MICE business Travel is not everybody's business but yes, it concerns and should concern most of us. This is because of the two inherent aspects of MICE industry. The first one, that represents its core meaning as well as its purpose and which is, to hold MICE industry events like exhibitions, trade fairs, conferences, etc.
Every industry holds different types of these events each year depending upon their objectives and nature of the industry. These events are an integral part of all the industries and sectors. And as we said earlier, the academics industry, the institutions and fields like arts, music, etc. also hold exhibitions and fairs. And so, the first aspect is truly business oriented in nature, but yes is a part of all types of industries and even academics, arts and music.
Second aspect is MICE travel. These events are held for various industries, and since every industry is spread vastly geographically therefore participation in these events is also from different cities and even countries. Secondly, many of these events keep changing their locations, again one of the reasons for this being the geographical spread of the industries. These various locations give some specific exposure or focus to each of the geographic segments of any particular industry, along with exposure to the overall industry as such. The second reason for changing locations is to offer the regular attendees or even the new ones different tourist places to visit to keep them interested and motivated.
Both these aspects, events and travel, are of great significance and wide reach. Events as we said are an integral part of almost every industry. These also help towards revenue generation in more than one ways. And thus, they contribute towards the economy too. And events and exhibitions are an industry in itself. And like every other industry, this also contributes to the economy. So, these are an important segment of any economy, as well as a key indicator towards the health of any industry and the economy of any country.
The travel aspect is also quite significant. The travel industry by itself is a robust and growing industry for both developed and developing economies. Events, all the types of these, contribute a great deal towards inbound travel to the location, place or city where such events are being held. Also, such events encourage local travel and local sightseeing within and nearby the tourist place where events are held. The attractiveness of these tourist places is again is one of the reasons of frequent rotation of events.
And through both the aspects, the events also generate a high level of employment. So, in more than one ways these events contribute towards employment, industry growth and thus overall economic growth of countries.