The cruise tourism industry of Singapore has been growing from the past couple of years and will continue to grow as the country is host to several international events promoting tourism.
The Singapore Tourism Board has set a target of Sin$15.5 Billion in tourism receipts (TR) in 2008. Moreover, it has also set a target of 10.8 Million tourists for this year, as reported by asiatraveltips.
Minister of State for Trade and Industry, Mr. S.Iswaran, said, “These targets were achievable if the industry players could leverage on the cruise, hotel, and business travel and meetings, incentive travel, conventions and exhibitions (Mice) Industries”, as reported by bernama on January 31, 2008.
The cruise industry has been growing and offering new growth opportunities for tourism sector. It is expected that around 1.5 Million cruise tourists will come by 2010 from all over Asia. New international cruise companies are adding to Singapore cruise companies and these international companies are treating Singapore as their homeport because most of their cruises are confined within the Asian region. To improve the infrastructure and provide better facilities, a new cruise base will be developed at Marina South. This base will be built keeping the new generation cruise ships in mind.
Tourism activity is expected to increase with the opening of new airport, Changi Airport Terminal 3, in the country. In addition to this, several international events like Singapore Airshow, Formula One race and Singapore International Water Week will also increase the number of tourists flocking to the country. These are some of the biggest events which catch eyeballs of tourists from all over the world and help in earning more revenue.
Another reason that will boost the number of tourists is decline in fare prices of airlines and opening of new air routes. Moreover, reduction in fare prices of airlines will promote the regional tourism. In 2007, the country’s visitor arrival was 80%, which was quite significant in the total arrival of tourists. These are enough reasons for Singapore to be optimistic that the arrival of tourists will continue this year.
According to a recent report “Opportunities in Singapore Tourism Industry (2007-2009)” by RNCOS, Singapore is counted among the countries that give prime importance to tourism for their economic growth. In last few years, Singapore has experienced heavy flow of tourists, which shows that the tourism industry is growing. According to the report, Singapore is expecting that the arrival of tourists will grow at a CAGR of about 4% during 2007-2011.
Related Market Research Reports:
China Tourism Industry Analysis (2007-2011)
Opportunities in Thailand Tourism Industry (2007-2009)
Opportunities in Malaysian Tourism Industry (2007-2009)
