The Singapore Tourism Board (STB) launched a set of initiatives to propel the growth of the MICE industry to meet the targets envisioned for the Business Travel & MICE (BTMICE) sector in the Tourism 2015 strategic…
The Singapore Tourism Board (STB) launched a set of initiatives to propel the growth of the MICE industry to meet the targets envisioned for the Business Travel & MICE (BTMICE) sector in the Tourism 2015 strategic blueprint and to establish Singapore as the Exchange Capital of the World.
Held at the Red Dot Museum, the launch was officiated by the Minister for Trade and Industry, Mr. Lim Hng Kiang, and attended by some 400 guests from the industry, media and public sector.
The new initiatives mark a milestone in the STB`s efforts to rally the industry partners here and abroad to drive growth in the volume and calibre of business events staged in Singapore, and to capitalise on the opportunities brought about by the transformation taking place in Singapore`s MICE landscape.
With new developments such as the Marina Bay Sands and the re-development of the Marina Bay area into an integrated, compact and vibrant MICE location that will offer 200,000 sqm of convention and exhibition space, as well as appealing leisure options, the stage is set for the STB to partner the industry to concertedly and aggressively bid, attract, create and grow strategic business events.
Amidst intensifying competition for the MICE dollar, Singapore needs to differentiate itself beyond its current value proposition. In defining the new value proposition, Mr Lim said in his speech: Singapore needs to move beyond being merely an efficient and effective venue. We must become a catalyst for business success. Singapore aspires to be an exchange capital where talent, technology and ideas converge to create synergistic value for both business events and visitors.
Echoing his comments, Mr Aloysius Arlando, Assistant Chief Executive, Business Travel and MICE Group, Singapore Tourism Board said: Singapore seeks to bring value to business events through leveraging our key industries, pro-business environment and global connectivity. Our goal is to be a top MICE destination which offers MICE visitors many opportunities to exchange ideas, network, explore business prospects, and develop human capital.
We need to tap into our strategic location, cosmopolitan and vibrant tourism offerings, and extensive global connectivity to deliver value and enriching experiences to all business visitors. Corporate end-users and decision makers who choose Singapore as the venue for their business events will also stand to gain from a dynamic and pro-business environment which leverages a strong economic base comprising key industries that are pivotal to the success of MICE business, added Mr Arlando.
The BTMICE sector accounted for approximately 30 per cent or SGD 3 billion of total tourism receipts in 2004. STB aims to substantially raise its contribution to at least 35 per cent or SGD10.5 billion by 2015. This translates into an average annual growth rate of 15% over the next ten years.
To realise this vision and to galvanise the BTMICE industry, the STB will implement the new value proposition by aligning its business and marketing strategies to position Singapore as the catalyst to business success.
It will embark on the following key initiatives:
New business strategy: The Strategic Cluster Approach
The STB`s new business strategy for the MICE industry will entail a close collaboration between Singapore Inc. agencies and industry partners within key economic clusters to create, grow and attract business events that are centred on the nation`s key economic drivers and initiatives. These include clusters such as biomedical sciences, ICT and digital media, environment and water technologies, banking and finance, transportation and logistics and tourism.
In essence, this strategy seeks to leverage Singapore`s key economic sectors in order to develop a strong ecosystem of business events, thus complementing the development plan of these sectors, while creating buzz and strengthening the strategic position of Singapore as an exchange capital for each of these clusters.
BE in Singapore or Business Events in Singapore Incentive Scheme
The STB is committing S$170 million drawn out of the S$2 billion Tourism Development Fund to finance the development of business events over the next five years (2006-2010).
Called BE in Singapore, this is an umbrella incentive scheme that supports the evolving and varied needs of the MICE industry. Developed in consultation with the industry, this incentive scheme empowers the industry to attract, bid for and grow a sustainable volume of strategic business events to support the development of key clusters that make up Singapore`s economic base.
To complement the business events incentive scheme, the STB will embark on initiatives to entice International Organisations to establish their Asia-Pacific base in Singapore. It will also encourage the domestic MICE industry to forge stronger partnerships so as to strengthen its marketing and business development presence globally.
Global Marketing and Advertising Campaign – Singapore, Where Great Things Happen
To entrench Singapore`s value proposition as the catalyst to business success, the STB will embark on a 3-year global marketing and advertising campaign for the MICE industry, revolving around the tagline, Singapore, Where Great Things Happen.
It will showcase Singapore as a MICE destination of choice which not merely offers world-class venues to suit all kinds of business events, but also provides the platform for a rewarding exchange of ideas, networking and business prospects.
Consisting of print advertising, publicity and marketing activities, the campaign will be launched in Singapore and then rolled out pan-regionally. It will be augmented by marketing activities in overseas markets.
Seven ad creatives have been developed. Two of these will focus on Singapore`s strengths as a leading MICE destination, while an additional five will focus on aviation, biomedical sciences, infocomm and media, environmental technology, and banking and finance clusters.
This global advertising campaign will be a one-year campaign, which will kick off pan-regionally, followed by in-market advertising. Subsequently, the campaign will be reviewed and refreshed on a year-on-year basis. It will be seen in pan-regional print media, pan-regional trade publications and print media in major overseas markets such as Europe, America, China, India and Japan.
