Penang, Malaysia – 10 March 2025 – Penang Convention & Exhibition Bureau (PCEB) unveiled its Business Events Penang 2024 Annual Review today at the Iconic Marjorie Hotel, with an impressive RM1.29 billion economic impact for the state. The launch was officiated by Penang Chief Minister Chow Kon Yeow, accompanied by the Penang State Exco for Tourism & Creative Economy (PETACE) YB Wong Hon Wai and PCEB Chief Executive Officer Mr Ashwin Gunasekeran.
The yearly review highlights a year of drastic growth in Penang’s business events industry. In 2024, the state welcomed 2,059 business events—a massive 240.9% boost from the same period last year. These events brought in 305,259 delegates, a 87.3% surge, and generated 558,543 room nights, which represented a steady 3.6% increase. Most significantly, the industry’s Estimated Economic Impact (EEI) increased by 24.8% to RM1.29 billion.
During his address, the Chief Minister complimented the resilience and economic impact of the business events industry. “The Business Events sector has played a key role in propelling Penang’s economic growth. The RM1.29 billion contribution confirms the vast potential this sector possesses, spurring tourism, trade, and investment for the state,” he said.
In his speech, highlighted Penang’s long-term development as a business events hub, emphasizing the collective efforts in overcoming challenges and seizing opportunities. “We’ve come a long way, head-on confronting challenges and seizing opportunities to propel our industry to greater heights. Today, we celebrate our achievements, acknowledge our learnings, and look even higher to the future.”
He noted that Penang’s organization of 2,059 business events, drawing 305,259 delegates and generating 558,543 room nights, translated into a staggering RM1.29 billion economic impact. “In comparison to 2023, these figures are remarkable growth—a 240.9% increase in events, an 87.3% rise in the number of delegates, a 3.6% rise in room nights, and a 24.8% rise in economic impact.”
Among the highlights of 2024 was the hosting of the International Advertising Association (IAA) World Congress, the first time the congress was being held in Southeast Asia, and the World Research Travel Conference 2024 to celebrate the 50th anniversary of Malaysia-China diplomatic relations. These events further cemented Penang’s international reputation as a leading conference destination.
Chief Minister Chow also shared news on significant infrastructural developments, including the upcoming completion of the Penang Waterfront Convention Centre (PWCC), the largest convention centre in Penang that can accommodate 8,000 visitors. In addition, The Light City complex comprising its high-end hotels, JdV by Hyatt and Galaxy Minvoun Penang, will also further stimulate Penang’s hospitality sector.
With Penang going to be the site of Malaysia’s ASEAN Chairmanship meetings, including ministerial and sectoral meetings, there will be a greater expectation for more global conferences and tourist activity in the state. Coordination of these activities with industries locally in Penang was emphasized by the Chief Minister to obtain the maximum economic return.
With five years to go to realize the Penang2030 vision, we are dedicated to furthering Penang’s economic development and securing improved livelihoods for everyone. What we have accomplished in 2024 lays the groundwork for the next stage of expansion, and I am confident that, together, we will continue to propel Penang’s position on the world map.
In the future, Mr. Ashwin Gunasekeran outlined PCEB’s ambitious plans to surpass 2024’s benchmarks. “We will work to maintain and enhance this growth by further engaging with the industry, promotional efforts that are targeted, and enhanced incentives. Through the application of digital innovations and our strong industry network, we will continue to drive the quality of business events brought to Penang. Industry expansion has led to greater economic opportunities, increased employment, and a strengthened worldwide reputation for the state.”
PCEB will remain committed to driving innovation, strategic thinking, and sector interaction in keeping Penang a top Business Events destination. Continued drive and investment in 2025 will usher in even greater successes for the thriving business events economy of the state.
