KINTEX, the exhibition and convention center located in Goyang City of Gyeonggi Province, announced on June 20 that construction of the ...
Did you know that KINTEX, an exhibition and convention center located in Gyeonggi Province, South Korea, will operate the India International Convention and Exhibition Centre (IICC) in New Delhi, India, starting from 2023?
How did KINTEX enter the Indian market?
We have to go back to 2018 when the Indian government undertook an international bidding process to select an international operator for the IICC, which will be the largest convention center in India. Global exhibition venue operators, including those from France, Singapore, and Hong Kong, participated in the bidding. KINTEX also participated in the bidding jointly with E-SANG Networks, a domestic exhibition organizer. Through this highly competitive bidding process, KINTEX acquired the operating rights for the IICC for 20 years, becoming the first Korean company of its kind to operate an overseas convention center!
What is the IICC?
The IICC, a smart city project led by the Indian government, will be the largest convention and exhibition complex in India when completed. It will feature various facilities including five large exhibition halls, a multipurpose convention venue, India's largest auditorium (capable of accommodating) up to 10,000 people at once, a multi-purpose stadium (capable of accommodating 6,000 people), and more. That's not all. It will also have shopping facilities, office spaces, and a total of 3,500 rooms within 1 kilometer, making it an ideal place to conveniently and enjoyably participate in various exhibitions. The IICC will also be the largest integrated complex in India with a total area of 300,000 square meters, which is three times the combined area of the KINTEX 1 and 2 exhibition halls. This is more than 40 times the size of a football field!
India has a population of more than 1.3 billion, making it the world's most populous country; as the world’s 5th largest economy based on its projected GDP in 2023, it is also deemed a potential high-growth market in the post-China era. Moreover, English is widely spoken in India, which lowers entry barriers and makes it a highly accessible destination for foreign companies seeking to enter the Indian market! Additionally, almost half of the Indian population is under the age of 24. Accordingly, India shows considerable potential as it develops into the world's largest market economy with an annual growth rate of around 7%.
Of particular note, the exhibition and convention industry in India is growing rapidly. The annual average growth rate of this market is over 12%, and the convention market has been consistently growing at an annual rate of over 15% per year. Thus the MICE industry is considered one of the most promising industries in India.
○ Gyeonggi Province's representative activities for KINTEX’s overseas expansion
KINTEX, established jointly by Gyeonggi Province, Goyang City and KOTRA, is the first Korean convention center to operate an overseas convention center. It is actively pursuing the attraction of exhibition and convention events in preparation for the opening of the IICC in October and currently in talks to secure contracts with organizers of major international trade shows and conventions, such as the World Investment Forum (WIF) in November this year and the India International Plastic Manufacturing Industry Exhibition (Plastfocus) in February next year.
KINTEX's operation of the IICC will serve as a key stepping stone for domestic exhibition and convention events as well as for small and medium-sized enterprises seeking to enter the Indian market of 1.4 billion people (the world's largest). Planning is underway for the Governor of Gyeonggi Province and related officials to visit the IICC site in India to inspect the construction site and offer encouragement.
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