South Korea’s eSANG Networks and Korea International Exhibition Center (KINTEX) have been given charge of the management of the largest exhibition center in India.
This is the first time that Korean businesses have been assigned a management contract abroad, that too for the fourth biggest exhibition and convention centre project in the world.
According to Arif Nisar, TFT Associate Editor from New Delhi, eSANG Networks, a consortium formed together with KINTEX, has recently established a joint venture company in India known as “Kintex Convention Management” and have been assigned as the operator of India International Convention and Expo Center (IICC), Dwarka, New Delhi. The Korean companies will mange the flagship project of Government of India for 20 years starting from 2020.
“South Korea’s consortium has been selected as the operation manager, beating the world’s leading businesses from the “So-Called” advanced countries in exhibition domain such as France, Singapore, and Hong Kong ” an eSANG Networks Official told TFT.
Arif Nisar further reported that “A bidder who could not win the operation told TFT in a sarcastic manner “The IICC is to be 300,000 square meters center, three times the size of the KINTEX which is the largest center in South Korea. The Korean will manage the fourth largest Exhibition Centre in the world in their first bid abroad”. The IICC is pegged as biggest exhibition and convention space after China, Singapore, and Japan.
With the Delhi-Mumbai Industrial Corridor (DMIC) project currently underway that connects dedicated freight corridors between the two cities, demands are apparently rising for the establishment of advanced IT valleys, various industrial clusters as well as diplomatic missions, embassies, and golf clubs around the IICC.
“The Delhi-Mumbai Industrial Corridor project is expected to create more demands for exhibitions and conventions in and around the region.”
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India International Convention & Expo Centre (IICC) is a flagship project of Government of India to create a world class Exhibition and Convention Facility.
The project has an estimated cost of INR 26000 crore.The facility will be first of its kind in the country with Exhibition Halls having large column free spaces and ability to host large scale defence and aerospace exhibits. The Convention Centre complex will have an ability to hold 10000 delegates with a world class plenary hall of capacity to hold 6000 pax. Further, a Multipurpose Arena with flexible space to hold sports events, trade & fashion shows, and national events, will have a capacity of 25000 pax.
It has been estimated that the global Meetings, Incentives, Conferences and Exhibitions (MICE) market, which supports 400,000 conferences and exhibitions worldwide, is of the size of US $ 280 billion and is a significant economic driver for a large number of nations. Currently India captures only 4.9 percent of the share of Asia in terms of number of events. In the absence of world class exhibition and conference facilities, India has not benefited from the potential benefits of this development. The development of the IICC is expected to help increase this share to around 13 percent by 2024. Additionally, the proposed project will enable New Delhi to compare favorably with Shanghai, Hong Kong and Singapore in the sphere of MICE Sector.