Major attractions, including top international events scheduled for 2008, are expected to help in growth of the tourism industry in Singapore, strengthening the economy of the country.

The objective of the Singapore government for 2008 is to increase the number of visitors and is expecting to increase tourism receipts. S. Iswaran, Minister of State and Industry, speaking at the Singapore Tourism Industry Night on January 31, 2008, outlined that Singapore’s objective is to achieve $15.50 Billion in the tourism receipts and record 10.80 Million tourist arrivals in 2008, as reported by Forbes.

Singapore tourism industry’s targets for 2008 are in line with its eventual aim of luring 17 Million visitors and earning $30 Million in tourism receipts by 2015. The new target for 2008 is a YOY rise of 12.2% in tourism receipts and 5.4% in visitor arrivals. In 2007, Singapore witnessed record tourist arrivals, totaling 10.30 Million and SG$ 13.80 Billion in tourism receipts.

The prime factor which will boost visitor number in 2008 is the Singapore Grand Prix season to be hosted along with the race scheduled for September 2008. The event will run for three weekends and will also feature a host of attractions and festivities. One of the main highlights of the season will be Formula One Race exhibition from London.

Other attractions that are expected to bring tourists from around the world include the recently inaugurated Changi Airport Terminal 3 and several prominent international events like the Singapore Airshow from February 19 to 22, 2008 and Singapore International Water Week from June 23 to 27, 2008.

Singapore will also lure the new generation of larger cruise ships to its newly developed International Cruise Terminal at Marina South. Even the new craze of cruise stands to benefit from this growth and cruise industry is projected to see 1.50 Million cruise passengers across Asia by 2010.

Another advantage for the tourism sector is the decision of three leading international event management companies to set up base in Singapore which will give a fillip to business travel and MICE (Meetings, Incentive Travel, Conventions and Exhibitions) sectors.

A Research Analyst at RNCOS opined, “The Singapore tourism industry is poised for extensive growth owing to the mega attractions. The increased revenue from the tourism industry will boost the economy of the nation as foreign currency stock is growing.”