The Singapore Tourism Board is setting aside S$15 million under a new fund. The ASEAN member country welcomed more than 15 million tourists and business travelers last year.
It would mean a welcome boost in enhancing visitor experience and capture growth opportunities for the modern city state of Singapore
The money will support associations representing popular tourist hotspots, such as the Orchard Road Business Association, Chinatown Business Association, and the Little India Shopkeepers.
The new Association Development Fund was launched by Second Minister for Home Affairs and Trade & Industry S Iswaran at the Tourism Conference 2014 on Monday.
The scheme is aimed at building the selected precincts into key leaders in driving quality growth in their respective areas of influence.
Yet, tourism receipts remained fairly stable at S$23.5 billion last year, growing slightly from S$23 billion the year before.
Slower growth in tourist spending comes amid challenges from domestic labour market tightness and rising external competition.
The government emphasises the need to work with industry entities to jointly develop ideas and differentiate Singapore from regional competition.
WHAT TO TAKE AWAY FROM THIS ARTICLE:
- The scheme is aimed at building the selected precincts into key leaders in driving quality growth in their respective areas of influence.
- It would mean a welcome boost in enhancing visitor experience and capture growth opportunities for the modern city state of Singapore.
- The government emphasises the need to work with industry entities to jointly develop ideas and differentiate Singapore from regional competition.
