Political And Economic Stability In Singapore

Political And Economic Stability In Singapore MICE industry is increasing rapidly and create tremendous amount of profits worldwide in tourism sector. MICE stand for meeting, incentives, conferences and exhibition which driving ahead as a key growth driver. The MICE industry plays a very important role and economic contributor in Singapores tourism industry. There are many factors that makes Singapore become a major MICE destination in the world. Singapore is working hard to stay on top of the competitive business event arena and now Singapore is ranked as the top convention city in Asia for ninth times. Singapore has the first class conventions venue such as Singapore Expo. Besides, Singapores pro business environment, multi-ethnic landscape, strategic geographic location and multi lingual populace has attract many business travellers prefer to do their business tourism in Singapore. With its strategic location, government support and all those strengthen factors; it makes Singapore boost them to hit the highest achievement in this sector. The influencing factors are divided into few different categories. 1.2 Problem Statement This research is about how Singapore develops themselves to become a major MICE destination among the world. At the moment, they are doing a very great job as a MICE destination in Singapore. In fact, there are several factors that influence Singapore as a MICE destination. 1.3 Research Question What is MICE industry all about? What are the major factors that influence Singapore as a major MICE destination in the world? What makes Singapore become a major MICE destination in the world? The forecast be for this sector in Singapore and why? What makes Singapore continuously attracts high profile and highly rated international business events? What have Singapores government done in order to boost up their MICE industry among the world? 1.4 Research Objective This research is going to find out the factors that influence Singapore as a major MICE destination in the world. By carry out this research, the MICE industry in Singapore has growth rapidly and future lifestyle as well. Besides, there is also the understanding of how importance MICE industry that could affect Singapores tourism sector and to find out the reason why business travelers loyalty toward Singapore as their favorite MICE destination. Lastly, this research also show the evaluate business travelers benefit and interest by organizing an event in Singapore. 1.5 Conceptual Framework Define MICE industry in Singapore Strategic Location Critical Mass Communication Infrastructure Stability political and economic in Singapore The major factors that influence Singapore as a major MICE Destination in the world Excellent transportation system and telecommunication connectivity. Excellent meeting and conference venue. Pro Business environment and governments support The forecast be for this sector in Singapore Figure 1.1 According to this figure 1.1, it illustrates the major factor that influences Singapore as a major MICE destination in the world. The purpose of showing this figure is to demonstrate the topic of this report. The theory framework will show the reason why Singapore can become a ideal MICE destination to the business travellers. Firstly, this research shows aspect that could influence Singapore as a major MICE destination. Besides this, the report also shows how Singapore develops their MICE industry in tourism sector. Lastly, will be the evaluation of forecast for this sector in Singapore. 1.6 Scope and Limitation The scope for this research is to focus on Singapore MICE industry. Besides that, is to observe how Singapores MICE industry growth rapidly within these few years, how they develop their MICE industry in order to increase the amount of tourist and to predict Singapores MICE industry in the future. The time constraint will be the limitation as this research paper due to the study period of time which is from January 2010 to June 2010. It s about half year time, due to the limited time the researcher may face the difficulties when finding the resources and getting the information from journals, online journals, newspaper, websites, books and etc. There is only limited and restricted literature for Singapore MICE industry that is related in the journal databases such as EBSCO Host, Ebrary, and Google Scholar, and some of the sources that provided were not up to date. But this is a challenge for me to do more on this research. Significance of the Study This research aims to gain an understanding on how Singapores MICE industry growth rapidly in tourism sector. To carry out this research, Singapore is working hard and put themselves out on top of the challenging business events field. This research is very important and very useful. Through this research, the targeted readers which are interested in organize a conference event in Singapore can refer to and to find out the reason why Singapore can be a major MICE destination in the world by maintains their quality and their MICE facilities. Other than that, this research could recommend targeted readers to choose Singapore as their ideal MICE destination. Chapter 2 Review of the Related Literature 2.1 MICE Industry in Singapore MICE industry is increasing rapidly and create a tremendous amount of profits worldwide in tourism sector. MICE are acronym of meeting, incentives, conferences and exhibition which