Tourism Board Allocates S$500 Million to Strengthen MICE Sector and Position Singapore as a Key Business Destination
In a move to restore its position as a leading destination for business tourism, Singapore will invest S$500 million over the coming years. The Singapore Tourism Board (STB) aims to make the city-state the home of world-class Meetings, Incentives, Conferences, and Exhibitions (MICE) events, catering to businesses across Asia, Europe, and the US.
STB’s CEO, Keith Tan, addressed the ongoing demand for face-to-face business engagements at the annual Tourism Industry Conference, dismissing claims that business travel was in decline. “In regions like the US and Europe, there’s significant demand for in-person meetings, and many have already resumed,” he said. Singapore, too, is gearing up to fully resume physical trade shows and conventions in the months ahead.
While virtual platforms such as Zoom have become common for meetings, Tan highlighted the continuing need for physical interaction to foster stronger business connections. “Business travel will thrive as leaders recognise that Zoom can’t replace face-to-face collaboration,” he remarked.
The STB is committed to supporting events that address emerging global challenges, including sustainability, energy security, and urban solutions. Upcoming MICE events, such as the Singapore International Water Week and Asia Tech x Singapore, will draw over 25,000 attendees. Other events scheduled for later in the year include the International Young Lawyers Congress and the Singapore FinTech Festival.
Tan also noted that Singapore’s strong recovery from the pandemic was facilitated by government support, which helped businesses retain their core capabilities. The additional S$500 million in funding will continue this momentum by driving demand for tourism products and assisting businesses in developing their capabilities.
As part of its broader recovery plan, STB is positioning Singapore as an “urban wellness haven,” showcasing a range of experiences that promote holistic well-being. The inaugural Wellness Festival Singapore, set for June, will feature activities such as pop-up events at Gardens by the Bay and wellness programmes at the National Gallery.
Furthermore, Singapore is working to enhance its reputation as a sustainable destination. STB plans to participate in the Global Destination Sustainability Index to benchmark the nation’s progress and achieve certification as a sustainable destination. Tan encouraged businesses to integrate sustainability into all customer touchpoints to differentiate Singapore from its competitors.
Despite the promising initiatives, market research suggests that tourism may only return to pre-pandemic levels in 2023, with arrivals from key markets like ASEAN and China still lower than before. Nevertheless, STB’s strategies signal an ambitious recovery for Singapore’s tourism sector.
