Speech by Minister S Iswaran at the Maiden Call Ceremony of Genting Dream

​​SPEECH BY MR S ISWARAN, MINISTER FOR TRADE AND INDUSTRY (INDUSTRY) AT THE MAIDEN CALL CEREMONY OF GENTING DREAM ON FRIDAY, 4 NOVEMBER 2016, 10.55AM AT MARINA BAY CRUISE CENTRE SINGAPORE

Tan Sri Lim Kok Thay, Chairman and CEO, Genting Hong Kong

Mr Thatcher Brown, President, Dream Cruises

Distinguished guests,

Ladies and Gentlemen,

1.            It is my pleasure to join you today at the Maiden Call of Dream Cruises’ first vessel, Genting Dream, to Singapore.

Genting and dream cruises

2.            Asia is set to become the world’s second largest cruising region within the next 5 years. By 2020, 3.8 million annual passengers are expected to cruise in Asia. This is a remarkable growth rate of 14.3% annually since 2012. There is growing interest in exploring Asia – and Southeast Asia stands to benefit from that. Our diverse mix of exotic beaches, ancient civilisations and futuristic cities makes Southeast Asia one of the best regions to combine cruise holidays with land stays.

3.            Genting is a pioneer in Asia’s cruise scene, being one of the first to deploy its ships here. In 1993, Genting started Star Cruises with a fleet of 2 vessels, including the SuperStar Aquarius which started sailings from Singapore. Over the years, we have witnessed the brand’s growth to become synonymous with cruising in Asia. Many of Star Cruises’ ships, including the SuperStar Leo, Virgo and Gemini, have been regular features in Singapore.

4.            23 years later, Genting continues to push boundaries and lead the way forward for Asia’s cruise scene. Genting has revolutionised the Asian cruise industry through its acquisition and expansion of global luxury brand Crystal Cruises and three German shipyards under MV Werften, as well as by launching Dream Cruises, the first premium cruise brand that only cruises in Asia.

5.            Genting Dream is the first of its kind in the world, built specifically to serve Asia’s middle and affluent class. The ship has a range of novel features to engage passengers, including a personalised European-styled butler service at the Dream Palace and two state-of-the-art submersibles that can be used for entertainment under the sea. Dream Cruises’ brand philosophy, “Asian at heart, international in spirit”, resonates deeply with Singapore’s profile as a global city rich in Asian flavour.

 Singapore's partnership with star cruises

6.            Genting is undoubtedly a key partner in the growth and development of Singapore’s cruise industry. Its Star Cruises line has been instrumental in shaping Singapore’s cruise landscape. In 1994, it was the first to homeport in Singapore year-round and continues to do so today with the SuperStar Gemini. In 2011, together with Changi Airport Group and SATS, Star Cruises introduced the first fly-cruise service in Asia, paving the way for a seamless travel experience between air and sea travel.

7.            Singapore is committed to the cruise sector’s growth. The enhanced Cruise Development Fund and Meeting and Incentives Special Travel Agent Rewards (M&I STARS) were rolled out earlier this year. These initiatives support travel agents and event organisers in chartering and attracting cruise incentive groups on sailings out of Singapore. Together with STB’s existing Business Events in Singapore (BEiS) scheme, we have supported 2 of SuperStar Gemini’s themed cruises and 10 incentive groups[1] this year. Significant tourism value was generated from these initiatives.

 Singapore - A suitable homeport for dream cruises

8.            By 2030, two-thirds of the global middle class will come from the Asia-Pacific region. China and India are tipped to become powerhouses of middle-class consumerism[2]. Closer to home, the Southeast Asian middle class population is expected to more than double to 400 million by 2020. They too will advance rapidly in terms of spending power, especially in the Indonesian, Filipino, Thai and Malaysian[3] markets. These are among Singapore’s top source markets for tourist arrivals, and STB has focused its efforts on attracting premium visitors with higher disposable income and a greater propensity to travel from these markets. In 2015, more than half of these visitors to Singapore are from the middle and affluent class[4].

9.            Singapore’s efforts have resulted in a 42% year-on-year increase of tourism receipts from Chinese and Indian markets in the first half of 2016. Cruise lines such as Dream Cruises can leverage on Singapore’s strong tourism offerings to capture a profitable consumer segment that is consistently on the lookout for fresh and innovative experiences. In turn, Singapore benefits from having Dream Cruises here, as it positions Singapore as the ideal place to embark on a luxury cruise experience for premium travellers.

Conclusion

10.         Let me conclude by saying that Singapore is honoured to welcome Genting Dream for the first time. We see significant opportunities to grow the cruise tourism industry in Singapore and in the region. I look forward to more milestones in the partnership between Singapore and Dream Cruises and the larger Genting Group. Thank you.

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[1] Preethi Appliances, Larasen & Toubro, Indus Viva, Volvo, Akzonobel, Pidilite, Godrej Boyce, Century Ply, J K Cements

[1] Source: http://www.ey.com/gl/en/issues/driving-growth/middle-class-growth-in-emerging-markets---the-middle-class-effect-and-the-growth-sweet-spot

[1] Source: https://www.futurereadysingapore.com/content/dam/frs/2016-articles/inside-aseans-four-largest-markets/Inside%20ASEANs%20Four%20Largest%20Markets%20infographic.pdf

[1] Source: Singapore Tourism Board (STB), Overseas Visitors Survey (OVS), 2015.

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