A job fair for Korean and foreign jobseekers takes place at COEX exhibition hall in southern Seoul's Gangnam District, Aug. 27, 2024. Newsis

Seoul will allocate 9.5 billion won ($6.5 million) to meetings, incentives, conferences, and events (MICE) this year to support its growth and enhance the city's position as a global hub, the city government said Tuesday.

The MICE industry is considered a major driver of global business travel, with strong growth potential.

Last year, Seoul hosted 330 international and domestic events, generating an economic impact of approximately 865.6 billion won, according to the Seoul Metropolitan Government.

Recognized as the world's leading MICE city by Global Traveler Magazine for 10 years in a row, Seoul aims to develop the industry further by focusing on key initiatives. These include attracting medium- to large-scale international conferences and global exhibitions, expanding corporate incentive tourism and establishing the Seoul MICE Global Business Center.

The city will offer subsidies of up to 280 million won to organizers of prominent MICE events in sectors such as politics, economics, medicine and engineering. Additionally, large-scale international events featuring sports competitions and cultural experiences will be eligible for up to 160 million won in funding.

The city government highlighted that Seoul will host two major international gatherings this summer in the fields of politics and economics. The International Political Science Association World Congress in July is expected to draw 3,000 participants, while the Economic Society World Congress in August is set to attract 4,000 attendees.

The city also plans to expand MICE venues beyond its traditional hub, the COEX Exhibition Center in southern Seoul's Gangnam District. In the latter half of the year, it aims to open the Seoul MICE Global Business Center at the COEX Magok Convention Center, located in the southwestern part of the capital.

In the long term, Seoul officials said they will continue to expand the city's exhibition and convention facilities.

Following the opening of the COEX Magok Convention Center last November, the city plans to establish major MICE infrastructure by 2031 through key venues, including the Seoul Sports Complex area in southern Seoul's Jamsil and a zone currently under development near Seoul Station in the city center.

"We will continue our multifaceted efforts to ensure that the MICE industry worldwide views Seoul not just as a venue for hosting events but as an attractive MICE city where new innovations begin," said Goo Jong-won, director general of the Tourism and Sports Bureau at the Seoul Metropolitan Government.