Singapore’s Tourism Development Fund will get a S$300 million boost that will go into a range of initiatives aimed at reinforcing the city-state’s global business-hub status.
The industry can expect to see a rejuvenation of existing tourism offerings, training support for tourism workers, and intellectual development of local tourism companies. A pipeline of quality experiences will be launched in the coming years, in collaboration with tourism players.
The Tourism Development Fund, first established in 2005, has so far backed major tourism developments such as Trifecta and supported more than 100 local tourism businesses in their productivity and sustainability journey over the past two years, stated minister of state for trade and industry Alvin Tan in parliament on March 1, reported local media.
Singapore welcomed 13.6 million international visitor arrivals in 2023, which was 71 per cent of 2019’s arrivals. Indonesia, China and Malaysia were the top performing source markets.
The destination is expected to receive 15 to 16 million arrivals this year, with tourism receipts projected to sit around S$26 billion to S$27.5 billion.
