Despite rising costs, Singapore’s business events sector has demonstrated remarkable recovery, exceeding pre-pandemic attendance figures at numerous high-profile events, aligning with the government’s vision of becoming a global hub for business events and indicating further growth potential.
When asked about how STB is helping to temper rising event costs, Yap Chin Siang, deputy chief executive, Singapore Tourism Board (STB), told TTGmice: “Singapore recognises that we cannot compete for MICE events based on costs.
“But amid a competitive landscape, the fundamentals that make us a key MICE hub and attractive location for business and leisure events – such as our vibrant business environment, excellent infrastructure, strong governance, and stellar track record in delivering high-quality events – still hold strong.”
He further stressed STB’s dedication to supporting the business industry through various schemes, including the Business Events in Singapore grant and the Singapore MICE Advantage Programme.
Two locally-held events that have outperformed pre-pandemic numbers include The Singapore FinTech Festival 2023 which set a new benchmark with over 66,000 attendees, and the Milipol Asia Pacific x TechX Summit 2024 saw a record turnout of 11,613 visitors.
Building onto this momentum, Singapore has secured several inaugural business events for 2024, such as the recent CeMAT Southeast Asia (May 15-17); and upcoming NRF 2024: Retail’s Big Show Asia Pacific (June 11-13); and Process Innovation Asia-Pacific – Powered by ACHEMA (November 19-21). Beyond this year, the city will host ITMA Asia + CITME 2025; World Sleep 2025; and the 10th Lions Clubs International Convention in 2028, among others.
Recently, Singapore was ranked second in the City Rankings, amid 332 cities worldwide, on International Congress and Convention Association Country and City Rankings 2023.
“This is a great achievement, as typically, the top five spots are held by European cities,” said Yap. Singapore hosted 152 meetings in 2023.
Yap stated: “There are other promising signs of recovery, such as Singapore’s mutual 30-day visa exemption with China; positive air passenger numbers reported by International Air Transport Association; and the MoU (Memorandum of Understanding) signing with Nineteen Group on April 30 on a new series of safety and security shows, coinciding with the opening of their Asia Pacific headquarters in Singapore.”
A new global business events campaign, and a recently-launched legacy toolkit support this resurgence. Unveiled on May 14, 2024, at IMEX Frankfurt, the legacy toolkit provides a comprehensive framework titled ‘FIRM’ to help planners create events that extend their impact beyond immediate objectives.
Examples of legacy projects include the MoU signed between World Aquaculture Singapore, Singapore Food Agency, National University of Singapore, and Temasek Life Sciences Laboratory, to develop the AquaPolis Programme, where potential outcomes could lead to innovative aquaculture solutions through R&D breakthroughs with long-term impact on Singapore’s food security.
Previously, when Singapore hosted the 14th World Stroke Congress in 2022, STB supported the Singapore National Stroke Association in organising the fundraising. STB gave guidance on the route, and permits from URA where eventually, over 800 participants raised about S$94,000 (US$69,600) for stroke survivors and their caregivers.
Additionally, STB worked with 17 attractions and places of interest, such as the Singapore Flyer and Marina Bay Sands, to be illuminated in blue as a show of support for World Stroke Day, and to shine the spotlight on stroke advocacy.
