Singapore invests over S$300 million in Tourism

Singapore will invest more than S$300 million in the Tourism Development Fund to speed up recovery from the pandemic and attract even more tourists, Minister of State for Trade and Industry Alvin Tan said on March 1.

Launched back in 2005, the fund will not only develop new ideas and products for tourism but will also be responsible for upskilling industry workers, updating existing tourism offerings and adding new experiences to the country’s list of tourist attractions.

The challenge of reviving tourism post-pandemic has become increasingly urgent. This sector has suffered the most severe impact and has been the recipient of multiple rounds of funding aimed at facilitating its recovery.

In 2021, received a top-up of S$68.5 million to provide targeted support to the affected industry. Over the past two years, more than 100 local tourism businesses have also received help to become more productive and sustainable.

The latest top-up was worth S$500 million to support the tourism industry, part of which was directed to the Tourism Development Fund.

On Friday, Tan announced that Singapore tourism experienced a significant surge in 2023, with a welcoming reception of 13.6 million foreign visitors, constituting approximately 71% of the visitor volume in 2019. Tourism revenues for the first three quarters of 2023 reached 98% of the corresponding period in 2019.

According to Tan, this successful recovery is due to new tourist attractions and events such as Formula 1 and live performances by artists such as Ed Sheeran and Blackpink.

This recovery is expected to continue into 2024, with the country expected to see between 15 and 16 million visitors and tourism revenues of between S$26 and S$27.5 billion.

Tan also highlighted the recent implementation of a 30-day visa-free arrangement between China and Singapore as a favorable development for the recovery process. This new policy, simplifying travel for Chinese visitors, is anticipated to result in heightened arrivals and boosted spending across the tourism, retail and food and beverage sectors, contributing positively to the overall recovery.

It has been revealed that the government is actively engaged in developing a series of unique and top-tier experiences set to be introduced in the upcoming years. This initiative includes the expansion of Resorts World Sentosa and the creation of an aquarium surpassing the scale of the current SEA Aquarium.

According to Tan, Sentosa will also have a new attraction called Sensoryscape. This addition will involve the construction of a bridge connecting Resorts World Sentosa and Sentosa Beaches, featuring “multi-sensory gardens” that showcase digital light displays during the evening hours.

In 2019, the unveiling of the bridge, encompassing a total area of 30,000 square meters, marked the initiation of a comprehensive master plan. This strategic blueprint aims to revolutionize Sentosa and its neighboring Pulau Brani into an innovative and dynamic holiday and tourism destination within the next two to three decades. The bridge will have some exceptional features for travelers such as viewing platforms, water features and other architectural wonders.

Sensoryscape is set to undergo a preliminary launch within the current month. 

Tan admitted that this novel experience is anticipated to contribute to enhancing Singapore’s allure as a captivating destination.