The ASEAN trade exhibition industry is expected to grow at an annual pace of 10 percent over the next three to four years, with the implementation of the ASEAN Economic Community (AEC) initiatives.

The growth is at a faster rate than the rest of Asia of only 8 percent, said Asia’s biggest exhibition organiser UBM Asia Ltd.

Jime Essink, President and Chief Executive Officer of UBM Asia said the group positions its exhibitions as regional fairs to attract overseas partners and buyers, especially as the entire ASEAN market is larger than the Indian market.

The formation of the AEC will also facilitate an increase in inter-ASEAN trade as barriers between the countries reduce, he added.

However, Essink warned that Malaysia is losing its position as a significant international event destination due to its lack of physical space for exhibitions, hindering the growth of the country’s exhibition sector which customarily holds around 15 international fairs yearly.

He noted that Malaysia’s total exhibition space is only 90,000 square metres, while Thailand’s biggest exhibition venue in Bangkok has 150,000 square metres of space on one floor alone and a new venue in Jakarta, Indonesia has an expected capacity of 80,000 square metres.

According to the Global Exhibition Industry Association, the sector was valued at about 23 billion USD in 2013, 600 million USD of which was recorded by six ASEAN member countries, namely Malaysia, Singapore, Thailand, Indonesia, the Philippines, and Viet Nam.

(Source: VNA)