect of the MICE industry on the regional economy’ on March 10th. The research was conducted on MICE events held in Jeju for 11 months from June 2009 to April 2010.

Mr. Sin analyzed that 279 MICE events such as 128 conventions (57,827 participants) and 151 incentive tours (14,828 participants) were held in Jeju Province, and subsequently 72,665 people including 19,412 foreigners and 53,143 locals visited the region, generating the production effect of KRW 342.1 billion.

The effect on the regional economy amounts to KRW 513.4 billion, when the added value of KRW 171.3 billion is counted.

He estimates that the impact of the MICE industry on the regional economy is about KRW 540 billion: KRW 430 billion (added value of KRW 147 billion) in the convention business; KRW 110 billion (added value of KRW 37 billion) in the incentive tour business, etc.

The analysis is based on the expenditure by participants before and after events and doesn’t include investment to hold events. The expenditure was computed on the basis of the publications of ICCA.

The term ‘MICE’ stands for meeting, incentive, convention, and exhibition.

Sin Dong-il said “a complete enumeration survey is needed for more precise analysis. However, we used the official material of an established international organization because such a survey is difficult and costly to conduct.”

Source Text

Source: Yonhap News (March 10, 2011)

**This is an English translation of a Korean news article.