Destination Canada has unveiled an ambitious three-year International Convention Attraction Fund (ICAF) aimed at enhancing Canada’s appeal as a premier locale for significant global gatherings.
Backed by the Canadian government, this initiative is part of a broader $50 million allocation from the 2023 Federal Budget, reflecting a critical element of the Federal Tourism Growth Strategy (FTGS). This strategic effort seeks to invigorate the Canadian economy by more than $170 million through the attraction of international business events to the nation.
The launch event, marked by an announcement from The Honourable Soraya Martinez Ferrada, Minister of Tourism, alongside Destination Canada’s President and CEO, Marsha Walden, emphasized the fund’s role in advancing Canada’s position on the global stage. Federal ministers and key stakeholders underscored the program’s potential to double down on Canada’s hosting capabilities, leveraging events that not only highlight Canadian hospitality but also drive substantial economic and cultural benefits.
The ICAF promises financial support of up to $1 million CAD for successful bids on major international conventions, aiming to multiply every invested dollar into $3.5 for the Canadian economy, a total projection of at least $174 million. This calculation is based on a meticulous evaluation system that assesses the merit and potential impact of each bid, ensuring that the most promising opportunities are nurtured.
2024 is earmarked as a year where Canada elevates its competitive edge in securing global business events. The scheme is designed not only to bolster immediate economic and tourism benefits but also to lay the groundwork for long-term advantages such as attracting foreign direct investment, innovative enterprises, and talent in burgeoning sectors critical to Canada’s economic future.
Echoing the sentiment, Beth Potter, President and CEO of the Tourism Industry Association of Canada, highlighted the fund’s role in projecting Canada as a global beacon of thought leadership and industry progression. Similarly, Susie Grynol, President and CEO of the Hotel Association of Canada, pointed out the fund’s significance in driving high-value business travel and enhancing hotel occupancy, particularly during off-peak seasons.
In essence, the International Convention Attraction Fund is a testament to Canada’s strategic foresight in fostering economic growth, innovation, and global connectivity. It signifies a bold step towards not only inviting the world to explore Canada but also establishing the nation as a hub for pioneering ideas, partnerships, and celebrating the innovative spirit that Canada embodies. This initiative is poised to reinforce Canada’s stature as a top-tier destination for international business events, catalyzing growth, job creation, and a prosperous future for Canadians through the welcoming of the global community.
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