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Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Piyush Goyal urged the officials to expedite the construction of the first phase of the International Convention & Expo Centre (IICC) in Dwarka, Delhi.
“It will serve as a major economic driver helping India capture a larger share of global meetings, incentives, conferences and exhibitions market,” said Goyal after reviewing the progress of the work at the site.
Development of the IICC and supporting components will help India grab a bigger slice of the world market share of hosting major international events and exhibitions. It is expected that the IICC will help increase India’s share to around 13% by 2024 and bring New Delhi in the league of Shanghai, Hong Kong and Singapore in the sphere of exhibition market, the Minister said.
The IICC is a flagship project of Government of India and is being developed to create state-of-the-art and world class Exhibition and Convention Centre to promote Meetings, Incentives, Conferences and Exhibitions (MICE) activities in India. The foundation stone for the project was laid by the Prime Minister Narendra Modi on September 20, 2018.
The project is planned over an area of 89.72 hectares in Sector 25 Dwarka, New Delhi with a total FAR of 10.70 lakh square metres (sqm) comprising of Convention Centre (to accommodate 11,000 persons), 5 Exhibition Halls, one kilometre-long Foyer, multi-purpose arena with retractable roof (to accommodate 20,000 persons), 3/4/5-Star Hotels, Office space and Commercial/Retail space.
The project will be developed in two phases. Phase-I is being developed with Convention Centre (60,000 sqm) and two Exhibition Halls (61,000 sqm) adjoining Foyer and the entire trunk infrastructure of the project. Phase-II is planned to be developed with construction of 3 more Exhibition Halls, Arena, Hotels, Retail and Office space and will be taken after completion of Phase-I.
Delhi Metro Rail Corporation (DMRC) is constructing a dedicated underground Metro station, which is an extension of the Airport Express Metro, and funded by IICC Ltd.
Kinexin Convention Management, a consortium of Korea International Exhibition Centre (KINTEX) and eSang Networks Company Limited, has been appointed as the Operator for Exhibition and Convention Centre for operating and managing the venue for 20 years for post Commercial Operations Date (COD).
Within Asia, China accounted for more than 68% (4.1 million sqm) of total available space for exhibition facilities. India currently has only 0.3 million sqm of exhibition space which accounts for 4.9% of the share of Asia. In terms of events hosted across Asian markets, Chinese venues took the lead by hosting more than 515 (28%) events in Asia annually, as compared to Indian venues hosting 131 events (7.1%). In the absence of high end world class exhibition and conference facilities, India has not benefited from the potential opportunities of this development.
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