EMA applauds govt.’s decision to allocate funds to revive event management industry

The Event Management Association of Sri Lanka applauded the government’s decision to allocate Rs.500 million in the next year’s (2022) budget to compensation for the losses incurred during the pandemic. 

Built painstakingly over 30 years, Sri Lanka’s event management industry has been a major contributor to foreign exchange earnings through driving the MICE tourist industry. The COVID-19 pandemic disrupted the earning potential of the industry, due to inevitable mobility restrictions that ensued.  

“We thank Finance Minister Basil Rajapaksa and the government for recognising our industry and allocating Rs.500 million to compensate the losses incurred during the pandemic with our industry being shut for 18 months. The EMA being the legally registered body of the event industry, we trust and hope that the Finance Ministry will consult and work with the EMA as to how these funds will be disbursed to the professional event management companies,” EMA Secretary Seniya Samarasekera said.

In addition to brining in foreign exchange to boot the economy, the event management industry has provided employment to thousands of people. Over the past 30 years, the event management industry grew organically while industry players invested billions of rupees in developing the industry through upgrading equipment, introducing technology and training people. 

Over the last two years the EMA has been working very hard to get our industry recognised by the government and we were first recognised when the Central Bank included us for the moratorium. The EMA is registered with the SLTDA and we are also a member of the FCCISL. The government’s fund allocation to the industry is a welcome respite to industry players in these challenging times. We believe that this monetary compensation will enable us to sustain and plan to revive the industry in the post-pandemic economy,” EMA President Roshan Wijeyaratne said. 
In the year 2018 alone, the global MICE industry was valued at US $ 1,100 billion and it is projected to grow to US $ 2,300 billion in 2026. Sri Lanka’s event management industry enjoys the potential to grow in the post-pandemic economy. As such, it is imperative that all stakeholders strive to sustain the industry and keep investing and developing it to retain the competitive edge and remain competitive in the region to bring the much-needed foreign exchange to 
the country.