Singapore - Following a record-high tourism revenue of S$29.8 billion in 2024, the Singapore Tourism Board (STB) has unveiled its tourism industry roadmap for 2040, outlining an intensive growth strategy focused on two key pillars: the development of the Meetings, Incentives, Conventions and Exhibitions (MICE) industry and the attraction of leisure tourists.

Speaking at the STB’s annual Tourism Industry Conference on Friday, April 11th, Minister of State for Trade and Industry Grace Fu projected that tourism receipts would grow at a faster pace than international visitor arrivals, reaching S$47 billion to S$50 billion by 2040. The 2024 tourism receipts surpassed STB’s forecast of S$27.5 billion to S$29 billion, and visitor arrivals also hit the upper end of the forecast at 16.5 million.

Ms. Fu cautioned that the global environment is expected to become more challenging following the U.S. tariff hikes, which could negatively impact consumer confidence. "While we have a robust pipeline of events to liven up our tourism landscape, we must be prepared for greater volatility in the short to medium term, which will test our resilience," she added.

Despite this, STB maintained its 2025 forecast for tourism receipts at S$29 billion to S$30.5 billion and visitor arrivals at 17 million to 18.5 million. STB Chief Executive Melissa Ow told reporters on Friday that Singapore’s diversified portfolio of visitor markets would help it to "build resilience." She also noted that the travel and tourism sector has been "one of the most resilient sectors in recovering from global recessions, pandemics and other crises."

"While we are cautiously optimistic about the near-term outlook, what is more important is that we keep our eye on the longer-term growth potential," Ms. Ow emphasized. This is specifically addressed in the ‘Tourism 2040 Roadmap,’ with more details unveiled through eight Memorandums of Understanding (MOUs) signed by STB with local enterprises and global stakeholders at Friday’s event.

The roadmap’s three core pillars are: first, to secure demand in high-growth potential sectors like MICE; second, to enhance Singapore’s appeal as a leisure destination; and third, to develop the tourism industry. Ms. Fu highlighted that MICE travelers spend about double that of leisure visitors on average, with the aim to triple MICE revenue by 2040. Ms. Ow projected that MICE revenue would account for about 10% of total tourism expenditure by 2040, up from about 4% currently.

To achieve this, STB and the Singapore Business Federation (SBF) have inked a two-year partnership to build the capabilities of local trade associations to enable them to attract international or regional business events. The two organizations will jointly develop the inaugural Trade Association and Chamber (TAC) Summit, Asia’s premier business association event, this year. The partnership also aims to foster content collaboration between local trade associations and their overseas association partners.

Separately, STB will pilot a program with the Association of Singapore Convention & Exhibition Organisers & Suppliers (SACEOS) for MICE organizers. This program will provide mentorship, event consultancy services, and seed funding. Ms. Fu revealed that STB is also studying the development of a new MICE hub in the downtown core to "leverage synergies" with existing MICE facilities and tourism offerings.

Beyond MICE, Ms. Ow noted that the reopening of Changi Airport Terminal 5, which is expected to increase passenger traffic, presents a "tremendous opportunity" to attract transit visitors. Currently, transit and transfer passengers account for about one-third of Changi Airport’s total passenger traffic. The goal is to encourage more of these passengers to venture beyond the airport and experience Singapore’s other attractions, she explained.

Attracting Leisure Tourists

The second key pillar of ‘Tourism 2040’ is to establish Singapore as a compelling leisure destination, rather than just a transit hub or a business destination. Ms. Ow projected that leisure visitors would still form the main bulk of visitor arrivals in 2040.

Efforts to achieve this include developing key tourism districts and creating new attractions. In 2024, tourism businesses invested over S$3.2 billion in developing products and experiences. STB will step up efforts to drive visitor footfall and spending in lifestyle precincts. For instance, it will work with HSBC and Dempsey Hill tenants to promote the area.

Ms. Fu announced that the Marina Bay Cruise Centre Singapore will be expanded to capture opportunities in the cruise industry and facilitate multi-ship calls. STB and the terminal operator, Sats-Creuers Cruise Services, will invest S$40 million to increase the terminal’s capacity from 7,000 to 12,000 passengers. New cruise concepts, such as themed and wellness cruises, will also be developed.

In the wellness tourism sector, STB has identified potential areas such as science-based wellness and longevity experiences, as well as wellness hospitality. It will also aim to attract popular hotel brands. "Hotels are increasingly building a loyal fan base who travel to enjoy their global assets," Ms. Ow said.

Strengthening Industry Capabilities

Thirdly, STB will grow the local industry through investment attraction and capability development. A new Hotel Rejuvenation Fund will help hotels to pivot to become more environmentally sustainable and develop new technology offerings. Hotels with projects approved by March 31, 2026, can receive up to 70% support for sustainability solutions.

Support schemes will also be enhanced. The scope of the Experience Step-Up Fund, which co-funds the development and enhancement of tourism experiences, has been broadened with effect from Friday. Eligible costs now include airfare and living expenses for overseas feasibility studies, as well as rental and manpower costs during the rejuvenation period. Marketing support will be provided for up to 12 months, up from the previous six months.

The Kickstart Fund will extend the qualifying period for projects from three to four years to support local event organizers and SMEs in testing innovative concepts, building event brands, and scaling up.

Separately, STB and the Association of Singapore Attractions (ASA) launched the Attractions Sustainability Roadmap on Friday. The goal is to have 70% of ASA-affiliated attraction spaces attain internationally recognized sustainability certification by 2028. STB will also work with attractions to track and reduce their carbon emissions by 2030.

A roadmap for travel agents will be launched in July. Developed jointly by STB and the travel agent industry, it aims to equip travel agents with future-ready capabilities.

Meanwhile, over 220 tourism businesses have participated in STB’s Data Analytics Shift program to build their digital capabilities, refine their strategies, and streamline manual processes. The tourism board will also collaborate with global brands to support local tourism players in developing innovative and "Singapore-created" experiences.

On Friday, STB signed a three-year partnership with Chinese toy company Pop Mart International to bring exclusive products and experiences to Singapore. This will see Singapore become the exclusive host of the Pop Toy Show, Asia’s largest toy exhibition showcasing pop culture toys, collectibles, and art toys, in 2025 and 2026.

STB and Singapore Flyer will also collaborate with South Korean lifestyle brand Wiggle Wiggle to revamp the observation wheel from the second quarter of 2025. The four-month collaboration, a first in Southeast Asia, will feature specially themed capsules and giant inflatable installations at the Flyer, as well as a 1,200-square-foot "experience zone" and pop-up store showcasing Wiggle Wiggle merchandise.

[Copyright (c) Global Economic Times. All Rights Reserved.]