Singapore tourism expected to recover in 2024, S$110m to be pumped into new events
THE recovery of Singapore’s tourism sector has accelerated and is now expected to show next year, ahead of the earlier forecast mid-2020s, according to Minister of State for Culture, Community and Youth Alvin Tan.
“The recovery of tourism is accelerating faster than we expect… now it is accelerating and we expect recovery next year, 2024,” said Tan at the sidelines of SailGP, an international sailing competition.
Tan noted that the acceleration has been due to China’s reopening as well as borders opening up. Singapore has set aside S$500 million for tourism recovery in April 2022, and will use S$110 million from the amount set aside over the next few years to secure events like SailGP.
Singapore is safe and ready to welcome all tourism activities, said Tan.
New events coming to Singapore will also aid in the recovery, such as SailGP, which has included Singapore in its calendar for the first time this year. Other events such as Art SG and the upcoming Olympic Esports Week in June are also propelling the tourism rebound.
Singapore will be creative in the events it looks to secure and is looking at a variety of opportunities. SailGP and Olympic Esports Week are inaugural events that Singapore is hosting for the first time.
“We’re looking at new creative ways to anchor Singapore as a hub for sports and tourism,” said Tan.