Strong ROI leads City of Sydney to invest in Business Events Sydney
Local businesses get economic boost to off-set construction
16 October 2015
The City of Sydney will be injecting another A$1.5 million into Business Events Sydney (BESydney) between 2017 and 2021, after a successful and strong return from their initial $1.5 million investment during 2014-16 that has helped secure events for Sydney.
"The City of Sydney’s initial investment supported Business Events Sydney to secure 24 events worth more than $70 million in direct expenditure," CEO of BESydney Lyn Lewis-Smith said. "The funds drawn on to date have achieved a return of more than $90 for every $1 invested.
The City of Sydney’s initial investment has been effective in helping to activate Sydney’s city precinct during the development of the new International Convention Centre Sydney and Darling Harbour precinct.
City of Sydney Lord Mayor, Clover Moore, said the program had been a great success and the City was delighted to continue investing in the bureau.
"Among others, this partnership brings high-yield international incentive visitors to Sydney who spend up to 6.5 times more per day than regular holiday tourists, benefiting our shops and restaurants. Earlier this week Business Events Sydney announced the Cathay Life Taiwan Summit has been secured for 2016, a great example of how the City’s current investment is helping to pay dividends for local businesses into the future.
"We are happy to work with Business Events Sydney to secure more events, which will help off-set potential economic impacts of the central business district light rail works and the Darling Harbour redevelopment."
On 12 October 2015, BESydney announced that up to $113 million of corporate incentive events have been secured for 2016 and 2017 including Nu Skin Greater China Success Trip 2016, Cathay Life Taiwan Summit 2016 and Amway China Leadership Seminar 2017, with broad support from Destination NSW and the City of Sydney.
To date, BESydney has injected up to $249 million into the New South Wales (NSW) economy by securing more than 53,000 Asian incentive delegates over the past three years alone. This represents 20 per cent year-on-year growth from this sector, which has contributed to BESydney’s strong result.
146 events previously secured by BESydney, estimated to be worth $404 million direct expenditure to NSW, will take place between January 2015 to December 2023.