Singapore to top-up tourism fund by $65.8m
The extra cash injection will support the sector’s recovery amidst near-term headwinds.
Singapore is set to provide an additional amount of $65.8m to the country’s Tourism Development Fund (TDF), while also extending enhanced support levels until the end of March 2022. This will help to support the sector’s recovery amidst near-term headwinds, Trade and Industry Minister Chan Chun Sing said at the recent Tourism Industry Conference.
Chan added that the latest top-up was a “targeted support to build quality tourism enterprises".
Amongst the enhanced support measures are the Business Improvement Fund and the Training Industry Professionals in Tourism grant, which have been helping businesses upskill their workers whilst innovating and adapting to the changed business environment.
“In the near-term, there will still be headwinds. But we remain committed to supporting our tourism sector, to helping our businesses and workers build new capabilities, and to break new ground,” Chan said.
The TDF, formed in 2005, currently has a total value of $848.5m.
Meanwhile, the minister noted that Singapore will have to continue leveraging technology to reinvent travel experiences being offered locally.
As part of that goal, the Singapore Tourism Board has launched the Tourism Technology Transformation Cube (Tcube), a platform that aims to be the “go-to resource” for tourism businesses as they embark on digital transformation.
“Initiatives under Tcube will enable tourism businesses to meet like-minded tourism stakeholders to facilitate knowledge exchange; test innovative ideas through proofs-of-concept and pilots; and equip themselves with the tools to build and scale sustainable business models,” Chan said.
He added that the tourism sector can also capture opportunities on sustainability as travellers are looking for sustainable travel options.
“We want to be the best place to test-bed sustainable solutions, new tourism products and experiences, enabling businesses from around the world to launch first-to-market solutions and innovations, right here in Singapore,” Chan said.