BWI: Strong Potential for Singapore to Emerge as a Top Tourist Destination in 2011: www.SingaporeSetup.com

Press release from Business Wire India
Source: SingaporeSetup.com
Monday, June 13, 2011 10:00 AM IST (04:30 AM GMT)
Editors: General: Consumer interest, Travel & tourism; Business: Accounting & management consultancy services, Business services, Information technology, Travel & tourism; Technology
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Strong Potential for Singapore to Emerge as a Top Tourist Destination in 2011: www.SingaporeSetup.com
The tourism sector's strong performance in the first quarter suggests that Singapore is likely to emerge as a top tourist destination in 2011

Singapore, Monday, June 13, 2011 -- (Business Wire India) -- Singapore's tourism sector's strong performance in Q1 2011 as well as the uptrend in business travel and the MICE industry signal that there is strong potential for the city-state to emerge as a top tourist destination for 2011, forecasts Singapore business incorporation portal, www.SingaporeSetup.com.

Latest data from the Singapore Tourism Board reveals that Singapore has experienced an all-time high of 990,000 in international visitorship during the month of February 2011. This number represents a 15.4% growth in visitorship compared to a year ago and brings with it a 19.1% year-on-year growth in gazetted hotel revenue, estimated at S$159 million.

Similarly, the Ministry of Trade and Industry Singapore has recently announced that tourism-related service sectors such as the hotels and F&B sectors have remained robust and grown 7% this year. The arts, entertainment and recreation sectors have expanded by 14.5% as well. On the back of this announcement, Singapore aims to draw 12-13 million visitors and earn S$22-S$24 billion in tourism receipts this year.

SingaporeSetup.com believes that these targets are attainable and that there is strong potential for Singapore to become a top tourist destination in 2011. Ms. Catherine Lee, Senior Editorial Board Member of the Singapore company setup portal commented, "The tourism industry has been accelerating its growth for the past five years and is set to thrive further. Last year, the industry exceeded its target visitorship month after month and consistently achieved record highs in tourism receipts. This, along with the promising sector performance in the first quarter of the year, gives us reason to be confident that this uptrend is here to stay and that Singapore is positioned to come out as a top tourist destination in 2011."

Further analysis by SingaporeSetup.com finds that Singapore's investments in new attractions such as the The Resorts World Sentosa and Marina Bay Sands as well as upcoming ones such as the River Safari, Maritime Xperiential Museum, Louis Vuitton Island, Gardens by the Bay and International Cruise Terminal will boost the desired growth in visitorship for Singapore this year.

As businesses and entrepreneurs look East to establish their presence in the region, many flock to Singapore due to its reputation as a financial and commercial hub in the heart of Asia, sound business practices, efficient and stable governance and proximity to the emerging markets that surround it. Last year alone, Singapore has hosted a strong calendar of international conferences and trade exhibitions including ITB Asia, the Singapore Airshow and Food&HotelAsia. Many of these events have picked Singapore as their choice destination year after year.

"Singapore is emerging as one of the top tourist destinations not only for leisure but for business as well. The strength of our MICE infrastructure is testament to Singapore's commitment to nurture its tourism industry. In turn, the ease of company incorporation in Singapore makes it an attractive destination for companies, entrepreneurs and investors who wish to start a tourism-related business here. Foreign companies prefer to setup a Singapore branch office or a Singapore subsidiary company while individual entrepreneurs mostly opt for a Singapore exempt private limited company," added Ms. Lee.

About SingaporeSetup.com

Targeted for global entrepreneurs and firms, SingaporeSetup.com is the leading business information portal that provides comprehensive and up-to-date information about establishing and operating business in Singapore.


CONTACT DETAILS
Manish Ghosh, SingaporeSetup.com, +65-6726-5000, info@singaporesetup.com

KEYWORDS
CONSUMER, TOURISM, CONSULTANCY SERVICES, BUSINESS SERVICES, IT, TRAVEL, TECHNOLOGY

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