driving ahead as a key growth driver. Europe and North America has been stated as one of the front MICE destination but Asia also one of the country that involves a lot in this industry. Singapore is not an exception. The MICE industry plays a very important role and economic contributor in Singapores tourism industry. A new era of tourism development and attractions will be gearing up for major revitalization by Singapores tourism sector; it will also re-define Singapores tourism landscape. Singapore has the first class conventions and exhibition facilities such as SINGAPORE EXPO and SUNTEC Singapore international convention exhibition centre. In addition, Singapore has outstanding communication infrastructure, it provides more convenience to tourist travel from one place to another domestically and internationally. Singapores pro business environment, multi-ethnic landscape, strategic geographic location and multi lingual populace has attract many business travellers prefer to do their business tourism in Singapore and accompaniment by MICE facilities, infrastructure, expertise and proficient in event management. Singapore put themselves out on top of the challenging business events field. Singapore MICE industry has grown rapidly and now Singapore is ranked the world top three cities for meetings by the Unions of International Associations (UIA). Apparently Singapore has been stated and positioned as the Top Convention City all around Asia for ninth time and the Third Top Convention City around the world for the second consecutive year by ICCA Ranking. Singapore has leapfrogged two score to reach on top of the ranking, defeating Paris and Vienna and providing its goal to be the top of the universe an improvement. 2.2 The factors that could influence Singapore as a major MICE destination in the world. There are many factors that can manipulate Singapore to become a major MICE destination in the world and it also could affect their tourism sector by increase MICE events in their own country. The factors also can be consider as their strength mean while it is a positive factor that can enhance their MICE sector to becoming the Best City for MICE events among the world in the future. 2.2.1 Critical Mass The most important factor is it has critical mass; it has been awarded by the Union of International Association (UIA) and Asias top convention city for several years. By developing a critical mass of MICE event is this industry, this will helps to create an eco-system of business event that harmonize one anothers existence. Business event not only generate enliven of MICE industry in the mean time its also build up Singapores value intention as a MICE destination. For the past few years, Singapore has increase the amount of international meetings. These shows from the creativity and quality of the Singapore MICE industry and construct Singapore constantly catch the attention of high-profile international business event. 2.2.2 Strategic Location Secondly, Singapore has a strategic geographic location which is central location in Asia and also a connection between east and west. It also acts as key district hubs for Asia. This strategic location makes Singapore exert a pull on global businesses and it smoothly links around the world. There were few big events of different industries was held in Singapore such as Asia Aerospace, Food Hotel Asia, Communic Asia and Broadcast Asia and etc. The feedback was great. Singapore is a safe hospitable country; this is also one of the reasons that event organizers choose Singapore. Beside this, Singapore Changi Airport is also one of the busiest airlines in the world, which connects to over 180 cities in 50 countries and is categorize as a premier International Maritime Centre. Its wide ranging air and sea linkages allow ones business to allowed 2.8 billion people within a seven hours flight radius. Singapore Tourism Board claims that Singapore position attest to its appeal as a premium business travel and meetings, incentive travel, convention and exhibition destination 2.2.3 Stability political and economic in Singapore Singapore has a good reputation of efficient, honest and politically stable government compare to other countries. Singapores stability of political gives the trust of safe for business travellers to decide to organise events in Singapore. Singapore is a knowledge-based economy and attracts worldwide investments. This may attract foreign investors flock its shores because of their open trade procedure, social stability, world class infrastructure and international communication links. The stability of Singapores economic also will raise the amount of business travellers invest in promoting their product in Singapore. The IMD World Competitiveness Yearbook 2008 stated that Singapore as the worlds second most competitive economy. The stability political and economic growth is sustain by the government of Singapore, it helps to attract more business travellers to held their event in Singapore with no burden compare to their competitors such as Malaysia and Hong Kong. 2.2.4 Communication Infrastructure Singapore is well known by their efficiency and good communication infrastructure have allow it to attract a whole train of international events including the Asia-Pacific Economic Cooperation (APEC) meetings in 2009 and the forth coming event will be the first-ever summer Youth Olympic Games which falls on 14th August 2010 to 26th August 2010. Singapore also attracts business travellers to contribute to its achievements as a main destination for both business and entertainments. Singapore has rated the top in terms of basic infrastructure and technology infrastructure in the World Competitiveness Yearbook. Its efficiency through latest technology and modern infrastructure makes Singapore MICE industry speedily grow in tourism industry. 