Speech by Minister Grace Fu at the Tourism Industry Conference 2025

I am delighted to be here with you today at the Tourism Industry Conference 2025.

2024 was a landmark year for Singapore’s tourism sector. Our international visitor arrivals grew 21% from the previous year to 16.5 million, and tourism receipts reached a record high of $29.8 billion. These achievements are a testament to the agility, creativity, and resilience of everyone here today.

Mainland China, Indonesia and Australia were our top tourism receipt markets, with Mainland China and Japan seeing exceptional year-on-year growth at 48% and 26% respectively. Nearly all our key markets experienced healthy growth in visitor arrivals, driven by a strong mix of short to long-haul visitors from Mainland China, Japan, Indonesia, India, the UK and the USA. Notably, visitor arrivals from Mainland China surged by 126% last year, following the launch of the 30-day mutual visa exemption.

A series of immersive showcases such as the Harry Potter: Visions of Magic experience, The World of Studio Ghibli exhibition, and The Eras Tour by Taylor Swift helped strengthen our tourism performance. Flagship events including the HSBC Women’s World Championship and Formula 1 Singapore Grand Prix continue to serve as cornerstones of our tourism calendar. Since its inception, the F1 night race has brought in more than 720,000 international visitors and $2.2 billion in tourism receipts.

The MICE sector also had a strong showing, with over 30,000 delegates attending major events like the Asia Tech x Singapore and the Rotary International Convention. A proud moment for us was achieving our best-ever position on the International Congress and Convention (ICCA) Worldwide City Rankings, where Singapore secured second place globally.

Following the imposition of US tariffs, we expect a more challenging global environment. As countries revise their growth rates downwards, we expect consumer confidence to be adversely affected. We will continue to monitor and assess the impact to the tourism sector. At this point, based on last year’s strong performance, STB is projecting Tourism Receipts to reach between $29 to $30.5 billion and International Visitor arrivals to hit 17 to 18.5 million in 2025, with several growth engines.

First, we have an exciting lineup of new attractions and events this year.

Our lineup of global artists and international acts strengthen Singapore’s appeal as a leading lifestyle destination and entertainment capital. We are thrilled to welcome Lady Gaga, who will make her only stop in Asia next month.

Several new attractions were unveiled at the Mandai Wildlife Reserve recently to create immersive “City in Nature” experiences. These include the Mandai Boardwalk, Rainforest Wild Asia, and the Mandai Rainforest Resort by Banyan Tree. Each of these projects is exciting and unique on its own, but collectively, they make Mandai a compelling destination to visit and stay over multiple days.

Next, Marina Bay Sands will break ground on its expansion works in mid-2025, bringing exciting new developments including a 15,000-seat entertainment arena, additional MICE spaces, a new iconic hotel tower, and a public rooftop attraction when it is completed in 2029.

For sports fans, basketball stars will take centre stage at a multi-day festival leading up to the NBA Rising Stars Invitational. This is the league’s first regional basketball tournament for youth aged 18 and under, with meet-and-greet and exclusive coaching sessions.

We will also welcome Disney Cruise Line’s Disney Adventure, which will homeport in Singapore exclusively for the next 5 years. The ship will set sail on its maiden voyage this December, offering a magical cruise experience with beloved characters from Disney, Pixar and Marvel.

In addition, our MICE sector looks set to grow.

1. We are excited to host LSI Asia 2025, the first edition of this medtech conference in Asia.

2. Other MICE events include the ICMF International Insurance Culture Festival and inaugural World Sleep Congress 2025, which are expected to draw close to 7,000 attendees.

Next, we will enhance collaborations with industry and precinct partners, including the Association of Singapore Attractions (ASA) to deliver more impactful outcomes. This year, in celebration of Singapore’s 60^th year of independence, we worked with ASA and our tourism businesses to roll out SG60 exclusive deals and promotions. We deeply appreciate your strong support, and are committed to shaping the future of our tourism landscape with our partners.

Riding on the success of the Marina Bay and Sentosa precinct partnerships last year, I am pleased to have witnessed the signing of an MOU among representatives from STB, HSBC and Dempsey this morning. This partnership will strengthen Dempsey’s appeal and bring more visitors to this historic enclave.

Finally, expanding Singapore’s global mindshare is a key priority. This coming weekend, the opening of our Singapore Pavilion or "The Dream Sphere" will take place at the World Expo in Osaka. Our creative talent, culture, cuisine, and homegrown brands such as Uncle Saba’s Poppadoms, Bee Chiang Hiang, Prima Taste and Tanglin Gin will be on display to visitors from all around the world. We are excited to showcase our nation’s story and promote Singapore as a must-visit destination.

Even as we look ahead to a pipeline of events that will invigorate our tourism landscape, we must brace ourselves for near to medium-term volatility that will test our adaptability. We are committed to supporting our industry and workers – not only to mitigate the potential impact to our growth but to emerge more resilient together.

To stay ahead, we have already taken proactive steps to safeguard and future-proof our sector.

