Singapore aims to bolster its tourism strategy by targeting higher spending from tourists. According to Second Trade and Industry Minister S Iswaran, this can be achieved by developing a series of events and activities to encourage extra spending among visitors.
In an interview with Channel News Asia, the Second Minister underscored the Singapore Grand Prix Formula One race as a significant tourism pull. Since its inaugural night race at the Marina Bay Street Circuit in 2008, the famed event has drawn more than 150,000 visitors, who spent an excess of S$560 million in total tourism receipts.
Aiming to capitalize on the Formula One success, Mr. Iswaran envisions a range of lifestyle, fashion, and entertainment events. He further cited the three “C’s” — content, clients and connectivity — as focal points for Singapore’s tourism strategy. More specifically, Singapore aims to strengthen its content offerings by investing in its infrastructure and creating more attractions. In addition, programs will be developed to target certain market segments. Lastly, to emphasize connectivity, the city-state will be positioned as a gateway for international visitors in the region.
I believe that we are close to becoming a global tourist destination. We already have the best infrastructure in the world, at least according to the recent Mercer infrastructure rankings. Now, by bolstering our content offerings, targeting specific markets, and increasing our regional connectivity, we are in good stead to attract more visitors and ultimately increase overall tourism receipts for this year and beyond. – Mr. Satish Bakhda
Per the latest data from the Singapore Tourism Board, tourism receipts for the first half of 2012 totalled S$11.5 billion, registering a 7% year-on-year increase. Over 7.1 million international visitor arrivals were documented from January to June 2012, up 11% from the same period in 2011. With more targeted tourism programs, the Lion City has the potential to become a major tourism hub in the region.
Commenting on Singapore’s tourism strategy, Mr. Satish Bakhda, General Manager of Singapore company formation specialist Rikvin, said, “I believe that we are close to becoming a global tourist destination. We already have the best infrastructure in the world, at least according to the recent Mercer infrastructure rankings. Now, by bolstering our content offerings, targeting specific markets, and increasing our regional connectivity, we are in good stead to attract more visitors and ultimately increase overall tourism receipts for this year and beyond.”
In conclusion, he added, “Tourism is one of Singapore’s major economic sectors, and as such, it must be developed to its full potential. Higher tourism receipts will positively impact the economy, create new jobs, and stimulate new economic activities. For example, a thriving tourism industry will create opportunities for entrepreneurs to incorporate a Singapore company in complementary sectors, particularly in the areas of MICE, events management, F&B services, ticketing services, and a range of other peripheral businesses. Indeed, in terms of sustainable economic growth, tourism takes a central role, and Singapore is well placed to be at the forefront of this development.”
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