The Penang Convention & Exhibition Bureau (PCEB), in Malaysia, has announced it reached its RM1bn (US$256m) target for overall estimated economic impact of business events in 2017.
The results were announced, 5 February, at the launch by the bureau of its 2017 business events industry review at the newly opened DoubleTree Resort by Hilton in Penang.
The review was launched by Lim Guan Eng, chief minister of Penang, who commented “PCEB and its partners have reached the RM1bn target for Penang’s business events in 2017.”
The minister added that Penang, in 2017, had hosted 2,511 events, with 267,518 participants. This resulted in RM1.373m in room spend over a total of 457,806 room nights.
With the service industry being a contributor to Penang’s economy, the business events industry is eagerly awaiting the opening of the Penang Waterfront Convention Centre slated for 2021 as well as nine new hotels by 2019.
The 2017 Review is a result of PCEB’s year-long data collection initiative to document the growth of Penang’s business events industry.