MyCEB Receives Funds for Bidding on Events
The Malaysian government has allocated $3.3 million to support international and home-grown sporting, arts and culture and lifestyle events under its new Economic Transformation Programme. The subvention funds will be channelled through the Malaysia Convention and Exhibition Bureau.
The new funds are allocated are in addition to the recent $8.3 million set aside to support business tourism – through which 16 international association meetings have been approved for subsidies in the last five months.
In order to qualify for the latest subsidies, applying events will be evaluated based on number of international participants, length of stay, the event’s publicity value and opportunities to package and promote extended stays. Separately, MyCEB also reportedly plans to develop a new website and an association development programme.
MyCEB is forecasting meetings and conventions to bring 40,000 delegates and $142 million in revenues for Malaysia during the next five years. Malaysia recorded 1.3 million business arrivals in 2010 and that figure is forecast to reach 2.9 million by 2020.
Until recently, the opportunity to have a celebrity attend an event, attach themselves to a name-brand or endorse a certain product or idea was untouchable. The thought of paying a person to promote a product was seen as something only Fortune 500 companies could afford. Social media has changed all that with brands and businesses utilizing celebrity influencers to connect directly with their demographics and increase sales and profits.