Previous FrontPage Edition 13 Jan 2005

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Singapore tourism targeted to net S$30 billion by 2015


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.


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.”


Source: Singapore Tourism Board Press Release 13 Jan 2005



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