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The tourism sector is an important pillar of Singapore’s economy, accounting for 4% of GDP, 150,000 jobs and S$10.8 billion in tourism receipts.

Singapore has big plans to grow tourism into a key economic engine – tripling tourism receipts to S$30 billion, doubling visitors arrivals to 17 million, and creating an additional 100,000 jobs in the services sector by 2015. These targets will drive future initiatives and catapult growth in the tourism industry over the next decade, catalysed by a S$2 billion Tourism Development Fund.

Singapore posted an estimated S$14.8 billion in tourism receipts in 2008, representing an 4.8% increase over 2007. This set a new record for tourism receipts. In 2008, Singapore welcomed 10.1 million visitors. Visitor days were estimated to reach 41.3 million days, setting another record and posting an increase of 8.7% in comparison with 2007.

The hotel sector was estimated to achieve an all-time record of $2.1 billion in room revenue in 2008, posting a growth of 12.1% over 2007. Average Occupancy Rate (AOR) was estimated to reach 81%. In spite of the downturn in the latter half of the year, the hotel sector remained robust with both the Average Room Rate (ARR) and Revenue Per Available Room (Revpar) setting new highs. The ARR was estimated to reach S$246 for 2008, an increase of 21.9% over 2007, while Revpar grew by 13.5% to reach S$199.

The upcoming Integrated Resorts (IR) have generated tremendous buzz. They are envisaged to be large-scale iconic developments with a compelling mix of convention and exhibition facilities, themed attractions, entertainment and performances venues, recreation facilities, hotel, retail uses, encompassing a small gaming component, offering a multi-faceted experience. The IRs are expected to boost Singapore’s attractiveness as a destination and enhance our tourism appeal and reputation. Marina Bay Sands incorporates significant MICE facilities to cater to businesses and MICE visitors, while Resorts World Sentosa will be a world-class tropical resort that offers the whole family a fun and memorable experience. The two projects combined with add more than $10 billion in investments to Singapore. Marina Bay Sands will open at the end of 2009, while Resorts World Sentosa will be open in 2010.

In addition to the Integrated Resorts, there are other exciting developments, including:

• The Singapore Flyer, the world’s largest Giant Observation Wheel with a stunning view from 178m above sea-level. It has begun operations on 1 Mar 2008.
• The inaugural 2008 FORMULA 1 Singtel Singapore Grand Prix night race was held with great success and international attention from 26th Sep to 28th Sep 2008. It will be held again from 25th -27th Sep 2009.

Singapore has also deepened the suite of entertainment, retail and dining options with many new establishments being launched. In the Country Brand Index 2008, a report compiled by FutureBrand and Weber Shandwick, Singapore was ranked globally as the third-best destination for shopping and fourth in fine dining.

On the business front, Singapore has consolidated its position as a premier business city. Just last year, Singapore was ranked the easiest place in the world to do business for the third year in a row, in the "Doing Business 2008" ranking by the World Bank and International Finance Corporation. Singapore was also ranked, for the first time ever, “Top International Meeting City” in the Union of International Associations (UIA) 2007 Global Rankings announced last year.

Singapore is also establishing a strong position as a healthcare and education destination.

Some Major Employers:

Major employers in the Tourism cluster include the Hotels and Accommodation sectors, the Attractions, the MICE sector (Meetings, Incentives, Conventions and Exhibitions), Tour and Travel sectors, Food & Beverage as well as Retail establishments.

For more information, please refer to the Singapore Tourism Board website and Tourism Careers@Sg website.

Related websites include Singapore Hotel Association and Restaurant Association of Singapore.

Its port facilities and services remain unparalleled in terms of quality, efficiency, competitiveness and reliability. As the world’s second most network-ready country (Global Information Technology Report 2005/06, World Economic Forum), Singapore is a "plug-and-play" nation where online banking & mobile lifestyle have become the norm.

Close to 99% of the population, or almost every home, school and business has access to broadband internet. The government has launched an extensive wireless initiative island-wide where users can enjoy free indoor and outdoor seamless wireless broadband access at most public places.

Visit IDA’s website to find out more about the Wireless@SG Programme.

The country’s stable political landscape presents an attractive low risk assessment to many international business operations. In fact, Singapore attracts both MNCs and start-ups alike. These businesses have benefited from the highly-skilled workforce, low tax regimes and test bedding opportunities.

For entrepreneurs, the business friendly policies, simple application procedures and even government funding, makes it really easy to register and start a business here.