MICE, an acronym for Meetings, Incentives, Conventions and Exhibitions, was established in the mid-1990s. The term includes meetings held by international organizations and associations for information exchange and discussions, and corporate events for meetings and business. According to the Korea Tourism Organization, foreign participants at international conferences held in Korea spent an average of US$2,336 in 2005, excluding airfares, about 2.4 times more than the per-capita average of US$984 spent by foreign visitors to Korea in general.