MyCEB general manager of sales and marketing Ho Ping said: "Business tourism has been recognised as a key contributor for economic growth. We expect the industry to contribute 16,700 jobs by 2020."
The £10m funding is to be split between operational expenses of the team - which has risen to 24 from five when the body was set up in 2009 - and a subvention programme for attracting conferences to Malaysia.
"We are attending three new shows in 2011 - Imex America, AIBTM, and CIBTM, and we will be targeting associations and coprorate meetings and events," added Ping.
A business plan is being drawn up now outlining how the subvention programme cash will be split and which regions will be targeted, and it will be presented to MyCEB´s board on 15 December.
"We are looking at the legacy for the country; we want Malaysia to be the top MICE destination in Asia," said Ping.
The subvention programme will allow for financial and non-financial incentives for MICE groups, and agreed performance measures will be laid out in the new business plan.