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Tourism, a lucrative industry in Singapore
Tourism accounts for one of Singapore’s largest service sectors and is fast emerging as a lucrative industry. If you’re contemplating on starting a business it makes sense to consider establishing a travel and tourism related enterprise.
An interesting aspect of Singapore’s successful hospitality and tourism industry is the impact it has had in terms of job creation and opening up of business opportunities in allied sectors. Commenting on the job opportunities created by the IRs, Leong Wai Ho, an economist with Barclays Capital is believed to have said,
Given that the IRs began hiring well before the opening of the properties, they clearly had a strong role to play in pushing down unemployment to 2.1 per cent.
A number of businesses are reaping the benefits of higher tourist arrivals and the setting up of the IRs, be it transportation service companies, furniture providers, F&B establishments, retail stores, travel agencies or recruitment firms. According to a recent news report, even business consultancies are hoping to cash in on visiting business tycoons who might be interested in setting up a business here. According to a NYT article, Singapore attracted three million business travelers in 2008 alone. Although they only accounted for 30% of all visitors, they represented 40% of total tourist spending, which roughly translates into S$6 billion. According to Michael Leven, president and chief operating officer of Las Vegas Sands,
"Everybody wants the businessmen. They’re really not individual tourists but groups traveling around, and they are great economic generators…"
The United Nations World Tourism Organization (UNWTO) anticipates international tourist arrivals to grow by 3% to 4% in 2010, with Asia taking the lead. Singapore’s tourism industry outlook is positive for the medium to long term and presents countless business opportunities for smart-minded entrepreneurs.
Thinking about setting up a business in Singapore? Learn more about Singapore company setup.