2.2.5 Pro Business environment and Government Support Singapore is recognized as a PRO business environment and its recommended as the most beneficial place in the world for businessman to start their business there. In facts, Singapore has been noted as No 1 in terms of Ease of Doing businesses for the past four years by the World Bank. Singapore is one of the lowest corporate and income tax rates among the most of the countries. The government has improves the firm environment to help business manage more efficiently. Singapore has effectively reached a good amount of association meetings by its well-built business basics and plans to assemble a active ecosystem of business events. Singapore Tourism Board (STB) said All vital signs are pointing towards the return of business confidence in the Singapore business event sector, fuelled by dynamic developments taking place within the tourism landscape. Leverage in our sterling track record and a sound business fundamental, Singapore has secured a robust pipeline of business events, including key international association meeting in coming years. The general pro-business environment gives Singapore a competitive boundary as a major MICE destination in the world. There is another reason that makes Singapore become a PRO business environment and MICE destination because of the strongly government support through Singapore Tourism Board (STB), government support was the key to make an event successful. Singapores government give fully support in this sector and contributes Singapore as a vibrant business environment. Singapore devoted a lot in promoting the MICE business and also their tourist attractions because conventions and event have the ability to make more profits and jobs in short term and it can increase the interrelated investment and the amount of visitation on longer term. The Singapore Exhibition and Convention Bureau (SECB), a group of the STB has develop the Business Events in Singapore (BE in Singapore) its help business events organizers release a higher amount of events. Besides, Singapore Tourism Board (STB) also launched another campaign Make It Singapore and it helps to offer marketing support and motivation to potential MICE business. Furthermore, Singapore is has the professionalism in the MICE industry that can makes Singapore to be a global exchange core where people can gather and share their ideas and knowledge. 2.2.6 Excellent meeting and conference venue and offers venue Singapore is a global core for business and leisure and it is also a best option for convention and events. The excellences of hotel ballrooms and with the first class convention centres, Singapore has continuously recreates with new event location and attraction such as Marina Bay Sands Singapore. Marina Bay attractions will create a unique MICE venue that we cannot found elsewhere in Asia with international standard MICE facilities and services. MICE facilities in Marina Bay Sands, Singapore Expo, Suntec International Convention and Exhibition Centre are amalgamate to boost Singapores attractiveness as a business and leisure destination. Suntec Singapore International Convention and Exhibition Centre and Singapore Expo are defined as a favourite choice for all find of business event due to their huge exhibition spacious. A good convention centre, exhibition halls and meeting venue plays a very important role when we organize an event. 2.2.7 Excellent Transportation System and Telecommunications Connectivity Singapore posses of efficiency and excellent public transportation system, which includes cabs, buses and the modern Mass Rapid Transport (MRT) rail system same goes to their air transportation. Tourists can get around in Singapore with no burden due to their excellent transport system. An outstanding network of railway system and buses connect travellers to reach any point of the city and the public transportation prices are reasonable to everyone. Singapore provides convenience for foreign business travellers to reach any destination, conference venues and attractions with their public transport system on time due to their punctuality of railway systems. The newly opened MRT network has made ease of access to conference venue such as Suntec Singapore and Singapore Expo, it made convenient for those business travellers. Beside this, Singapores bus network is tremendously frequent and extensive and it does not only bring convenient to Singapores citizen and also tourists. Singapore is well recognized for their public transportation and telecommunications connectivity. According to a survey carried out by Singapores Land Transport Authority in year 2006, 8 out of 10 Singaporeans were satisfied with their public transportation system such as buses and also railway system, Singapore has 21 Tbps of installed international communication infrastructure capacity, adequate for every business require in telecommunications connectivity. They are one of the more aggressive telecommunication hubs around Asia Pacific. They also provide excellent telecommunication links with broadband