PENANG, Malaysia, 13 March 2025: Business events in Penang boosted the state’s economy by a record MYR1.29 billion, the Penang Convention & Exhibition Bureau (PCEB) confirmed in a presentation of the Business Events Penang 2024 Annual Review held in George Town on Tuesday.
The event was presided over by the Chief Minister of Penang, YAB Chow Kon Yeow, the Penang State Exco for Tourism & Creative Economy (PETACE), YB Wong Hon Wai, and the Chief Executive Officer of PCEB, Ashwin Gunasekeran. Together, they provided insights into Penang’s thriving Business Events landscape and the state’s progress during 2024 to an audience of travel and hospitality executives.
The Business Events Penang 2024 Annual Review showcased a year of “exceptional growth”, reinforcing Penang’s position as a leading destination for business events. In 2024, the state successfully hosted 2,059 events, representing a substantial 240.9% increase compared to the previous year. These events attracted 305,259 delegates, marking an 87.3% rise, while the room nights generated reached 558,543, reflecting a steady 3.6% increase.
Most notably, the estimated economic impact (EEI) soared to MYR1.29 billion, a remarkable 24.8% increase from 2023. These achievements underscore the strength of Penang’s infrastructure, strategic initiatives, and PCEB’s continuous efforts to position the state as a premier destination for conferences, exhibitions, and corporate gatherings.
At the annual review presentation, YAB Chow Kon Yeow commended the industry’s outstanding performance and highlighted its economic significance.
“The Business Events sector has demonstrated resilience and played a crucial role in driving Penang’s economic growth. The MYR1.29 billion impact underscores the vast opportunities that business events bring, contributing significantly to tourism, trade, and investment,” he stated.
YB Wong Hon Wai emphasised the role of strategic partnerships and government support in facilitating this remarkable progress. “These achievements reaffirm Penang’s reputation as a premier Business Events destination in Asia. As we look ahead, we will continue to strengthen our offerings, attract high-impact events, and expand our industry collaborations to enhance Penang’s appeal further”.
PCEB CEO Ashwin Gunasekeran outlined the bureau’s vision to exceed the 2024 benchmarks by focusing on deeper industry engagement, targeted promotional efforts, and enhanced incentives.
“Our goal is to sustain and accelerate this growth by leveraging our extensive industry network, embracing digital advancements,
and continuously elevating the quality of events hosted in Penang. The rising number of business events has led to greater economic opportunities, increased employment, and a strengthened global presence for Penang,” he remarked.