Last year, I shared that STB embarked on Tourism 2040 – a roadmap designed to drive the next chapter of quality tourism growth amid rising global competition, shifting demographics and increasing resource constraints. STB engaged over 700 stakeholders, members of the public and organisations to gather valuable feedback during this process. Four out of every five residents agreed that tourism is a vital pillar of the economy and enhances Singapore’s appeal.

We are committed to keeping tourism an engine of economic growth, creating quality jobs for Singaporeans, and building a home that all will proudly advocate for.

As part of STB’s long term vision, STB projects that by 2040, Tourism Receipts will reach between $47 to $50 billion, which is 1.7 times of our tourism receipts today. We will strive to grow tourism receipts at a faster rate than international visitor arrivals.

Tourism 2040 will focus on three thrusts:

1. Cultivating future Demand to seize high-growth opportunities;

2. Creating an attractive Destination, as we push ahead with new initiatives to strengthen our tourism offerings; and

3. Advancing the Development of a future-ready tourism sector.

First, we must pursue high-growth and quality visitor segments to cultivate future demand.

One such visitor segment is MICE. On average, a MICE visitor spends two times as much as a leisure visitor, making it an exceptionally valuable segment for Singapore. With the global MICE sector expected to double in value over the coming decade, and Asia Pacific being one of the fastest growing markets, Singapore is well-positioned to capture a larger share of MICE visitors. STB aims to grow MICE tourism receipts three-fold by 2040.

To realise this ambition, we have secured a pipeline of significant MICE events such as the:

1. Passenger Terminal Expo Asia 2026, the first Asia-Pacific edition of the world’s leading passenger terminal exhibition and conference, will bring together over 3,500 aviation leaders;

2. SIBOS 2027, one of the largest conferences in the Banking and Finance sector will attract 7,000 delegates from the global financial community.

To boost Singapore’s global competitiveness, we are studying the development of a new MICE Hub in the downtown area of Singapore that can leverage the synergies of existing MICE venues and attractions located in the city.

We will continue to anchor the regional headquarters of global professional event organisers in Singapore, to drive high-impact events and create job opportunities for Singaporeans.

1. One such example is Messe Berlin, a leading trade fair organiser that has established its Asia Pacific Headquarters in Singapore since 2007. Over the years, it has transformed ITB Asia into a premier travel trade event, drawing top industry leaders to Singapore. Establishing a presence here has positioned the company to tap into regional opportunities, including launching the new Smart Health Asia 2026. This event will draw health and tech executives seeking to revolutionise healthcare through digital innovation.

Looking ahead to the mid-2030s, the opening of Changi Airport Terminal 5 will be a game-changer to expand our airport capacity by around 50 million passengers yearly. This will be an increase of over 50% from the current capacity of 90 million passengers. STB and our partners will create compelling business and lifestyle experiences to encourage more transit and transfer passengers to make a stop in Singapore.

Now, let me share how we will enhance our Destination to boost Singapore’s attractiveness by pushing ahead with key infrastructural developments.

Orchard Road and Sentosa remain at the heart of our tourism landscape. There are ongoing rejuvenation efforts to ensure that these precincts continue to thrive.

1. Orchard Road’s transformation is well underway, and Somerset is set to become a youth hangout. Tanglin is envisioned as an arts and cultural quarter, while Dhoby Ghaut will be enhanced with more family-friendly experiences.

2. Next, we will strengthen Sentosa as an “island playground and sanctuary”. The launch of Sensoryscape last year received an overwhelming response, with footfall surpassing 5 million.

   1. Illumination’s Minion Land has opened at Universal Studios Singapore, featuring the first-ever Minion themed carousel ride and Singapore-exclusive merchandise.

   2. And with the expansion of Resorts World Sentosa, we can expect more exciting attractions and lifestyle concepts ahead such as the Singapore Oceanarium later this year, and a new waterfront development complex by 2030.

To capture opportunities in the cruise sector and facilitate dual ship calls, STB and terminal operator SATS-Creuers Cruise Services are embarking on an expansion of the Marina Bay Cruise Centre Singapore. This $40 million investment will increase the terminal capacity from 7,000 to 12,000 passengers, reinforcing Singapore’s status as a leading cruise hub in the region.

To stay ahead of competition, the industry needs to constantly refresh our tourism products and embrace innovation.

A good example of innovation is the Grand Hyatt, which reopened in July last year.

1. I had the opportunity to see firsthand the enhancements, including: an improved food waste management, an on-premise automated water bottling plant, and conversion of spa treatment rooms into exclusive garden studios.

2. These upgrades not only enhance the visitor experience, but also set new benchmarks for efficiency and sustainability in our hospitality sector.

To accelerate hotel transformation, we are expanding support through the Hotel Rejuvenation Fund to help hotels renew their products, innovate with technology, and adopt sustainable practices. Hotels with projects approved by 31 March 2026 may receive up to 70% support for sustainability solutions.

