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On 11 January 2005, Minister for Trade and Industry, Mr Lim Hng Kiang, unveiled the Singapore Tourism Board’s (STB) bold targets to ensure that tourism remains a key economic pillar by tripling Tourism Receipts (TR) to S$30 billion, doubling visitor arrivals (VA) 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 10 years, catalysed by a S$2 billion Tourism Development Fund.
2015 - Vision, Targets and Initiatives
Set against the backdrop of growing opportunities from both traditional outbound markets including the United States, Europe and Japan, and high-growth potential markets such as China and India, the STB is setting ambitious targets for 2015. This is to ensure that the tourism sector in Singapore remains competitive and continues to be a key contributor to the economy in the years to come.
By 2015, Singapore aims to be a destination of choice, a powerful tourism hub attracting visitors, businesses and talents from across the world by 2015. The STB has identified three key areas of focus:
(a) Strengthening Singapore’s position as a Leading Convention & Exhibition City in Asia with a strong and dynamic business environment.
(b) Developing Singapore as a leading Asian leisure destination by providing an enriching experience that is Uniquely Singapore.
(c) Establishing Singapore as the Services Centre of Asia – a place where visitors come to enjoy high-end quality services such as healthcare and education services.
STB's targets for 2015 are given in the following table:
| Indicator |
2004 |
2015 Target |
| Tourism Receipts (S$ billion) |
10 |
30 |
| Visitors Arrivals (million) |
8 |
17 |
| Tourism Employment |
150,000 |
250,000 |
S$2 Billion Tourism Development Fund
As part of the Government's commitment to grow the tourism sector, a S$2 billion Tourism Development Fund (TDF) has been set up to support initiatives in these four areas: -
(a) Infrastructure Development: Developing critical infrastructure to support tourism growth
(b) Capability Development: Enhancing the capability of Singapore-based travel and tourism players as well as attracting world-class travel and tourism businesses and organisations to set up in Singapore
(c) Anchoring Iconic/Major Events: Attracting iconic or mega events that will highlight Singapore as a premier destination for Leisure, Business and Services customer segments
(d) Product Development: Developing strategic tourism products
Utilisation of the TDF will be based upon careful evaluation of each project’s ability to contribute to 2015 targets and its commercial viability.
For more information, please refer to the media release.
Last updated on 03 November 2007
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