It is a rosy picture for Singapore’s business tourism sector with the rebound of Singapore’s MICE industry.
Singapore’s success in hosting corporate meetings, conventions and exhibitions has made it a meetings, incentive travel, conventions and exhibitions (MICE) hub in Asia-Pacific. Despite the economic downturn, the MICE industry in Singapore proved to be resilient with MICE firms finding a gentle stream of projects over the previous couple of years. With the recent opening of the 2 Integrated Resorts – Resorts World Sentosa and Marina Bay Sands – the MICE industry in Singapore is witnessing robust growth. Many of the convention, exhibition and conference centers in Singapore have clinched events for not only 2011 but for 2012 as well!
It’s estimated that near 6000 business events are held in Singapore annually. In 2008 alone, Singapore accounted for one-fourth of all of the business events that were held in Asia and welcomed close to a few million business travellers. The MICE industry generated around S$6billion (Approx. US$4billion) that accounted for 40% of the full tourism revenue for 2008. There was a slight dip in visitor arrivals during 2009 however the Singapore Tourism Board forecasts 11.5 to 12.5 million tourist arrivals for 2010.
Recognizing the importance of large-scale events, the Singapore government has correctly invested in infrastructure. The newly opened Marina Bay Sands was constructed for $5.5 billion and offers world-class exhibition space, hotel rooms, restaurants, high-end shopping and a casino. Singapore’s strengths equivalent to strategic location, extensive air linkages, vibrant entertainment and recreation options, business friendly environment, and English speaking workforce help uplift its MICE industry. In response to Melissa Ow, Assistant Chief Executive on the Singapore Tourism Board, “What is exclusive to Singapore is our user-centricity, which implies that experiences are built across the visitor, with the visitor’s needs and preferences in mind.”
Singapore’s robust MICE industry complements its services sector fuelling a requirement for event organizers, travel agents, hoteliers, restaurateurs, and retailers. This in turn opens up business opportunities for local and foreign entrepreneurs, businessmen, and organizations to ascertain a presence in Singapore by incorporating a Singapore company.
Singapore expects to attract 17 million visitor arrivals by 2015. Resorts World Sentosa has secured greater than 50 confirmed events through 2011. With mega events equivalent to the FI Night Race, Youth Olympic Games, and Human Capital Summit which are scheduled to be held over the subsequent few months, opportunities abound for Singapore’s MICE industry and services sector. In case you are starting a successful business enterprise in Singapore, it is smart to establish a Singapore company within the MICE-related industry because it holds promise for years to come back.