With the Indian amusement and leisure industry expecting fresh investment of Rs. 10, 000 crores by 2020, IAAPA’s chairman Bob masterson, speaking at the recent IAAPI tradeshow, said that the Indian market is now more lucrative and growing faster than its Chinese counterpart .
Mr. Bob Masterson, Chairman of International Association of Amusement Park & Attraction (IAAPA) said that the growth of Indian Amusement Park Industry is more lucrative & faster in India as compared with China.
Masterson was in Mumbai to visit the IAAPI Trade Show which was held from the 14th to the 16th February 2008 at the Bombay Exhibitiob Centre and was organised by the Indian Association of Amusement Parks & Industries (IAAPI).
Mr. VGP Ravidas, President, Indian Association of amusement Parks & Industries estimated that the Indian Amusement & Leisure Industry was expecting fresh investment of Rs.10, 000 crores by the year 2020 with 500 new amusement parks coming up during that period. These new parks were likely to create jobs for 6 crores man- hours per month.
The Indian Amusement & Leisure Industry was estimated to grow by 10 to 12% per annum till 2010, with the exisiting 150 amusement parks, waterparks & snow parks in operation currentyl attracting footfall to the tune of 50 million visitors annually.
Global leaders in entertainment parks and attractions such as Universal Studios, Disney, Sony and Ripley Entertainment are looking at investments of billions of dollars in India considering the vast potential in this region. Private equity funds were also aggressively dedicating resources towards this sector, said experts.
Masterson, who is also chairman of Ripley Entertainment Inc, said the world’s leading players would set up bases in India within the next five years: “The opportunities and challenges are probably the biggest here. All leading players are quietly planning to enter India, a market where the rate of growth is five times of that of North America. India is the fastest growing region in the world.”
~Masterson’s company, Ripley, which owns and operates 66 attractions in 10 countries and is known for its Guinness Book of World Records, Believe It or Not museums and many more attractions, has already invested $1 million in India. Ripley is setting up four attractions at Innovative Film City in Bangalore which will be open to the public in April.
The 8th IAAPI trade show 2008, which was held recently in Mumbai had 142 booths with participation of over 25 foreign exhibitors from across the world. The show generated trade inquiries of over Rs. 500 crores. This event also gave platform for foreign collaboration & joint ventures.
According to Mr. Arijit Sengupta, 1st Vice President of IAAPI, the show was also a witness to a variety of 1st time national and international exhibitors and the overall response to the show was extremely positive and encouraging.
IAAPI – The Indian Association of Amusement Parks and Industries- is the only platform in the country, which recognizes and facilitates the small and big players in the Amusement Industry looking at the tremendous growth potential of this industry in the next 5 years. The 9th IAAPI Amusement show will take place in the month of February 2009 in Mumbai.
For further information, please contact IAAPI Secretariat on (022) 65231643 / 65707426-27, Email: firstname.lastname@example.org, Website : www.iaapi.org
Photos courtesy of IAAPI