Boost For Zimbabwe M.I.C.E Industry
The Zimbabwe Ministry of Finance and Economic Development & Investment Promotion (MOFED&IP) recently held the 56th Session of the Economic Commission for Africa (ECA), Conference on African Ministers of Finance and Economic Planning from 28 February to 5 March in Victoria Falls, Zimbabwe. The theme for the 2024 COM was “Financing the transition to inclusive green economies in Africa: imperatives, opportunities and policy options”.
The Conference brings together African Ministers of Finance, Planning and Economic Development, governors of central banks, and entities of the United Nations system. In addition, it includes the participation of pan-African financial institutions, youth representatives, African academic and research institutions, development partners, intergovernmental organizations and other key stakeholders on an annual basis to engage and exchange views on the state of economic and social developments in Africa.
The continental gathering was a welcome boost for the Zimbabwean tourism industry, whose MICE
(Meetings, Incentives, Conferences, and Exhibitions) tourism holds so much promise for the country.
MICE tourism is dedicated to planning and marketing business gatherings, conferences, exhibits, and meetings. It is a corporate travel approach that centres around a particular subject and brings together sizable groups for professional growth, knowledge sharing, and networking.
Globally, the MICE industry is performing on a high. A report by Allied Market Research estimated that the global MICE industry would reach a value of $1,439 billion by 2025, growing at a CAGR of 7.6% from 2018 to 2025. While the World Travel and Tourism Council (WTTC) reported that MICE tourism accounted for 12.5% of global tourism GDP in 2019.
International platform Micemag.com, says that “businesses are constantly seeking new opportunities to bring professionals together, foster connections, promote new ideas, and drive growth, it’s no surprise that the “meetings industry” and “events industry” have become buzz words in recent years”.
Micemag.com further notes that “every industry has some kind of event, making MICE a massive component of global business travel. The industry isn’t just limited to business events anymore, as many organizers are now incorporating leisure elements to create a more memorable experience for attendees.”
The MICE industry is a substantial sector of the tourist business that has a big financial influence on both national and international economies.
Text by Martin Chemhere
