In nowadays global economy MICE has probably the biggest potential to become a most important new Industry. Countries around the world are trying to develop this field as it embraces a lot of different industries, like tourism, exchange of knowledge, information about products etc. and is therefore crucial for the image of the cities where events are taking place. The East Asian region has seen the fastest development over the last 50 years and certainly China has become nowadays world factory. With Taiwan losing ground in manufacturing to China and Taiwanese business relocating to the Mainland, we have to find a new way of enhancing Taiwan's importance in the region. One way is certainly the development of the MICE industry. We have to educate and train our people so that they are fully equipped with the necessary knowledge. This study is using SWOT analysis based upon established theory, collected data and interviews of professionals in this field in order to make constructive suggestions on how to develop MICE in Taiwan. Result of our research and suggestions: (1) The Taiwanese MICE Industry is still in it's developing stage but in the long run it will create a multiplier effect to encourage spending and boost the economy to the country. (2) The Government has to make every possible effort to upgrade the facilities and to improve the respective environment in order to put Taiwan on the map in this specific field. (3) It is mandatory to establish a clear educational system to gain sufficient human resources for the MICE Industry and to develop a unified system of certification.