Tuesday, March 19, 2024
Destination Canada proudly unveils the inauguration of the International Convention Attraction Fund (ICAF), a new initiative spanning three years, aimed at enhancing Canada’s global competitiveness in attracting significant international conventions, conferences, and events to the country.
The Fund’s launch was officially declared yesterday during a Working Session of the Ministerial Tourism Council, led by the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Canadian Economic Development Agency for Quebec Regions. Marsha Walden, President and CEO of Destination Canada, also joined in the announcement. Notable attendees included Federal Ministers overseeing Canada’s Regional Development Agencies and the Minister responsible for Small Business.
With an allocation of $50 million from the 2023 Federal Budget, the Fund stands as a cornerstone initiative within the Federal Tourism Growth Strategy (FTGS), emphasizing its significance as a strategic priority.
“Hosting more international events is a central part of our work to help Canadian tourism reach its full potential,” said The Honourable Soraya Martinez Ferrada, Minister of Tourism. “That’s why, as part of the new Federal Tourism Growth Strategy, Destination Canada is making historic investments to attract more conferences and conventions. These events showcase the best of Canada, extend our tourism season, and attract business people – who typically spend twice as much as leisure travellers. We anticipate that this program will bring in at least $174 million into the Canadian economy. From the Women Deliver Conference to the World AIDS Conference, Canadians are world-class hosts. With fierce competition for these events, this investment will ensure that Canada can contend with the best—and then welcome them.”
The ICAF will offer financial assistance for applications to host major international conventions. With backing from Destination Canada, applicants will significantly enhance their prospects of securing successful bids. Financial aid, capped at $1 million CAD per recipient, will be allocated based on a predefined scoring framework reflecting the potential of each bid. With conservative projections, ICAF is anticipated to yield approximately $3.5 for every dollar invested, contributing at least $174 million to the Canadian economy.
“We see 2024 as Canada’s year of competitiveness for business events,” said Destination Canada CEO, Marsha Walden. “This is what it takes to compete for the world’s major business events, and win. Business events have immediate benefits for the Canadian economy and the tourism sector today as well as long-term ‘beyond- tourism’ benefits in attracting foreign direct investment, innovative businesses, and new talent in high-growth sectors that are critical to Canada’s future economy.”
“ICAF demonstrates Canada’s commitment to fostering economic prosperity, innovation, and connectivity,” said President and CEO of the Tourism Industry Association of Canada, Beth Potter. “Through this initiative, we’re not just inviting the world to our doorstep; we’re showcasing Canada as the premiere destination for global thought leadership and industry advancement. This is an opportunity to catalyze growth, inspire job creation, and secure a prosperous future for all Canadians by welcoming the global community to exchange ideas, forge partnerships, and celebrate the pioneering spirit that defines our nation.”
“International business events are crucial for Canadian hotels, driving high-yield business travel and occupancy during shoulder seasons,” said President and CEO of the Hotel Association of Canada, Susie Grynol. “The International Convention Attraction Fund will bolster Canada’s capacity to host major conferences and conventions, solidifying our position as a premier global destination.”
The ICAF exemplifies Canada’s dedication to fostering sectoral expansion, advancing national objectives, and upholding its status as an appealing destination for significant international business gatherings.
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