Singapore: Over US$500 million to develop tourism until 2020
Singapore will invest an additional 700 million SGD (US$517 million) in promoting tourism in the next five years through strategies that tackle short-term challenges such as uncertainties in the global economy, said Minister of Trade and Industry S. Iswaran on April 25.
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According to the minister, the funding will focus on developing Singapore's tourism products, improving productivity through technology and investing in manpower.
Singapore has seen overall growth between 2010 and 2015, but in the two recent years it has faced more challenges caused by instabilities in the global economy, such as a decrease in exports, increasing competition and domestic resource constraints.
Singapore Tourism Board (STB) chief executive Lionel Yeo shared that the agency's strategies for the next five years will step up tourism promotion in China, Indonesia and India, and explore newer markets like Myanmar.
The STB will also establish a repository of information and services where enterprises operating in this field can share information about their operations and services in order to increase the efficiency of tourist attraction and business.
