Penang Convention & Exhibition Bureau (PCEB) today proudly launched the Penang Business Events Annual Report 2024 at the iconic Marjorie Hotel, a Tribute Portfolio Hotel. The lively event was attended by YAB Chow Kon Yeow, Chief Minister of Penang, YB Wong Hon Wai, Penang State Tourism & Creative Economy (PETACE) Exco, and Mr. Ashwin Gunasekeran, PCEB Chief Executive Officer. Together, they provided invaluable insights into the rapidly evolving Business Events landscape in the state and the remarkable achievements made over the past year.
The annual report highlights the remarkable growth in Penang’s Business Events sector in 2024, cementing the state’s position as a premier destination for business events. In 2024, Penang successfully hosted 2,059 business events, a massive increase of 240.9% over the previous year. These events attracted 305,259 delegates, recording an increase of 87.3%, while the number of overnight stays generated reached 558,543, with a steady increase of 3.6%. More impressively, the Estimated Economic Impact (EEI) jumped to RM1.29 billion, a significant increase of 24.8% compared to 2023.
YAB Chow Kon Yeow, Chief Minister of Penang, congratulated the industry on its outstanding achievements and highlighted the importance of the Business Events sector in driving the state’s economic growth. “The Business Events sector has not only shown remarkable resilience, but it has also played a significant role in stimulating Penang’s economic growth. This RM1.29 billion impact demonstrates the vast opportunities that business events bring, contributing significantly to tourism, trade and investment,” he said.
YB Wong Hon Wai also highlighted the important role of strategic partnerships and government support in driving this success. “This achievement further strengthens Penang’s reputation as a leading Business Events destination in Asia. Going forward, we will continue to strengthen our offering, attract high-impact events, and expand industry collaborations to further enhance Penang’s appeal,” he said.
Mr. Ashwin Gunasekeran, Chief Executive Officer of PCEB, outlined PCEB’s vision to exceed the 2024 milestone by focusing on deeper industry engagement, more focused promotional efforts, and enhanced incentives. “Our goal is to sustain and accelerate this growth by leveraging our extensive industry network, leveraging digital advancements, and constantly improving the quality of events hosted in Penang. This increased number of business events opens up more economic opportunities, increases employment, and strengthens Penang’s global position,” he added.
PCEB remains committed to working closely with local and international stakeholders to ensure Penang remains a world-class Business Events destination. With a strong emphasis on innovation, strategic development, and industry collaboration, Penang is poised to achieve greater success in 2025.
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