International business events attracting global talent
The Association of Australian Convention Bureaux’s (AACB) latest industry analysis shows the value of international business events in attracting global talent, as our convention bureaux secure almost quarter of a million international delegates on the Forward Calendar.
“Around the world, business events are being used as strategic tools for attracting trade, investment and global talent”, said Andrew Hiebl, AACB CEO.
“Governments are investing in the business events sector not just because of its high yield, but also the long-term benefits accruing from growth in the visitor and knowledge based economies.”
Analysis shows that, over the next decade, approximately 223,000 international delegates are expected to collaborate with 118,000 local delegates at international business events held in Australia. This translates to around 460 Qantas Airbus A380s full of international delegates.
The top 3 industries in terms of the number of international delegates attracted are:
- Healthcare and Social Assistance (77,500)
- Professional, Scientific and Technical Services (35,000)
- Administrative and Support Services (13,000)
“International business events are important facilitators in helping Australia achieve its innovation objectives, as they foster collaboration, enhance research skill development and provide forums for the dissemination of outcomes, said Karen Bolinger, AACB President
“Innovation and science are critical for Australia to deliver new sources of growth, maintain high-wage jobs and seize the next wave of economic prosperity.
However, Hiebl says, “We are still missing out on these great minds coming to Australia due to lost business, with almost 268,000 international delegates now set to go elsewhere.
“According to the Austrade 2017 Benchmark Report, the Information Media and Telecommunications industry is experiencing solid growth, reflecting Australia’s skills base in technology and knowledge-intensive sectors. However, 36 bids were lost in this industry, translating to approximately 27,000 international delegates that are now set to share their knowledge in other countries.
“Innovation is about new and existing businesses creating new products, processes and business models. However, to translate this innovation into commercial outcomes, there is a need to entice more innovators to come to Australia and exchange ideas with Australians. Conventions and exhibitions are the ideal forum in which such collaboration can take place and lead to greater commercialisation through the bringing together of scientists and researchers with private enterprise and investors.”
“Opportunity exists in the current bid pipeline, with the potential for 139,000 international delegates to travel to Australia to collaborate and share ideas with local delegates. However, the challenge of converting these 206 submitted bids into won business for Australia remains.”