Strong ROI Leads City Of Sydney To Invest In Business Events Sydney Local Businesses Get Economic Boost To Off-Set Construction
The City of Sydney will be injecting another $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 that helped secure lucrative incentive events to 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.
“Of the initial $1.5 million investment by City of Sydney, the funds drawn on to date have achieved a return of more than $90 for every $1 invested. International companies spanning insurance, pharmaceuticals, cosmetics, beauty, automotive and direct-selling have chosen to host an event in Sydney, which they’ve offered as an ‘incentive’ for staff to meet sales targets.”
“To date BESydney has injected up to $249 million into the NSW economy by securing more than 53,000 Asian incentive delegates over the past three years alone. We have confirmed 20% year-on-year growth from this sector which has contributed to BESydney’s strong result.”
City of Sydney’s initial investment helped 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 invest a further $1.5 million.
“This partnership brings high yield international incentive visitors to Sydney who spend up to 6.5 times more per day than regular holiday tourists, benefitting our shops and restaurants. We are happy to work with Business Events Sydney to secure more events, which will help off-set potential economic impacts of CBD light rail works and the Darling Harbour redevelopment. 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. ”
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 (all three were secured with broad support from Destination NSW, Business Events Sydney and City of Sydney).
BESydney has secured 146 events from January 2015 to December 2023 estimated to be worth $404 million direct expenditure to NSW.