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THE INVESTOR
March 21, 2019
Big Reunion

Economy

Seoul to expand financial support for MICE industry

  • PUBLISHED :March 04, 2019 - 14:44
  • UPDATED :March 04, 2019 - 14:44
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The Seoul government said on March 4 it will intensively foster its meetings, incentives, conferences and exhibitions sector as part of efforts to help stimulate the sagging economy.

The Seoul Metropolitan Government said it will double subsidy payments to academic societies and other organizations that host an international conference in Seoul.

The government will also set up a comprehensive MICE support center under its MICE industry promotion basic plan of 2019.

Under the new policy, academic societies and other organizations will receive up to 250 million won (US$222,000) in return for hosting an international conference in the capital city

Previously, the maximum subsidy for the hosting of an international conference was set at 150 million won.

The total amount of financial support for corporate meetings and other group tours that have more than 100 participants staying in Seoul for more than two consecutive nights will double to 200 million won.

The government has created a special package for medium- and large-scale MICE events that draw more than 1,000 participants, including more than 500 foreigners. Custom-made tour programs will be offered under the special package and usage fees for Seoul‘s renowned venues will be partially exempted.

The special package will be applied to 13 international conferences this year, including the annual conference of the International Bar Association, which will attract about 7,000 participants to Seoul in September, municipal officials said.

In addition, the Seoul government will look for global events that can be permanently hosted by Seoul, like the Consumer Electronics Show of Las Vegas.

By Ram Garikipati and newswires (ram@heraldcorp.com)

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