Singapore will pump in more than S$300 million (US$223 million) to help its tourism sector continue its post-pandemic recovery amid intensifying global competition, said Minister of State for Trade and Industry Alvin Tan on Friday (Mar 1).
Besides developing new products and experiences, the latest capital injection will also go to rejuvenating existing tourism offerings and upskilling workers, he told parliament during a debate on the ministry’s spending plans for the year.
Being one of the worst-hit industries during the COVID-19 pandemic, the tourism sector has received several rounds of funding to aid its recovery.
For example, close to half a billion dollars was set aside in 2022 to support “strategic manpower capabilities” in the sector and offset business costs, among others.
In 2021, the Tourism Development Fund – first set up in 2005 to grow tourism receipts, visitor arrivals and jobs – also got a S$68.5 million top-up to provide targeted support for the battered industry.
Mr Tan said the fund has introduced a number of new attractions and lifestyle events, such as sports and lifestyle attraction Trifecta in Somerset. More than 100 local tourism businesses also received assistance to become more productive and sustainable over the past two years.
“We encourage all our tourism companies to make full use of this top-up to grow your business,” he said.
Singapore’s tourism sector saw a strong rebound in 2023, with international visitor arrivals recovering to 13.6 million. This was about 71 per cent of tourist arrivals in 2019, before international travel came to a halt in 2020 due to the COVID-19 pandemic.
Tourism receipts for the first three quarters of 2023 also reached 98 per cent of the same period in 2019.
The Singapore government expects this recovery to continue in 2024, with international visitor arrivals to reach between 15 and 16 million visitors while chalking up around S$26 billion to S$27.5 billion in tourism receipts.
