Singapore is the leading destination for business travelers

Singapore has solidified its status as a leading business travel destination in APAC, according to the 2023 Cities & Trends report from global travel management leader BCD. The recognition highlights Singapore’s wide support for business travel and its dynamic economic growth, making it an ideal destination for entrepreneurs looking to launch their startups.

Singapore’s top position is bolstered by substantial government initiatives to rejuvenate the aviation and tourism sectors post-pandemic. Key among these initiatives are the S$870 million OneAviation Support Package and an additional S$300 million boost to the tourism sector. These measures have been instrumental in accelerating Singapore’s recovery, with Changi Airport bouncing back to approximately 86% of its pre-pandemic passenger volume in 2023. This rebound is largely driven by increased traffic from Northeast and Southeast Asia, highlighting Singapore’s accessibility and convenience for business travelers.

Singapore’s economic dynamism is further evidenced by its ranking as the top financial center in Asia and third globally. This status is a testament to its strong infrastructure, strategic location and business-friendly policies. For foreign entrepreneurs, Singapore offers a conducive environment for startups, characterized by political stability, a strong legal framework and a thriving financial sector.

Leading APAC Business Cities

In addition to Singapore, the BCD report identifies other key regional cities that are pivotal for business travel. These include:

• Hong Kong: Despite recent challenges, it remains a crucial financial and business hub.
• Bangkok: Known for its vibrant economy and strategic location.
• Tokyo: A global business powerhouse with a strong economic foundation.
• Kuala Lumpur: An emerging significant business destination.

Other notable cities include Shanghai, Seoul, Taipei, Jakarta and Manila, each contributing to the region’s dynamic business landscape.

Dominance in Business Travel Routes

Singapore’s prominence is further highlighted by its dominance in business travel routes. The city accounts for four of the top 10 city pairs for APAC flights. Intercontinental travel data also shows Singapore as a key departure point, with major routes leading to European cities like Frankfurt, London and Amsterdam, as well as American cities such as New York and San Francisco.

APAC’s Role in Global Business Travel

The APAC region is projected to account for 42% of global business travel spending, reflecting its significant role in the global economy. For entrepreneurs, this means a vibrant market with ample networking, investment and expansion opportunities.