TOURISM has been identified as the city's most important industry, with more than 4.5 million international and domestic overnight visitors spending time and money in the city each year.

That equates to an economic impact of more than $4 billion per annum - and the city of Gold Coast has undertaken a strategy to grow the tourism industry by another $2 billion per annum by 2010.

The Gold Coast Tourism Five-Year Plan marries strategic tourism and economic development to deliver outcomes which are yield and multi-industry focused, designed to create a cycle of wealth that involves increased visitation, improved asset valuation and new capital investment.

Part of the push is GCBazaar - a long-term strategic, initiative modelled in the image of the famous Singapore on Sale and Dubai Shopping festivals.

For the month of June, the GCBazaar brings the Gold Coast a festival of fun, food and fashion. The signature event will be held annually at least until 2011.

GCBazaar creates an extra incentive for consumers to visit the Gold Coast during a period of traditional low visitation by unifying the city's proposition and promoting added value deals for travel during the period.

It's a unique opportunity for every Gold Coast business operating across the variety of retail, food and beverage, accommodation, entertainment and transport sectors to add extra value to their product and leverage a combined city initiative.

This is the first year of GCBazaar, but it is just the beginning. Plans to bring new world-class events and festivities to the city are already under way for 2008. Travellers will be enticed from all over Australia and around the world.

Examples of business involvement so far include:

• Retail - using GCBazaar branding during the traditional June sale period;

• Dining - GCBazaar offer of free desert with every main course;

• Accommodation - GCBazaar exclusive rate during June;

• Transport - $2 off next fare;

• Entertainment - second-day admission free.