Ambassador Hotel Group said Thursday that it will launch a new platform that supports the meeting, incentive, convention, and exhibition (MICE) sector as the South Korean hotel chain seeks a new growth engine. The platform, dubbed CONNECO, is the country’s first platform aimed at boosting the MICE industry that was valued at around 1,700 trillion won (US$1,590 billion) globally.

The industry refers to a kind of package service that bundles together meetings, incentive travel, conventions, and exhibitions. Building up this business can greatly benefit the capital city by boosting the number of inbound visitors from overseas. “MICE industry represents the fourth industrial revolution,” CEO Byun Bo-kyung told reporters in Seoul, adding that the group has joined hands with various partners. Among major stakeholders is Kakao Investment, an investment-focused affiliate of South Korea’s top mobile messenger operator, Kakao Corp., the group said, without disclosing the size of the investment.

The South Korean government has long pushed to boost the MICE industry by enhancing the infrastructure to accommodate internationally renowned events at a national level. The Seoul city government earlier injected 10 billion won to support the MICE sector. “It is time for the private sector to lead the MICE industry,” Byun said, adding that the group set up the country’s first comprehensive MICE support center, dubbed Ambassador Academy. Ambassador Hotel Group said it plans to announce the details of the platform by the end of this year.