Support requirements for international conventions significantly relaxed to attract small- and medium-sized events.
The support requirements for business events held in Korea have relaxed significantly starting this year. It follows the passing of the amendment to the International Conference Industry Promotion Act in September 2022, where support was expanded to include small events from the original target of medium- to large-scale events. The update is expected to help attract small and medium-sized events, which have been rapidly increasing since the outbreak of COVID-19, and promote the development of small-scale events.
The Korea Tourism Organization (KTO) announced it would partially subsidise the cost of events with a total of 100 or more participants, which include 50 or more foreigners from three countries. The supported target is international conferences held for more than two days by international organisations, institutions, or academic associations that have a unique registration number in Korea. Overseas organisations or associations not registered in Korea can also receive support by designating a convention bureau (CVB) or hotel.
The subsidy ranges from 10 million (~USD7,708.60) to 60 million won, from small conferences of 50 foreign participants to large events with over 1,500 participants.
Up to 60 per cent of additional support can be provided based on evaluations of events held outside the metropolitan area, the use of Korea Unique Venue and the Standard Contract for International Conference Services, compliance with Sustainable Event Management (ISO20121) guidelines, and more.
Online meetings, which were temporarily supported due to the COVID-19 crisis, will be excluded from support starting this year. As international air routes have not fully recovered, hybrid conferences remain under support.
Support for hybrid events is 20,000 won per foreign online participant, for up to 10 million won. International conferences for political, religious, sports, and commercial purposes, which are excluded from international conferences based on the UIA standards, receive differential support according to their size within the limit of five million won.
The provision of support is divided into the first and second half of the year. Applications for support for the first half of this year will be accepted through February on KTO’s K-MICE homepage.
“The results for the international conventions support held in the first half of the year will be announced in early March,” said Hwang Kun Hyok, Director of the MICE Marketing Team at KTO.
“Events held during the submission and judging period of January and February are eligible for support as well, with support provided after the event.”