Singapore to pump $300 million into tourism as part of broader economic plan

SINGAPORE - Singapore’s tourism industry will receive a $300 million boost as part of a plan to grow the local economy and reinforce its global business-hub status.

A new pipeline of high-quality and first-of-its-kind experiences will be launched in the coming years in collaboration with the tourism sector.A new attraction – Sensoryscape – will form a thoroughfare connecting Resorts World Sentosa and Sentosa’s beaches, improving accessibility within the island. Sensoryscape will feature multisensorial gardens and offer digital light art displays at night.but three times its size.

While tourism is an important pillar of Singapore’s economy, trade remains critical for the nation’s prosperity. Singapore’s total trade in goods and services has more than doubled between 2005 and 2023, from around $890 billion to more than $2 trillion, three times the gross domestic product, with manufacturing as the biggest source of exports.

Foreign direct investment in Singapore has grown by more than 50 per cent, from $1.9 trillion five years ago, to reach approximately $2.9 trillion as at end-2023. MTI said in a separate statement: “By working with the CoE to co-develop solutions, companies in Singapore will be able to create higher-value products, customise AI solutions which can be scaled on the production floor, and accelerate the transformation of their operations, processes and business activities through the adoption of AI.

Mr Gan said the Government will also enhance the Partnerships for Capability Transformation scheme, or Pact, that encourages partnerships between larger and smaller enterprises on supplier development and co-innovation.

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