Thailand to record $4b in MICE revenues by 2022

A view of Bangkok’s central business district. Source: Shutterstock

A NEW report detailing Thailand’s lucrative MICE industry forecasts the Kingdom will ring in up to US$4 billion in revenues and 1.3 million MICE travelers by 2020.

The report – released by Research and Markets – revealed the “MICE industry is one of the key sectors that Thailand intends to develop to stimulate quality visitors both within the country and abroad”.

Among the segments of the industry, meetings proved to be the most popular, controlling about 75 percent of the country’s MICE market share. This dominance is expected to be carried through until 2022.

SEE ALSO: The (MICE industry) show must go on in Thailand, industry players say

Thailand is continually prevalent as a MICE destination because of its reliable infrastructure, international connectivity, developed transportation, widespread luxury offerings in accommodation and hospitality, well-trained private sector, and sound regulations that control the industry.

One of the government-run efforts to ramp up MICE revenues, the Thailand Convention and Exhibitions Bureau (TCEB) plays a pivotal role in bringing high-value events into Thailand through its campaigns and a raft of incentives for both event organizers and international delegates.

Meanwhile, in Thailand’s leisure travel industry, concerns have risen surrounding Thailand’s rapid increase of inbound visitors, potentially leading to a strain on the country’s infrastructure.

SEE ALSO: Is Thailand buckling beneath the load of tourists?

Tourism Ministry permanent secretary Pongpanu Svetarundra told The Financial Times, “The congestion will be more and more. This is why it’s the most opportune moment to talk about upgrading, investment, and expansion of existing facilities.”

Presently, there are concerns of airports and motorways feeling the strain as more and more visitors stream into Thailand.