New funding aims to boost attractions, innovation, and workforce development
Singapore is allocating an additional S$300 million to its tourism sector to accelerate post-pandemic recovery and enhance its global appeal. Announced by Minister of State for Trade and Industry Alvin Tan during the Committee of Supply debate, the funds will be used to develop new tourism products, upgrade existing attractions, and upskill the workforce.
Strengthening tourism offerings
The funding will support local enterprises in creating new intellectual properties and improving existing experiences. This includes efforts to make tourism businesses more innovative, sustainable, and productive.
The Tourism Development Fund 4, which has already contributed to major projects such as Disney Cruise Line’s new Singapore home port (starting 2025), will continue to help shape the country’s tourism landscape. Over the last two years, it has also benefited more than 100 local tourism businesses, enabling them to enhance productivity and sustainability.
Targeting international visitors
Singapore’s tourism sector is expected to generate S$26 billion to S$27.5 billion in receipts in 2024, with 15 million to 16 million visitors anticipated. While these figures indicate a strong recovery from the 13.6 million visitors in 2023, they remain below the 19.1 million arrivals in 2019, before the pandemic disrupted global travel.
Investments in new attractions and large-scale events will be key to maintaining Singapore’s international reputation as a leading tourist destination. Some upcoming projects include:
Sentosa Sensoryscape, a multi-sensory nature path connecting Resorts World Sentosa and Sentosa beaches
Singapore Oceanarium, a major expansion at Resorts World Sentosa
Global Sustainable Tourism Council Global Conference, hosted in Singapore for the first time
National Retail Federation 2024: Retail’s Big Show Asia-Pacific, a new regional trade event
Economic impact and major events
Singapore’s robust leisure and events calendar continues to drive tourism growth. Notably, Taylor Swift’s six concerts in March 2024 are expected to contribute up to S$500 million in tourism receipts.
Minister Tan emphasized that these initiatives will strengthen Singapore’s appeal as a premier travel destination, ensuring long-term economic benefits and sustained international interest.
