Singapore, 11 Jan 2005 - Minister for Trade and Industry, Mr Lim Hng Kiang, unveiled the Singapore Tourism Board’s (STB) bold targets to ensure that tourism remains a key economic pillar by tripling Tourism Receipts (TR) to S$30 billion, doubling visitor arrivals (VA) to 17 million, and creating an additional 100,000 jobs in the services sector by 2015. These targets will drive future initiatives and catapult growth in the tourism industry over the next 10 years, catalysed by a S$2 billion Tourism Development Fund.
TOURISM PERFORMANCE IN 2004
The tourism industry performed well in 2004, exceeding STB’s targets for both tourism receipts and visitor arrivals. Tourism generated an estimated S$9.6 billion in tourism receipts in 2004, exceeding STB’s target of S$8.7 billion for the year. Singapore also welcomed 8.3 million visitors in 2004, a record high and a significant increase of 36 per cent over 2003 and 10 per cent over 2002. This surpasses the STB’s target of achieving 7.6 million visitors in 2004.
2015 – VISION, TARGETS AND INITIATIVES
Set against the backdrop of growing opportunities from both traditional outbound markets including the United States, Europe and Japan, and high-growth potential markets such as China and India, the STB is setting ambitious targets for 2015. This is to ensure that the tourism sector in Singapore remains competitive and continues to be a key contributor to the economy in the years to come.
By 2015, Singapore aims to be a destination of choice, a powerful tourism hub attracting visitors, businesses and talents from across the world by 2015. The STB has identified three key areas of focus:
(a) Strengthening Singapore’s position as a Leading Convention & Exhibition City in Asia with a strong and dynamic business environment
(b) Developing Singapore as a leading Asian leisure destination by providing an enriching experience that is Uniquely Singapore.
(c) Establishing Singapore as the Services Centre of Asia – a place where visitors come to enjoy high-end quality services such as healthcare and education services.
STB’s targets for 2015 are given in the following table:
Table A: 2015 Targets
| Indicator | 2004 | 2015 Target |
| Tourism Receipts (S$ billion) | 10 | 30 |
| Visitors Arrivals (million) | 8 | 17 |
| Tourism Employment | 150,000 | 250,000 |
To achieve these targets, the Board will focus its efforts to achieve leadership positions in key customer segments, including BTMICE (Business Travel, Meetings, Incentives, Conventions and Exhibitions), Leisure (for example families) and Services (Education and Healthcare).
The STB will continue to enhance the existing tourism experiences that Singapore offers, and will develop new iconic offerings to cater to specific customer segments such as families. These could possibly include developing a world-class entertainment centre, family-themed attractions, nature-based clusters and lifestyle offerings such as the remaking of Orchard Road into one of the world’s greatest shopping streets. The STB will also continue to attract iconic events that will drive international visitor traffic and help position Singapore as the top-of-mind destination for key customer segments; previous events include the Indian International Film Academy Awards, and future events in the pipeline include ITMA Asia – The 2nd Asian International Exhibition of Textile Machinery and the 117th International Olympics Committee Session in 2005, and the Annual Meetings of the International Monetary Fund and the World Bank Group in 2006.
S$2 BILLION TOURISM DEVELOPMENT FUND
As part of the Government’s commitment to grow the tourism sector, a S$2 billion Tourism Development Fund (TDF) has been set up to support initiatives in these four areas: -
(a) Infrastructure Development: Developing critical infrastructure to support tourism growth
(b) Capability Development: Enhancing the capability of Singapore-based travel and tourism players as well as attracting world class travel and tourism businesses and organizations to set up in Singapore
(c) Anchoring Iconic/Major Events: Attracting iconic or mega events that will highlight Singapore as a premier destination for Leisure, Business and Services customer segments
(d) Product Development: Developing strategic tourism products
Utilisation of the TDF will be based upon careful evaluation of each project’s ability to contribute to 2015 targets and its commercial viability.
Mr Lim Hng Kiang said: “We have performed well in 2004, in view of the challenging and dynamic operating environment. Going forward, we have set ambitious long-term growth targets to achieve by 2015.
“Achieving these targets cannot be the effort of a single government agency or organisation. It would require government investment to create a pro-business environment. This S$2 billion fund will act to support, incentivise and catalyse private sector initiatives. It would then require significant private sector leadership to build on our capabilities and products. I am confident that with the combined effort of the STB, the travel industry, and other government partners, we will achieve our goal of strengthening tourism as a key pillar of Singapore’s economy.”
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