IICC to Accelerate MICE Industry Growth in India
India International Convention and Expo Centre (IICC), which is currently being built in New Delhi, India, will represent the MICE industry of Southwest Asia. IICC will be operated and managed by KINEXIN Convention Management Private Limited, which is a consortium company founded by the Korea International Exhibition Center (KINTEX), the largest venue in South Korea, and Esang Network Co. Ltd., a PEO company listed on KOSDAQ. The following is a recent Business Korea interview with CEO of KINEXIN Convention Management Private Limited (IICC operating company) Phil Chung, who is in charge of the project.
Question: KINEXIN Convention Management Private Limited won a contract in 2018 to run IICC in New Delhi for the next 20 years. What is the meaning of the achievement, and what is the current status of the MICE industry in India?
Chung: The MICE industry of India is showing an annual growth rate of 10 percent to 15 percent. However, exhibition and convention centers in India are still insufficient and the shortage of infrastructure has led to some trade events at tents, temporary buildings, and the like. The area of India is about 30 times that of South Korea, and yet the number of international trade exhibitions and conventions held there is about 700 a year, with that of South Korea amounting to 600 or so.
Under the circumstances, the construction of IICC will be a great contribution to the MICE industry of India.
Q: IICC is scheduled to open in the summer or fall of 2022. How is the construction going?
Chung: We founded KINEXIN Convention Management Private Limited as IICC operating company two years ago. Since then, we have exercised our management rights and provided two types of consulting as an official consultant working with the Indian government.
One is related to IICC Limited, which is a part of the Ministry of Commerce and Industry of India and placed the order for the IICC project. This consulting service covers international event attraction, planning and marketing, deregulation in the sector, systematic government support, and response to financial risks.
The other is related to engineering. Specifically, this service covers intra-building air conditioning and utility system operation, building design, construction techniques, structural optimization, and so on.
As the CEO of the operating company, I also have provided various types of consulting for multiple MICE-related groups in India. For example, I led the foundation of the New Delhi NCR MICE Forum in 2019 and have had regular meetings with more than 100 C-level members of the association in which I am the secretary-general. The members of the association include Indian government officials, government think tanks, exhibition and convention planners, and corporate executives.
Q: What is the uniqueness of IICC?
Chung: The international exhibition and convention center with an area of 300,000 square meters will be opened in two stages. Exhibition and convention spaces with a combined area of 120,000 square meters will open next year for local and global events. Then, an auditorium with 6,000 seats, a grand ballroom with 24,000 seats, and 15 mid-sized conference rooms will be added so that convention events no longer have to take place at hotels.
IICC is perfect in terms of location. It is just 10 minutes away from the Indira Gandhi International Airport and very close to Aerocity, which is home to 17 four- and five-star hotels. Also, you can reach global enterprises’ offices in India within 30 minutes from IICC.
At present, India is aiming to attract the 2023 G20 Summit. IICC will make thorough preparations to that end and act as the center of commerce and diplomacy of Southwest Asia as currently promoted by the UFI and many more MICE organizations. KINEXIN’s role in this regard will be incubating India’s events by providing systematic services. In addition, it will work with cultural heritage protectors and entertainment providers so that India’s destination marketing effects can be maximized.
Q: One more bridge has been added between South Korea and India by KINEXIN, the IICC operating company. What will be the role of KINEXIN between both countries?
A: As you mentioned, South Korea and India are now even closer. However, our fundamental value consists in global beyond the two countries. We will make IICC a meeting venue between India and global companies. We will seek to make India more familiar to small and medium-sized enterprises and trading companies around the world and help them grow through business in India in the long term.
The clients of KINTEX and IICC include multiple MICE organizations and enterprises in Asia. The operating company will play a role to guide a large number of KINTEX’s global clients to India.