Singapore's tourism industry will receive a $300 million boost as part of a plan to grow the local economy and reinforce its global business hub status.
The injection into the country's Tourism Development Fund, announced by Minister of State for Trade and Industry Alvin Tan in Parliament on March 1, will help to develop and market new products and experiences and support local businesses in developing new intellectual properties.
It will also go towards rejuvenating existing tourism offerings, upskilling tourism workers and helping local tourism companies become more productive and innovative, he added.
The Tourism Development Fund has contributed to offerings like Trifecta the world's first snow, surf and skate attraction in the heart of Orchard Road - in October 2023 and the year-round exclusive home-porting of Disney Cruise Line's latest cruise ship, Disney Adventure, in Singapore starting from 2025.
"Over the past two years, the fund has also helped over 100 local tourism businesses become more productive and sustainable," Mr Tan said during the debate on the Ministry of Trade and Industry's (MTI's) budget.
A new pipeline of high-quality and first-of-its-kind experiences will be launched in the coming years in collaboration with the tourism sector.
"This will help us maintain our international mindshare and strengthen our appeal as a compelling destination," Mr Tan said.
Some initiatives are also planned to enhance existing tourism experiences.
The drive to boost tourism comes as international visitor arrivals continue to recover. A total of 13.6 million visitor arrivals were recorded in 2023, reaching 71 percent of 2019 levels, while tourism receipts for the first three quarters of 2023 reached 98 percent of the same period in 2019, before the Covid-19 pandemic halted travel worldwide.
This story is from the March 02, 2024 edition of The Straits Times.
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This story is from the March 02, 2024 edition of The Straits Times.
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