Demonstrating continued confidence in the state’s business and events sector, the City of Sydney has pledged another $1.5 million to Business Events Sydney (BESydney).

The funding injection builds on the City of Sydney’s initial outlay of $1.5 million which has delivered “lucrative incentive events”, according to Business Events Sydney chief executive officer, Lyn Lewis-Smith.

The first bout of investment had supported securing 24 events worth more than $70 million in direct expenditure, or a return of more than $90 for every $1 invested.

“To date BESydney has injected up to $249 million into the NSW economy by securing more than 53,000 Asian incentive delegates over the past three years alone,” Lewis-Smith said.

“We have confirmed 20 per cent yearon- year growth from this sector which has contributed to our strong result,” she added.

Business events deliver high yield overseas visitors who spend up to 6.5 times more per day than leisure tourists to the NSW capital.

The first instalment of funds helped activate Sydney’s city precinct during the development of the new International Convention Centre Sydney and Darling Harbour precinct. City of Sydney’s latest funding support covers the period from 2017 to 2021.

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