Singapore's MICE industry gathers momentum

Singapore's MICE industry gathers momentum

It's a rosy picture for Singapore's business tourism sector with the rebound of Singapore's MICE industry.

Singapore's success in hosting corporate meetings, conventions and exhibitions has made it a meetings, incentive travel, conventions and exhibitions (MICE) hub in Asia-Pacific. Despite the economic downturn, the MICE industry in Singapore proved to be resilient with MICE firms finding a steady stream of projects over the last few years. With the recent opening of the two Integrated Resorts Resorts World Sentosa and Marina Bay Sands the MICE industry in Singapore is witnessing robust growth. Most of the convention, exhibition and conference centers in Singapore have clinched events for not only 2011 but for 2012 as well!

It is estimated that close to 6000 business events are held in Singapore each year. In 2008 alone, Singapore accounted for one-fourth of all the business events that were held in Asia and welcomed close to three million business travellers. The MICE industry generated around S$6billion (Approx. US$4billion) that accounted for 40% of the total tourism revenue for 2008. There was a slight dip in visitor arrivals during 2009 but the Singapore Tourism Board forecasts 11.5 to 12.5 million tourist arrivals for 2010.

Recognizing the importance of large-scale events, the Singapore government has wisely invested in infrastructure. The newly opened Marina Bay Sands was constructed for $5.5 billion and offers world-class exhibition space, hotel rooms, restaurants, high-end shopping and a casino. Singapore's strengths such as strategic location, extensive air linkages, vibrant entertainment and recreation options, business friendly environment, and English speaking workforce help uplift its MICE industry. According to Melissa Ow, Assistant Chief Executive at the Singapore Tourism Board,

"What is unique to Singapore is our user-centricity, which means that experiences are built around the visitor, with the visitor's needs and preferences in mind."

Singapore's robust MICE industry complements its services sector fuelling a demand for event organizers, travel agents, hoteliers, restaurateurs, and retailers. This in turn opens up business opportunities for local and foreign entrepreneurs, businessmen, and organizations to establish a presence in Singapore by incorporating a Singapore company.

Singapore expects to draw 17 million visitor arrivals by 2015. Resorts World Sentosa has secured more than 50 confirmed events through 2011. With mega events such as the FI Night Race, Youth Olympic Games, and Human Capital Summit that are scheduled to be held over the next few months, opportunities abound for Singapore's MICE industry and services sector. If you are looking at starting a successful business venture in Singapore, it makes sense to set up a Singapore company in the MICE-related industry as it holds promise for years to come.

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