Innovation, and Global Expansion: Shaping the Future of Korea’s MICE Industry
Global Tourism Forum
The Global Tourism Forum serves as the event brand of the London-based World Tourism Forum Institute.
Strategic Priorities for MICE Investment in Korea
Mr. Shin, given your dual role as Chairman of the Korea MICE Association and CEO of EXPORUM, what are the key strategic priorities that you believe should be prioritized for attracting and managing investments specifically within Korea’s MICE and event sector? How do these priorities align with broader national tourism and economic development goals?
Korea’s MICEKorea's MICE industry has experienced rapid growth over a short period, driven by proactive government investment. In 1996, the Korean government established the legal foundation for the development of the MICE industry by enacting the Act on the Promotion of the Convention Industry, followed by the Exhibition Industry Development Act in 1997. Additionally, the government formulates the Basic Plan for the Promotion of the Convention Industry and the Basic Plan for the Promotion of the Exhibition Industry every five years to support the continuous growth of the MICE sector.
Among the key themes of the 5th Basic Plan for the Promotion of the Convention Industry, announced last year, the most important are “regional cooperation” and “globalization.” Economic slowdown and population decline are global challenges and pressing issues for Korea as well. The government envisions the tourism and MICE sectors as both a solution to regional decline and a new driver of economic growth.
To this end, it has outlined strategic directions, including the development and promotion of regional MICE hubs, integration with K-culture and support for global expansion, industry diversification and talent cultivation, and sustainable policy improvements.
In line with this vision, investments in Korea’s MICE sector should prioritize the development of regional MICE initiatives and the global expansion of MICE enterprises.
Attracting Diverse MICE Investments:
What strategies does the Korea MICE Association and EXPORUM employ to attract diverse types of investments to the sector, including not only infrastructure and venues but also technology, event platforms, and sustainable initiatives? How do you ensure that these investments support the innovation and competitiveness of Korean MICE offerings?
During the pandemic, the adoption of smart technologies and the acceleration of digital transformation (DX) became a pivotal trend in the MICE and tourism industries. This shift was not merely about transitioning to online or hybrid models; rather, it involved the emergence of online platforms, the expansion of big data and AI transformation (AX), and the enhancement of efficiency and automation. Ultimately, these advancements have strengthened the customer experience and driven innovation in MICE events and the tourism sector.
Korea has been actively developing and utilizing MICE and travel technologies to establish a sustainable and eco-friendly MICE industry ecosystem. In particular, collaboration between the government and the private sector has played a crucial role in this transformation. The government has formulated digital transformation policies and secured financial resources, while the private sector has actively participated by implementing training programs, offering consulting services, and supporting capacity-building initiatives for digital transformation.
Although there is still a long way to go, the Korean MICE industry is striving to enhance digital competitiveness, explore new business models, and expand into global markets. In line with this effort, Exporum has established an internal DX Business Division to develop an integrated online and offline platform.
Public and Private Partnerships in MICE Investment
In your experience, what are the critical success factors for effective public-private partnerships in driving MICE-related investments? Could you share some examples of successful partnerships that have significantly contributed to the growth of the Korean MICE sector and what lessons can other destinations learn from these experiences?
One of the key success factors in public-private partnerships is communication. Providing opportunities for the private sector to participate in the policymaking process and actively gathering their feedback is the first step toward effective collaboration. A notable example of this is the transfer of publicly incubated MICE events to the private sector. The KOREA MICE EXPO, which had been organized by the Korea Tourism Organization for nearly 20 years, was transferred to the Korea MICE Association in 2023. Over several years, discussions between the public and private sectors took place, leading to a shared understanding that KOREA MICE EXPO should evolve into Korea’s premier global MICE exhibition. The upcoming KOREA MICE EXPO 2025 will mark the third edition organized by the private sector. With continuous innovation each year, the event is steadily growing while fostering collaborations with international organizations in preparation for global expansion.
Notably, in 2024, the first-ever Korea-China-Japan MICE Forum was launched, and the second edition is scheduled to take place in Japan this November. These initiatives serve as successful examples of how public and private sectors can complement each other’s inherent limitations and create synergy.
Additionally, in Korea, Regional Tourism Organizations (RTOs) are taking the lead in increasing investment in the development of regionally specialized MICE events. These efforts are being carried out in close collaboration with private organizers and Professional Congress Organizers (PCOs) to drive meaningful business initiatives.
Measuring ROI and Impact of MICE Investment
How do you measure the return on investment (ROI) and the broader economic, social, and environmental impacts of MICE and event investments in Korea? What are the key performance indicators (KPIs) that you use to evaluate the effectiveness and sustainability of these investments? What are the key differences in measuring these impacts compared to other forms of tourism investment?
The outcomes of investment in Korea’s MICE industry can be categorized into financial and non-financial performance. In the early stages of MICE industry development, the sector gained significant attention simply because MICE participants were found to spend more than three times as much as general tourists. As a result, quantitative indicators such as the number of participants, length of stay, expenditure, and job creation were primarily used to measure success.
However, beyond its proven economic value, there is now a growing focus on qualitative growth, particularly in terms of social impact. A concrete example is the “Social” component of the MICE ESG Operating Guidelines, which evaluates whether an event contributes to community development, utilizes local tourism resources, and collaborates with local businesses.
Unfortunately, a statistically valid qualitative performance measurement system has not yet been developed. Currently, the industry is in the research phase, exploring the social and environmental impact and value of MICE events. In some regions, incentive programs that reward ESG implementation have been introduced, and policies are being formulated to create long-term regional legacies through MICE initiatives.
Future Opportunities and Trends in MICE Investment
Looking ahead, what are the emerging trends and opportunities in the MICE and event sector that should be on the radar of potential investors? How is the Korea MICE Association and EXPORUM positioning itself to leverage these opportunities and ensure that Korea remains a leading destination for global MICE events?
In the future, digital transformation (DX) and content will be the most critical factors in the MICE and tourism industries. In this regard, Korea holds significant strengths in both areas. Visitors attending MICE events, performances, or tourism activities in Korea will experience technology-driven, user-friendly solutions throughout their journey, from arrival to departure, both directly and indirectly.
Moreover, K-culture, which is creating a global phenomenon, serves as a highly effective tool for rebranding Korea as a premier destination for MICE and tourism.
At Exporum, we are committed to continuous digital transformation, focusing on enhancing our core competencies and digital literacy while developing hybrid business models that seamlessly integrate online and offline experiences. Additionally, we are preparing events that combine Korea’s advanced technology and cultural content, making bold moves for global expansion and market development. Through these efforts, we aim to establish ourselves as a leading MICE company representing Korea on the global stage.
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