The Penang Convention & Exhibition Bureau (PCEB) recently launched the Penang Business Events Annual Report 2024 which highlighted the state’s remarkable achievements in the business events sector. The event was held at the Iconic Marjorie Hotel, a Tribute Portfolio Hotel, with the notable presence of YAB Chow Kon Yeow, Chief Minister of Penang, YB Wong Hon Wai, Penang State Tourism and Creative Economy Exco, and Mr Ashwin Gunasekiran, PCEB Chief Executive Officer.
According to the report, Penang recorded remarkable achievements in the Business Events sector throughout 2024, with 2,059 business events successfully organised. This increase represents a 240.9% increase compared to the previous year, cementing Penang’s position as the fastest growing Business Events destination in Asia. This year, over 305,000 delegates from various countries visited Penang to attend business events, representing an 87.3% increase compared to the previous year. A total of 558,543 overnight stays also recorded an increase of 3.6%, reflecting the excess accommodation capacity offered by the state’s high-quality hotel and service industry.
The biggest achievement in the report was the Estimated Economic Impact (EEI) which reached RM1.29 billion, an increase of 24.8% compared to 2023, reflecting the huge economic potential of the Business Events sector. All these figures highlight the importance of this sector in boosting tourism, trade and investment in Penang, as well as creating more job opportunities.
YAB Chow Kon Yeow, Chief Minister of Penang, in his speech emphasised that the Business Events sector plays a vital role in accelerating Penang’s economic growth. “The sector has shown remarkable resilience and has had a positive impact on the state’s economy. We are proud of this achievement as business events not only benefit the tourism sector, but also trade, investment and innovation which are crucial for Penang’s long-term progress,” he said.
YB Wong Hon Wai also emphasised the importance of collaboration between the government, the private sector and the industry in achieving this success. “We continue to prioritize efforts to strengthen our network with industry partners and attract more global events to Penang. Through close collaboration with international industry players, we will continue to improve the infrastructure and facilities needed to accommodate more major events in the future,” he said.
Mr. Ashwin Gunasekiran, Chief Executive Officer of PCEB, explained that the company will continue to innovate in planning new strategies to attract more high-impact business events to Penang. “We will implement a more focused approach in increasing industry engagement, strengthening digital promotions, and offering attractive incentives to ensure Penang remains at the forefront of business events in Asia. We are also committed to supporting local talent development and strengthening the event ecosystem to make Penang a world-class events hub,” he said.
PCEB also announced several strategic initiatives for 2025, including introducing more digital platforms and interactive initiatives to increase global engagement in the events it hosts. With a strong commitment to industry collaboration and continuous development, Penang is poised to achieve greater success in the Business Events sector in the future.
