This report aims to examine how the Meetings, Incentives, Conventions and Exhibitions(MICE) industry in Hong Kong will be challenged in the coming years as newer competitors such as Shanghai, Philippines, Vietnam and Thailand, begin to focus more attention on developing their own MICE industries.
The research makes use of Porter’s Diamond Model, evaluating the competitive advantages of both cities’ MICE industry in the areas of factor inputs, firm rivalry, characteristics, supporting industries and the microenvironment. Through the use of this framework, the group will establish how competitive Hong Kong’s MICE industry will be particularly in relation to Shanghai, and whether are these strategies sustainable in the long run.
Investigations revealed that at current standards, Hong Kong maintains an edge over Shanghai in the MICE industry, having a business-friendly environment, as well as a strong team of professionals leading the industry well ahead of the competing city.
However, the report evaluated and concluded that these strategies are not sustainable unless Hong Kong continues to invest in the education of its human resource and draw more talent to the join the industry. Aside from pumping its accumulated capital into infrastructural developments beneficial to its MICE industry, Shanghai has already realised its need for high quality professionals. It is moving ahead to attract and develop its pool of talent to support the development of Shanghai’s MICE industry.
It is recommended that as a long-term strategy, Hong Kong should take immediate measures to attract new blood to the MICE industry and retain its talent pool so as to remain competitive in its MICE industry. In addition, the government would play an important role in aligning the objectives and actions of the supporting industries so as to help Hong Kong maintain its competitive edge in the MICE industry.