Perhaps even more than many other industry sectors, the fortunes of the meetings and conventions industry tend to reflect the status of the overall economy.

Yet a time of economic crisis -- such as the one we appear to be facing now -- is a time when the value of meetings, conventions and exhibitions is likely at its highest. This is the point at which it's most important to stimulate new growth, innovation and professionalism -- key parts of the package of benefits these kinds of events deliver.

There are at least five reasons why a time of economic contraction is a time to advance the role of the meetings industry.

First, and most obviously, because these events help advance business activity when that's needed the most. These are occasions for the exchange of information and the advancement of new ideas -- the kinds of things that lead to product development and promotion. By creating a forum for this kind of activity, meetings play a key role in stimulating business activity from the bottom up, as well as creating a forum for promoting and selling the resulting products.

Second, because they are an fundamental underlying component of research and development. Economic stimulation requires new innovation, and that in turn means an exchange amongst those in the development process. New investment in formal R&D programs will only come when there is an evident potential, and by getting a good sense of what is going on worldwide in any field -- again, the kind of thing that takes place at meetings and conventions -- those engaged in the development field can determine the directions they should be headed in a much more efficient way.

Third, they play an important role in professional development. One of the first casualties of an economic downturn is confidence, and not just in financial structures. Faced with an uncertain future, individuals too start to lose confidence not only in overall institutions but often in their own ability to stay afloat. The opportunity to gain new knowledge and expertise -- tools that can be put to work as conditions improve -- is a major booster to personal confidence, and that leads to improved attitudes and perspectives across the board.

Fourth, meetings, conventions and exhibitions can play a stabilizing role in the travel sector because they stimulate travel in a way that just doesn't seem to happen at a personal level.

Finally, meetings, conventions and exhibitions are key factors in addressing an economic crisis because they promote cooperation and understanding at a time when tensions are high due to the pressures of uncertainty. Economic crises tend to promote conflict as different regions and interests struggle to come to terms with a variety of different impacts. The kind of dialogue that is supported by meetings and conventions is the best possible way to address this situation, and to promote global cooperation (and in the process, understanding) on many different fronts at once.

We need to broaden the understanding of the role that these kinds of events can play in leading the way out of a crisis, and the fact that participation in them can broaden an individual's horizons at the very time that the walls seem to be closing in.

Rod Cameron is executive director of Convention Centres of Canada.