In a bid to boost the post-pandemic recovery of the tourism sector, Singapore is adding over S$300 million to its government fund dedicated to tourism development. Minister of State for Trade and Industry, Alvin Tan, announced this initiative during the Committee of Supply debate on March 1, 2024.

The funds will focus on developing and marketing new tourism products and experiences, including supporting local enterprises in creating new intellectual properties and revitalizing existing attractions. Additionally, the funding aims to enhance the skills of tourism workers and encourage productivity and innovation among local tourism businesses.

According to a forecast by the Singapore Tourism Board released on February 1, 2024, Singapore anticipates welcoming 15 million to 16 million visitors in 2024, generating approximately S$26 billion to S$27.5 billion in tourism receipts. This projection builds upon the 13.6 million visitors recorded in 2023, with estimated tourism receipts between S$24.5 billion and S$26 billion. Although these figures are close to pre-pandemic levels, they remain conservative compared to the 19.1 million arrivals seen in 2019.

Tan highlighted that the Tourism Development Fund 4 has already facilitated the introduction of various attractions and events, including Disney Cruise Line’s newest ship, which will be exclusively home-ported in Singapore starting in 2025. The fund has also assisted over 100 local tourism businesses in becoming more productive and sustainable in the past two years.

Investing in the tourism sector is part of the government’s dual strategy for recovery, with the other aspect focusing on creating high-quality, unique experiences that will help maintain Singapore’s global appeal as a prime tourist destination.

Looking ahead, Singapore is set to host notable events, including the Global Sustainable Tourism Council Global Conference and the National Retail Federation 2024: Retail’s Big Show Asia-Pacific, adding to its rich lineup of leisure and business events.