Falling inflation, rising employment, growth in industrial production and increasing retail sales in Russia mean that an increasing number of indigenous companies are looking to reward their employees and clients through incentive events. This is bolstered by Morgan Stanley’s prediction that Russia’s gross domestic product will grow by 4.6% next year.

More than  €70 million has been generated by the 12 leading Russian corporate events specialists during 2011, representing 40% of the total meetings and conference business in the country, according to Events Magazine Russia. Meanwhile, Turkey was named by the trade magazine as the leading events destination of choice among Russian businesses. However, recent conferences have also been held in many destinations, including the USA, Italy, Spain, Brazil, Cuba, the UAE, China and Thailand.

One of the greatest challenges for Russian specialists is to find suppliers and destinations able to cater for corporate meetings for 400-800 delegates, said the magazine.

"The average event planning period in Russia is four to six months from the first request for proposal and bidding to materialisation, and with most groups taking place in the year’s third and fourth quarter, the most effective time for promotion is in March,” said Events Magazine Russia’s Dimitri Smirnov, who recommended the Moscow International MICE Forum on 19 March 2012 as “the ideal time and place to meet with all the leading Russian MICE specialists”.