[Edaily] Foreign Currency Magnet K-MICE… From Supporting Role to Leading Player in Exports
[Edaily, Reporter Sunwoo Lee] EXPORUM, the organizer of the "Seoul Cafe Show" exhibition, earned USD 3.3 million in foreign currency over the past three years—nearly one-fifth of the company's annual revenue. Foreign currency earnings, which stood at USD 400,000 in 2023, more than doubled the following year to nearly USD 900,000, before surpassing USD 2 million last year.
For an exhibition or trade fair whose main revenue comes from exhibitor booth fees (participation fees) and visitor admission fees (registration fees)—and a domestic exhibition and convention company at that—this is an exceptional achievement. As foreign currency earnings were recognized as export performance, the company received the "USD 2 Million Export Tower" at last month's 61st Trade Day, the first such award in the exhibition industry. Until then, the highest export tower received by the exhibition, convention, and broader MICE industry had been USD 1 million.
Yunjung Oh, Director at EXPORUM, said, "This was made possible by increasing participation from local foreign companies at events held overseas—in Ho Chi Minh and Hanoi in Vietnam, Paris in France, and Osaka in Japan—in addition to domestic events such as the Seoul Cafe Show."
Despite its high foreign currency value-added ratio of up to 90%, MICE has long been classified as an "incidental" export industry. By value-added ratio alone, it surpasses automobiles (71%), TVs (60%), semiconductors (43%), and construction/plant (30%). In 2023, applying the foreign currency value-added ratio to the KRW 4.5 trillion in total spending by foreign visitors to Korea for MICE purposes (1.53 million people) yields actual earnings of about KRW 4 trillion. Analysis suggests that raising the foreign (corporate) participation share—currently just 8%—to 40%, similar to Singapore and Hong Kong, could generate an export effect of KRW 20 trillion, five times the current level. (Continued)
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For an exhibition or trade fair whose main revenue comes from exhibitor booth fees (participation fees) and visitor admission fees (registration fees)—and a domestic exhibition and convention company at that—this is an exceptional achievement. As foreign currency earnings were recognized as export performance, the company received the "USD 2 Million Export Tower" at last month's 61st Trade Day, the first such award in the exhibition industry. Until then, the highest export tower received by the exhibition, convention, and broader MICE industry had been USD 1 million.
Yunjung Oh, Director at EXPORUM, said, "This was made possible by increasing participation from local foreign companies at events held overseas—in Ho Chi Minh and Hanoi in Vietnam, Paris in France, and Osaka in Japan—in addition to domestic events such as the Seoul Cafe Show."
Despite its high foreign currency value-added ratio of up to 90%, MICE has long been classified as an "incidental" export industry. By value-added ratio alone, it surpasses automobiles (71%), TVs (60%), semiconductors (43%), and construction/plant (30%). In 2023, applying the foreign currency value-added ratio to the KRW 4.5 trillion in total spending by foreign visitors to Korea for MICE purposes (1.53 million people) yields actual earnings of about KRW 4 trillion. Analysis suggests that raising the foreign (corporate) participation share—currently just 8%—to 40%, similar to Singapore and Hong Kong, could generate an export effect of KRW 20 trillion, five times the current level. (Continued)
Full article: Go to Edaily