Business Events Sector Continues To Stimulate Economic Growth, News By Singapore Company Setup

The Integrated Resorts (IR) which will commence operating in early 2010, are proving to be a shot in the arm for Singapore economy. The government unveiled the plans for development of the casino based resorts in 2005 in order to drive the economy further by boosting the tourism industry.

In a news report Marina Bay Sands said that it has secured more than 30 events to be held here from next year to 2012, of which six are making their debut appearance here. The events will attract over 150,000 visitors in total. The new events are from various industries as diverse as legal, tourism, textile, etc and include an engineering conference in 2011, and the first major textile event for Asia, the Industrial Fabrics Association International Expo Asia 2011 trade show. Many of the events are hosted in Singapore for the first time.

Resorts World Sentosa said yesterday that it has lined up about 30 confirmed events for next year and 2011.Of these, 25 per cent are annual events that will be held here for the first time, one-off international events that rotate from country to country or one-off regional events.

Besides conventions and meeting facilities the resorts boast of several other amenities and attractions and guests can also choose from dozens of shopping and dining options. These features will drive the Meetings, Incentives, Conventions, Exhibitions (MICE) dollars of Asia into Singapore. Aided by the upcoming resorts and the Singapore Tourism Board the MICE sector of Singapore will witness a phenomenal growth thereby promoting the supporting service enterprises such as Professional Conference Organizers (PCO), Professional Exhibition Organizers (PEO), Destination Management Companies (DMC), venues (such as exhibition/conference venues, hotels), freight forwarders and other related companies such as stand contractors, AV, production and staging companies, thus triggering a chain of growth which will also benefit sectors such as hospitality, travel, retail and F&B industry.

Singapore’s business travel and MICE (meetings, incentives, conventions and exhibitions) sector is a key tourism driver for Singapore. In 2008, amidst a challenging global economic climate, Singapore’s business travel sector set a new record with 3 million business and MICE visitors and nearly $6 billion in tourism receipts. Thus Singapore which appears as a small market with its population of nearly five million indeed has a floating population of nearly 10 million visitors, thus offering a wide cosmopolitan market with huge spending potential. In June 2009 Singapore won the title of “Top International Meeting City” in the Union of International Associations (UIA) 2008 Global Rankings for the second consecutive year. Singapore continues to reign as Asia’s top country and city for meetings for the 25th consecutive year, accounting for more than 25 per cent of the meetings held in the continent in 2008. These accolades reaffirm Singapore’s position as a globally preferred business events destination.

Singapore’s pro-business environment and excellent global connectivity and strategic location, complemented by state-of-the-art MICE facilities, infrastructure, expertise and professionalism in event management reinforce the country’s reputation as a global exchange hub where people, ideas, capital and technology converge. The recent developments in the MICE industry herald opportunities for deserving talents and also for enterprises in training and development, and supporting services. Eyeing these prospects many entrepreneurs and enterprises have set up their ventures in Singapore and capital and talent continues to flow from around the globe to capitalize on the opportunities.

Tags: Singapore Economic growth, mice sector, singapore business event sector, integrated resorts, marina bay sands, Singapore Company Registration, Singapore Company Setup, Singapore Company Incorporation, Resorts World Sentosa, Singapore business, singapore entrepreneurs

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Singapore Company Incorporation, Business Setup and Registration asiabizservices.comAuthor: Paul Media