When Thailand offered its proposal to host the 46th World Bank/ International Monetary Fund Annual Meetings in Bangkok to the 40th World Bank/IMF Conference in Seoul, South Korea, in 1985, this initial step set into motion a series of developments of great significance to the nation as a whole.
Following an evaluation of Thailand's social and economic readiness, Thailand's proposal was accepted. In September 1987, the Minister of Finance, Mr.Suthee Singhasaneh, and the Bank of Thailand Governor, Mr. Kamchorn Sathirakul, jointly signed a Memorandum of Understanding between the Royal Thai Government and the World Bank/IMF reaffirming Thailand's commitment to host the 46th Annual Conference in Bangkok between October 1 - 15, 1991. Thailand thus became the 17th host country and 15th Asian host country of the World Bank/IMF Conference following India in 1958, Japan in 1964, the Philippines in 1976 and South Korea in 1985.
As events unfolded, a decision was made by The Royal Thai Government to initiate the construction of a national convention center befitting the importance and grandeur of the distinguished world event.
The stage was set for the inauguration of the Queen Sirikit National Convention Center. When the Queen Sirikit National Convention Center, Thailand’s first purpose-built convention center, opened its doors to welcome the 46th World Bank /IMF Annual Meetings in Bangkok between October 1 – 15, 1991, the inaugural event, it heralded the emergence of a new industry sector in Thailand – the Meeting, Incentive, Convention and Exhibition (MICE) industry.