WTCA cites MICE sector in PH economic growth

May 31, 2024

THE World Trade Centers Association (WTCA) affirmed the significance of the meetings, incentives, conferences, and exhibitions (MICE) industry in boosting international cooperation and investment opportunities for the Philippines.

WTCA Vice President in the Asia Pacific Scott Wang said that they were collaborating with members and partners in countries like the Philippines to enhance global cooperation and create investment prospects, utilizing its international network and expertise in trade services.

"We see Southeast Asia as one of the priority markets for us to reach our goal of further growing our footprint and contributing to the prosperity of the region," Wang said in a statement on Tuesday.

"Serving as the local business hub that is linked to the WTCA global network, individual WTC operations provide companies around the world with the expertise and connections that are critical for market penetration," he added.

Wang said that they were also working to match the needs of companies with the best service providers in their respective local marketplaces.

WTCA continues to collaborate with the local World Trade Center Metro Manila (WTCMM) in Pasay to promote regional trade and cross-border investments through various global events and programs.

Citing the 2023 analysis of the Global Impact of Exhibitions by the Union des Foires Internationales (UFI), WTCA said that exhibitions had generated $82.3 billion in direct gross domestic product (GDP) and over 1.4 million direct jobs in 2019. The Asia-Pacific region ranked third, with $17.6 billion in direct GDP and 394,000 direct jobs.

The report also showed a significant recovery across all major exhibition markets in Asia in 2023, with China, Japan, India, South Korea, and Hong Kong contributing over 80 percent of net space sold in the region.

"We expect the Asia Pacific MICE industry to gain even more momentum in the next few months, with WTCMM maintaining its position among the region's leading players," said Wang.

WTCMM stands as the only exhibition center in the Philippines acknowledged by UFI, the global association of the exhibition industry, for its status as a world-class venue catering to the needs of show organizers.

Pamela Pascual, chairman and CEO of WTCMM and chairman of the WTCA's Asia Pacific Regional Advisory Council (RAC), also emphasized the significance of the MICE industry in initiating the circulation of domestic goods, drawing foreign investments and, in turn, generating local employment via significant trade shows and exhibitions.

"We continue to host major industry events at the WTCMM, where local businesses successfully connect with their foreign counterparts and buyers from abroad through our partnerships with other WTC businesses across Asia and beyond," said Pascual.

"Further, we have plans to expand in other locations within the country to support WTCA's 'Road to 500' initiative. In these cases, the benefits of the WTCA's global network in promoting international trade are optimized," she added.

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