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Bollywood
Win Brings Economic Boost To UK Catering, Entertainment, Hospitality
And Leisure Industries
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Yorkshire
and Humber has beaten New York to host India's equivalent of the
Oscars - the world-renowned International Indian Film Academy (IIFA)
Awards. The arrival of 'Bollywood' in 2007 is expected to bring an
economic boost to the UK's catering, entertainment, hospitality and
leisure industries - off the back of the immediate and long-term
tourism, cultural, film & media, event and overseas trade
opportunities that the Awards will bring.
The winning
bid was jointly compiled by regional development agency Yorkshire
Forward and Yorkshire Tourist Board, in partnership with Screen
Yorkshire and the region's city councils. The pitch is part of an
ongoing initiative to use major cultural events to contribute to the
region's economic growth - attracting inward investment, skilled
employees and visitors to the area.
IIFA expects
the awards to attract 28,000 people to the region from Europe, India,
South East Asia and the US. Tourists are expected to spend £9.5
million, with more than 12,000 rooms being booked during the event.
Through substantial media coverage to 315 million world-wide viewers,
the awards will position Yorkshire and Humber as a premier tourist
destination to the international Indian public, whose 400,000
outbound travellers spend US$1.5 billion every year. This reinforces
the region's ability to deliver large scale international events,
following the hugely successful Royal Ascot at York last year. It is
also hoped that the IIFA Awards will contribute to establishing
strong trade relations between Yorkshire and Humber and India - which
could lead to the creation of new direct flight routes between both regions.
Potential film
settings in Yorkshire and Humber will be showcased during the IIFA
Award's four day event. India has the largest film industry in the
world producing over 1,000 films a year, costing up to $20 million
per movie. By 2008 the industry is expected to gross US$ 2.2bn. With
over half of its major films shot overseas, Yorkshire and Humber is
well placed to benefit from resulting film contracts and high levels
of post-production work. As the second largest market for Bollywood
films, the whole of the UK is also expected to benefit from resulting
IIFA Awards merchandising, box office takings and DVD sales.
Regional
businesses will also profit from spin-off events to help them tap
into new markets. As part of the Awards a Global Business Forum,
sponsored by the Federation of Indian Chambers of Commerce and
Industry, plus a series of networking trade dinners and lunches will
be held to promote bilateral trade between India and Yorkshire and
Humber. Events will feature top Indian business speakers.
Discussing the
award's economic benefits, Tom Riordan, chief executive at Yorkshire
Forward says, "Events such as the Indian Academy Film Awards
will bring an economic boost to the Yorkshire and Humber region.
"Our
expectation is that the event alone will bring nearly £10m in
tourism spend. But the awards will also act as a catalyst to access a
new market. It will forge stronger business and cultural links
between Yorkshire and India, which is now one of the fastest growing
economies in the world. Trade events such as the Global Trade Forum
will promote and strengthen international trade opportunities,
supporting our region's export industries and stimulating inward investment."
"What is
equally as important, is the message this sends about the region.
Resulting media coverage will give Yorkshire and Humber the chance to
introduce its world class tourism, culture, business, film locations
and creative industries to a new international audience of more than
315 million. It will reinforce the Yorkshire and Humber region's
position as the number one centre for film, television and gaming
technologies outside of London. In addition, hosting an event of this
scale will underpin the region's credentials as a major player for
international events, building on the success of Royal Ascot at York
last year."
The IIFA Award
event will take place over four days. As well as the Global Trade
Forum, it will consist of an awards ceremony, blockbuster world
premier, film festival, charity fundraising event, plus film
professionals workshop. It will see over 500 leaders from the Indian
film industry and business leaders travelling to Yorkshire and Humber
from India.
By 2007, the
IIFA Awards will have been running for seven years. Previous award
ceremonies have been held in capital cities such as Johannesburg and
Singapore. Last year the IIFA Awards were held in Amsterdam, where
over the course of four days 15,000 people visited the city, booking
12,000 hotel rooms and spending 18.64 million Euros.
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