SYDNEY will be injecting another A$1.5 million (US$1.1 million) into Business Events Sydney (BESydney) between 2017 and 2021, after a stong return from their initial investment of the same value from 2014 to 2016.
“The City of Sydney’s initial investment supported BESydney to secure 24 events worth more than A$70 million in direct expenditure,” said CEO of BESydney, Lyn Lewis-Smith, in a release.
“The funds drawn on to date have achieved a return of more than A$90 for every $1 invested.”
The initial investment has been effective in helping to activate the city precinct during the development of the new International Convention Centre Sydney and Darling Harbour precinct.
City of Sydney Lord Mayor, Clover Moore, said the programme had been a great success and the city was delighted to continue investing in the bureau.
“Among others, this partnership brings high-yield international incentive visitors to Sydney who spend up to 6.5 times more per day than regular holiday tourists, benefiting our shops and restaurants. Earlier this week BESydney announced the Cathay Life Taiwan Summit has been secured for 2016, a great example of how the City’s current investment is helping to pay dividends for local businesses into the future.
“We are happy to work with Business Events Sydney to secure more events, which will help off-set potential economic impacts of the central business district light rail works and the Darling Harbour redevelopment.”
On October 12, BESydney announced that up to A$113 million of corporate incentive events have been secured for 2016 and 2017 including Nu Skin Greater China Success Trip 2016, Cathay Life Taiwan Summit 2016 and Amway China Leadership Seminar 2017, with broad support from Destination New South Wales (NSW) and the City of Sydney.
To date, BESydney has injected up to A$249 million into the NSW economy by securing more than 53,000 Asian incentive delegates over the past three years alone. This represents 20 per cent year-on-year growth from this sector, which has contributed to BESydney’s strong result.
Some 146 events previously secured by BESydney, estimated to be worth A$404 million in direct expenditure to NSW, will take place between January 2015 to December 2023.
