Following a record year in tourism, the Singapore government is investing S$900 million into the expansion of the country?s tourism industry, with a third of the funds earmarked for the Meeting, Incentives, Conventions or Exhibitions (or MICE) sector.
The funds dedicated to MICE will be used to promote lifestyle events through the Tourism Events Development scheme.? For entrepreneurs interested in setting up event management business or travel-related business?this is excellent news, as a portion of the funds will be set aside for business development purposes.
From a global economic perspective, the initiative to increase funding for the MICE sector couldn?t come at a better time. According to a report on the impact of travel and tourism on the Asia-Pacific economy released by the World Travel & Tourism Council (WTTC), the direct contribution of travel and tourism to the GDP in the region is expected to rise by almost 6% in 2012.? Also this year, it is anticipated that over 10% of all jobs created will be generated both directly and indirectly by the travel and tourism industry.
During the economic downturn from 2008 through the end of 2011, both business travel budgets and international business event planning and funding suffered dramatically. ?Still, studies conducted by American Express Business Travel confirmed that despite the drop, well over 70% of C-level executives and decision makers felt that it was crucial for them to meet with potential international business partners, as well as attend major networking and educational industry events.
Research on business travel conducted by the WTTC also concludes that business travel improves corporate productivity, and on average can yield an ROI of 10 as one unit of incremental business travel spending produces sales of ten units.? Among Asian countries, China and Singapore yield the highest ROI for business travel.? When measuring the ROI to business contributed by additional spending on business travel to China, Hong Kong, India, Indonesia, Malaysia and Singapore, the city-state leads the way, posting a 15.7% return on investment for business travel spending.
Increases in international trade have also been linked to the frequency of business travel. ?WTTC estimates? that one third of global trade over the past decade has been driven by international business travel.
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