Malaysia’s Business Events Industry Expected to Contribute RM34.97 Billion to Economy by 2030

KUALA LUMPUR, AUGUST 2026 – Malaysia’s business events industry is expected to contribute a cumulative RM34.97 billion to the national economy by 2030, reinforcing its role as one of the country’s key economic growth sectors.

Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing said the projection reflects the increasing importance of meetings, incentives, conferences and exhibitions (MICE) in generating tourism receipts, attracting investment and stimulating domestic economic activity.

As of June 30, 2026, the Malaysia Convention & Exhibition Bureau (MyCEB) had secured 416 business events scheduled to take place between 2026 and 2030.

These events are forecast to generate approximately RM8.27 billion in economic impact, highlighting strong international confidence in Malaysia as a preferred destination for global business gatherings.

During the first half of 2026, MyCEB successfully secured and supported 194 business events across the country.

The events attracted more than 341,000 delegates and generated an estimated RM1.81 billion in economic value through spending on accommodation, transportation, food and beverage, retail, and other supporting industries.

For the second half of the year, MyCEB is targeting more than 493,000 business delegates, with an additional projected economic contribution of RM2.63 billion.

Tiong said the business events industry has evolved into an important economic driver rather than simply a platform for conferences and exhibitions.

According to him, international events help attract foreign investment, encourage knowledge transfer, stimulate innovation and create opportunities for local businesses ranging from hotels and convention centres to restaurants, logistics providers and small and medium enterprises.

Since its establishment in 2009, MyCEB has secured 3,575 business events involving more than 4.5 million delegates.

Collectively, these events have generated RM26.7 billion in economic impact, demonstrating the industry’s growing contribution to Malaysia’s gross economic activity.

The minister stressed that sustaining this momentum will require continued investment in infrastructure, digital transformation, sustainability initiatives and talent development to strengthen Malaysia’s competitiveness in the global MICE industry.

He also highlighted the importance of creating greater economic spillover by encouraging delegates to experience local tourism attractions, cultural activities and Malaysian hospitality during their visits.

Such spending extends the economic benefits beyond event venues and supports businesses throughout the tourism value chain.

Meanwhile, Tourism, Arts and Culture Ministry Secretary-General Datuk Shaharuddin Abu Sohot said Malaysia is positioning itself as an alternative destination for international events affected by geopolitical uncertainty in other regions.

He noted that the country’s political stability, modern infrastructure and strategic location provide competitive advantages in attracting global conferences and exhibitions.

Shaharuddin added that the return of Formula One racing to the Sepang International Circuit is expected to deliver substantial economic benefits through increased tourist arrivals, hotel occupancy, transportation demand and consumer spending.

Supporting entertainment programmes and tourism activities are also being planned to maximise visitor expenditure during major international events.