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Tourism Boosts Business Activity In Singapore

Despite economic downturns, tourist receipts are one thing that doesn’t seem to get affected by it, and in this regard, the Singapore government is strengthening its efforts to promote the country as a leading travel destination.

According to the statistics released by the UN World Tourism Organization in December, global tourism has grown significantly by four percent during the first half of 2012, year-on-year. Travel costs in Singapore have also increased because of Chinese tourists who have contributed 30 percent in spending, followed by tourists from Malaysia (18 %) and India (11 %).

In Singapore, a total number of 7.1 million tourists have visited the country during H1 of 2012. Tourist receipts have also increased by 7% since 2011, amounting to SG $11.5 billion.

Singapore owes much of its GDP growth to its billion-dollar tourism industry, thanks to world-class theme parks, manicured gardens and attractions. Recent developments have also boosted the country’s tourism such as Resorts World Sentosa’s Marine Life Park and Adventure Cove Waterpark.

Another recent crowd-drawer was the panda exhibit at the Singapore River Safari, a SG $160-million worth, child-friendly theme park.

Just recently, the state launched Gardens by the Bay, a 101-hectare garden complex equipped with a retail complex, a number of manicured gardens, conservatories and supertrees.

Entrepreneurs who would want to take advantage of Singapore’s lively tourism activity can benefit from establishing their start-ups in Singapore. With the demand for accommodations increasing, businesses can take advantage of this phenomenon by putting up a hotel in Singapore. In fact, based on statistics, the hotel occupancy rate during the first half of 2012 have risen by 86% as compared to the previous year.

Setting up travel agencies and events management companies in Singapore are also seen to benefit from the influx of tourists into the city-state. The country continues to draw a large number of leisure tourists and business travelers all over Asia and Europe, which can be targeted by travel agencies and events management companies for tours and conventions.