World Tourism Organization (UNWTO) global report on the Meetings, Incentives, Conferences, and Exhibitions (MICE) industry underscored the increasing contribution of the sector to the global economy.
MICE incorporates conventions, conferences, congresses, trade fairs and exhibitions, incentive events, corporate or business as well as other meetings.
The activities of the MICE industry are an increasingly significant element in the future growth of the global economy, an essential part of the dissemination of knowledge and professional practices, as well as a key factor in building better understanding and relations amongst different regions and cultures.
MICE promotes a green economy since it is directly related to natural conservation resulting in an eco-friendly atmosphere. Notably, MICE accelerates the dissemination of knowledge worldwide, promotes global understanding and cooperation in the concurrent globalized world.
Recognizing its tangible contribution to the national economy, countries are investing more in the sector. Though the concept of MICE was strange in Ethiopia, it has become very common within the past three to five years. Cognizant of its significant contribution in generating foreign exchange and attracting more tourists, the government of Ethiopia allocates budget to Promote MICE.
Currently, the construction of the Addis Africa International Convention and Exhibition Center (AAICEC) is well underway under the supervision of the Addis Ababa City Government involving private investors.
In an exclusive interview with The Ethiopian Herald, AAICEC Board Chair Kumneger Teketel said that the sales of shares are the main source of finance for running the project. Consequently, businesses are showing interest to buy shares of the multipurpose building, he added.
Currently, the Board is working with the utmost commitment to accomplish the construction as per the schedule, i.e 2021/22.
The project has grabbed the attention and interests of businesses including the Diasporas, and CEOs.
AAICEC General Manager Ayalew Abey told The Ethiopian Herald that the project is a golden opportunity for the country.
The 3 billion Birr project is expected to consume more than 1.2 billion Birr in its first phase. So far, grand companies and individuals have bought shares close to one billion Birr. The City Administration took the lion-share buying a 700 million Birr worth shares. The Commercial Bank of Ethiopia and the Ethio-South S.C (South African Diaspora Community) are the second and third largest shareholders next to the City Administration buying 150 million and 115 million Birr shares respectively.
The construction of the project is awarded to Chinese based contractor CGCOC GROUP CO. LTD.
The Center will reinforce the country’s business environment, particularly the aviation and hotel industries. Auditoriums, amphitheater, underground parking, and other luxurious service centers are part of the project.
Experts in the sector were repeatedly raising the need to build a standardized convention center in the country. Considering the outcomes of the Center, they applaud the commencement of the project to play a positive role in building an image of the country, generating hard currency and attracting foreign direct investment.
Accordingly, the project enables Addis Ababa to host international and continental conferences and conventions, workshops, business to business (B2B) sessions and exhibitions which are now becoming the new manifestations of the city.
In relation to MICE, more than 10,000 conference participants visit Ethiopia monthly, as a source obtained from the Ministry of Culture, Tourism, and Sports.
The Ethiopian Herald November21, 2019
BY TEWODROS KASSA