Finally, we are making the most critical investment – in our local enterprises and workforce to develop a future-ready tourism sector in Singapore.

To create Destination Singapore, we need to tap the strengths of our local tourism players such as yourselves, and support you in developing innovative, created-in-Singapore experiences. With global brands as partners to elevate and scale up our efforts, we want to make Singapore an even more irresistible destination with unique local content.

An example is the Gardens by The Bay teaming up with Disney to launch the Disney Garden of Wonder at Floral Fantasy, featuring floral sculptures of Disney and Pixar characters.

We are heartened by the continued momentum of such collaborations.

This morning, STB signed a three-year partnership MOU with POP Mart International to deliver at least six projects, including events, concepts and brand activations. Our first collaboration under this MOU will bring one of POP Mart’s popular characters, Labubu for instance, to selected parks at the Mandai Wildlife Reserve. Visitors can look forward to themed installations, photo opportunities and retail zones offering a variety of merchandise.

At the same time, we recognise the demands that local businesses, especially Small and Medium Enterprises (SMEs), face amid an increasingly challenging economic landscape. We are committed to seeing you succeed and have reviewed our incentive schemes to help you seize new opportunities.

1. First, we will expand the scope of the Experience Step-Up Fund to support the development and enhancement of tourism experiences in Singapore.

   1. Qualifying costs will now include airfares and living allowances for feasibility studies overseas, rental and manpower costs during the rejuvenation period. Marketing support will be extended from 6 months to up to 12 months.

2. Second, to support local event organisers and SMEs test-bed innovative concepts, and build strong event branding and scale, we will extend the qualifying period of projects under the Kickstart Fund by an additional year, from three to four years.

We are supporting enterprises to embrace sustainable practices, and our efforts are yielding results. I am happy to announce that Singapore has risen 10 spots in the Global Destination Sustainability Index (GDS-I) to reach 7^th place globally and 1^st in the Asia Pacific.

We are making good progress under our MICE and Hotels sustainability roadmaps. Currently:

1. 100% of all purpose-built MICE venues;

2. 80% of members in the Singapore Association of Convention and Exhibition Organizers and Suppliers (SACEOS); and

3. 60% of hotel rooms in Singapore are on track to attain sustainability certifications by the end of 2025.

As part of our efforts to achieve net-zero emissions by 2050, STB pioneered a MICE Venue Carbon Baseline last year to minimise carbon emissions for business events. A Decarbonisation Playbook for Tourism Businesses was also introduced in March this year to support our industries making this green transition.

Building on this momentum, we are launching the Attractions Sustainability Roadmap today with the Association of Singapore Attractions (ASA), to encourage the adoption of sustainable practices. By 2028, we aim to obtain internationally recognised sustainability certification for 70% of attraction spaces under ASA members. We will work with our attractions to track and reduce carbon emissions by 2030, and support the advancement of sustainable standards.

The other area we will be investing in is talent development to empower tourism leaders and build a future-ready workforce. Last year, I spoke about STB’s new Tourism Leadership Excellence and Advancement Programme (T-LEAP), targeted at C-suite and high-potential leaders in the industry. The inaugural run in February this year has already seen promising participation.

One such participant is Mr Elroy Leow from Far East Hospitality, who is serving as a Hotel Manager overseeing business operations, strategy and guest experience. With aspirations to take on a senior leadership role, T-LEAP provided him valuable industry collaboration opportunities and insights from thought leaders. We hope to see more aspiring leaders benefit from T-LEAP in the coming years.

STB has also partnered with NTUC LearningHub to offer specialised courses in areas such as sustainability, service excellence and technology.

1. The MINT Museum of Toys took part in a training programme focusing on AI, which helped them launch the first Interactive AI Museum Ambassador in the world. This savvy Ambassador modelled after the Little Prince handles 70% of frequently-asked queries, halving the usual manpower for customer service needs.

Drawing inspiration from these success stories, I strongly encourage more of you to take part in these programmes.

Singapore’s tourism success is built on the agility, hard work and innovation of our industry partners. Much like how we built our economy without natural resources, we started our tourism sector with virtually no natural tourism assets. Yet our pioneers worked tirelessly to create reasons for visitors to come, stay and return.

As we celebrate SG60 and reflect on our journey since independence, the progress we have achieved is striking. Through bold investments, we transformed our city into a clean, green, and safe destination, and developed an exemplary airline and award-winning airport.

Time and again, we have overcome the odds to position Singapore as a vibrant and world-class travel destination.

Our continued success depends on the collective efforts of the government, industry and community to write the next chapter of Singapore’s tourism journey with confidence and purpose. Our tourism sector has created many good jobs and progress for our people and investors. But there is still more that we can achieve.

Let us Empower the Next Bound of Tourism Growth – by taking bold steps to stay ahead of evolving trends, and build a thriving destination that champions for our businesses and creates good jobs for Singaporeans.

I invite all of you to join STB in co-creating the future of Singapore’s tourism. Thank you.