Under a newly revised business strategy to launch a new event park in Myanmar, Index Creative Village has linked up with a venue operator for MICE (meetings, incentives, conferences and exhibitions) events in Yangon, planning to capitalise on increasing demand from overseas investors.
Focused on major events – the ASEAN Chairmanship 2014 and Tourism Year in 2015 – the company, and business partner Forever Group, will jointly invest Bt200 million in the Myanmar Event Park (MEP) on 20,000 square metres in the heart of the business district.
Forever Group is a leading entertainment giant based in Yangon.
“This new venue will be an important piece in the jigsaw puzzle to create a strong footprint in this neighbouring country,” Index Creative Village co-chief executive Kriangkrai Kanjanapokin said yesterday.
Kriangkrai said that under this project, Index Creative Village would manage and operate the new venue and earmark some budget for marketing and promotion for the venue.
Forever Group has a three-year licence from Myanmar’s Defence Ministry to use the land located near the former parliament building in the central business district.
The MEP will comprise three zones. The Main Hall will be for indoor functions covering 6,000sqm. This hall will also be equipped with cutting-edge audio-visual technology for conventions, exhibitions and trade fairs. A 2,805sqm area will be used for outdoor activities and a 3,570sqm public park zone will be used for recreation and outdoor social functions.
The company will use a green concept for this venue, which will accommodate 15,000 delegates for a concert, or 30,000 visitors and 300 booths for an exhibition.
This investment aims to cash in on key activities for the industry after Myanmar takes the lead as ASEAN chairperson in 2014 and launches a national tourism year in 2015.
Narindej Thaweesangpanich, regional director for the ASEAN market at Index Creative Village, said both of these upcoming events will present a huge opportunity for his company, particularly after the completion of the MEP’s first phase in early December.
To introduce its new MICE venue, the company will organise a festival in the second week of December and a Myanmar Countdown 2014 event at the end of this year.
The company targets Bt80 million (US$2.57 million) revenue in its first operational year, reaching Bt120 million (US$3.86 million) in the second. Break-even point is expected to be reached in the following year.
“Besides the professional event-organising solution from Index Creative Village, the key selling point of the MEP is its location,” Kriangkrai said.
In Myanmar, there are currently four key venues for MICE events: Yangon’s Myanmar Convention Centre, Tatmadaw Hall and Minder Ground; and Nay Pyi Taw’s Myanmar International Convention Centre.
By the end of this year, the company expects Bt150 million (US$4.82 million) in revenue from overseas business. From Myanmar will come Bt100 million (US$3.21 million), with the balance from Vietnam. Overall income for this year will be about Bt2 billion (US$60 million), with 5 per cent growth from last year.
Source: ELEVEN Media