Thai CVB banks on local festivals to grow MICE industry

Thailand Convention and Exhibition Bureau (TCEB) is partnering four associations to deepen its support for local festivals as a means to boost the country’s business events industry and attract high-spending visitors.

The new partnerships with the Thailand International Events and Festivals Trade Association, Thai Mass Participation Sports Trade Association, Thailand Entertainment Creators Network Association, and Contemporary Art & Culture Industry Promotion Trade Association are an extension of TCEB’s Festival Economy initiative. The goal is to uplift local festivals into business festivals, where a B2B opportunity is created for people in festivals industry to network and do business together.

TCEB has expanded its Festival Economy initiative through partnerships with four local associations

Each of the four partner associations has its own festivals that could include B2B elements.

Chiruit Isarangkun Na Ayuthaya, TCEB president, stated that the initiative is aligned with the Thai government’s policy to make Thailand a host of international festivals and a destination that attracts business travellers. Furthermore, it is in response to global trends that see the nature of festivals diversifying

He believes that festivals can drive other related businesses locally and internationally, and be transformed into an engine that powers the economy in terms of visitors’ spend and value of traded products and services. Festivals can also draw high-spending travellers.

Chiruit said: “The digital content of Thai creators featured in digital festival in Thailand can be traded by overseas clients, while artwork of Thai artists displayed at the festival can be hired for overseas exhibition.”

This second phase of TCEB’s Festival Economy initiative will also look into opportunities to bid for world festivals and the development of a festival academy for nationwide festival organisers to interact.

For 2024, the initiative will support more than 30 festivals, which are expected to attract 2.3 million travellers from across Thailand and overseas. These festivals are expected to generate economic benefits of at least 3.6 billion baht (US$98.9 million) in value and contribute over 5.8 billion baht to Thailand’s Gross Domestic Product.

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