Organisers of large international association meetings are being lured to Canada with the promise of financial support, following the launch of a new subvention fund.
Destination Canada has launched the International Convention Attraction Fund (ICAF), a three-year initiative, which, it says, could add CAD$174m to the Canadian economy.
The money will be distributed to Canadian convention bureaux to help them bid for international meetings, which align with Canada’s wider economic strategy.
It will be used to help event organising bodies defray the cost of their meetings by supporting venue hire, marketing budgets, or transportation costs etc.
"Hosting more international events is a central part of our work to
help Canadian tourism reach its full potential," said the Honourable
Soraya Martinez Ferrada, minister of tourism.
"That’s why, as part of the new Federal Tourism Growth Strategy,
Destination Canada is making historic investments to attract more conferences
and conventions. These events showcase the best of Canada, extend our tourism
season, and attract businesspeople – who typically spend twice as much as
leisure travellers.
“We anticipate that this program will bring in at least CAD$174 million
into the Canadian economy. From the Women Deliver Conference to the World AIDS
Conference, Canadians are world-class hosts. With fierce competition for these
events, this investment will ensure that Canada can contend with the best—and
then welcome them."
The ICAF will provide financial commitments for bids on major
international conventions, eligible up to CAD$1 million which will be
determined by a pre-established scoring system based on select criteria,
demonstrating the value of each bidding opportunity.
ICAF is estimated to produce around CAD$3.5 for every dollar invested,
generating at least CAD$174 million for the Canadian economy.
“We see 2024 as Canada’s year of competitiveness for business events,”
said Destination Canada CEO, Marsha Walden. “This is what it takes to compete
for the world’s major business events, and win. Business events have immediate
benefits for the Canadian economy and the tourism sector today as well as
long-term ‘beyond- tourism’ benefits in attracting foreign direct investment,
innovative businesses, and new talent in high-growth sectors that are critical
to Canada’s future economy.”
Who is eligible for ICAF funding?
Canadian Destination Management Organizations (DMOs) putting together a
bid for an eligible major international convention may apply.
DMOs must have an international business events attraction strategy, which
includes the following key components: hosting infrastructure and facilities,
marketing and promotion, dedicated financial and human resources, and industry
collaboration. The international convention under consideration must:
- Fall within one of Destination Canada’s six
priority sectors – advanced manufacturing, agribusiness, life sciences, natural
resources, digital industries and finance/insurance – and/or align with a
Canadian federal government mandate, objective or initiative.
-
Produce well-documented economic benefits for
host regions.
-
Qualify as a “citywide” event by attracting a
pre-defined minimum number of delegates, proportional to the size of the city,
its infrastructure and facilities.
