SINGAPORE, April 25 — The tourism sector will be getting a S$700 million (RM2 billion) boost over the next five years as the government continues its efforts to drive innovation and growth in the sector.

The S$700 million is the third tranche for the Singapore Tourism Board’s (STB) Tourism Development Fund, and key enhancements include extending support to travel agents and event organisers who charter cruises out of Singapore, and hoteliers who redesign their premises to implement productivity solutions.

This next phase of investment will focus on three areas to support the transformation of the tourism sector, said Minister for trade and industry (Industry) S Iswaran at the tourism industry conference 2016 this morning. They are: Product development so Singapore remains a destination-of-choice for visitors, technology adoption and innovation to improve productivity, and the enhancement of manpower capabilities so Singaporeans have the right skills to benefit from industry growth.

When it comes to investing in the quality of Singapore’s offerings, Iswaran said some of the funding will be directed to niche sectors with “high growth potential” such as the cruise industry, which generates “significant spill-over economic benefits” for ground handling services, bunkering and ship repair.

On keeping up with new technology, Iswaran noted that big data and predictive analytics, for instance, present significant opportunities for the tourism sector. “It can revolutionise the way we understand our visitors, their tastes and preferences, how we reach out to them, and tailor our products and services to meet their needs,” said Iswaran. Robotics is another area to leverage on to increase productivity, he added.

For hoteliers looking to redesign their premises to implement productivity-enhancing solutions, Iswaran said the Singapore Tourism Board (STB) will expand the scope of support under the Business Improvement Fund with a time-limited Hotel Retrofitting Grant.

Separately, STB chief executive Lionel Yeo said in his speech that the statutory board will be “intensifying trade engagement and marketing efforts” to attract visitors from Indonesia, China, Malaysia, Australia and India. These countries are Singapore’s top five source markets for tourism and remain important, he said.

Efforts will also be ramped up in “high-growth secondary cities” such as Surabaya and Medan in Indonesia, Tianjin and Chongqing in China and Ahmedabad and Hyderabad in India, he added.

To diversify Singapore’s source markets, Yeo said the Government will explore and enter newer markets such as Myanmar, as well as seek more visitors from mature long-haul markets in Europe and the US.

In his speech, Yeo also said the Government will be increasing support for local industry players through the Business Events in Singapore fund (BEiS). For example, the Government will support business development initiatives that are industry-driven. — TODAY