network all around business hotels, so those business travellers can surf the internet anytime when inside the hotel room. 2.3 Forecast Singapore MICE industry in the future. From my point of view, I strongly believe that Singapore will finalize to the top spot and becoming the Best City for MICE venue in the future. Singapore will also be leading ahead of other countries. Singapores tourism background is going through a dynamic transformation. On year 2010, there will be more cityscape that gives off more vibrant and enthusiasm on the atmosphere. Singapore are still innovating themselves by introducing newly, modern venue and outstanding facilities to give their foreign business travellers and demonstrators a pleasure knowledge and ambience. They will also keep up their status as Asias premier MICE destination through recommending new transportation system and entertainments. The Asia-Pacific is likely to attract over 100 million business travellers and MICE visitors by 2015 with the growth prospective in the region. Therefore there will be no surprise that Singapore to become a bigger slice of this MICE market. With its stability political and global economy shows signs of reflect, the business event sector is in good chance of taking advantage of on business opportunities. In the upcoming years, Singapore will keep a strong pipeline of business occasion, including the key international association meetings. Ms Melissa Ow, Assistant Chief Executive, Business Travel and MICE Group, Singapore Tourism Board (STB) said: As we move into 2010, and climate of economy recovery the STB will continue to work closely with our industry partners to meet business event organisers evolving needs, explore new business leads and strengthen our international marketing and channel development efforts. Marina Bay sands will be one of the improvement into an amalgamate MICE venue which offers 200,000 square meter of convention and exhibition space which create and grow strategic business occasion. These developments will redefine Singapores downtown and central business region. There are estimate more than 150,000 meeting attendees are to stopover Singapore for those events that already booked at the Marina Bay Sands. Besides, Resort World Sentosa has accommodated 35,000 attendees at a single event. Marina Bay Sands said that it has secured more than 30 events development to be held there from this year to 2012. On the year of 2010, the worlds first -ever summer Youth Olympic Games will be hosted by Singapore. With approximately arrival of 15,000 overseas participants and visitors bring about 180,000 or more visitor to Singapore. Beside this, Singapore is also hosting a series of upcoming events and meetings in these few years, such as International Cruise Terminal 2010, Gardens by the Bay 2010, Sports Hub 2010, National Art Gallery 2013 and many more. Singapore will continue to expand their abilities and upgrading their infrastructure to provide business event travellers in order to guarantee their position as one of the top Asian. Singapore Tourism Board (STB) has planned to upgrade the facilities of Singapore Expo to make sure Singapore Expo is well-organized to sustain the development of MICE industry. The upgraded facilities will ensure Singapore Expo retains their excellent venue for business events. There are many growing competitors out there from other country such as Malaysia, Hong Kong, Thailand, Macau and etc. But Singapore is making every chance to offer good facilities and services to their business event travellers. Besides, STB are working continuously closely with the events industry. The main purpose is to increase the amount of the business event at Singapore and to make sure that the MICE sector continues to move ahead as a key driver of tourism development in Singapore. Lastly, I personally think that Singapore has performed well in this industry and lead Singapore to be on top of the MICE industry, because during the staging events in Singapore, the event organiser can be assured of their quality service, accompanied by its tremendous transportation and professional workforce. Although Singapore has obtain a lot of awards but they dont feel self-esteem, they keep on their good work and maintaining their facilities to achieve and make them the best MICE destination in the world. Furthermore, Singapores MICE industry is on the roadway and I strongly believe that if Singapore put in more efforts on this industry, it can leapfrog to reach the top and becoming the Best City for MICE events among the world in the future. Chapter Three Research Methodology 3.1 Research Method For the methodology, this research will be using questionnaire. Among quantitative method and qualitative method, I use both of the method for my research. It is also known as a mix of approaches. The first method is quantitative method which is a technique to gather quantitative data such as information dealing with numbers and anything that is measurable. While for the qualitative method is to understand the meaning of the numbers produced by quantitative method. We have to observe case analysis with given research imply to qualitative methods and quantitative methods to request respondents to rank their perception about these particular topic. 3.2 Research Design There are two types of research method which is qualitative method and quantitative method. Qualitative method is more on observation and quantitative method is subjective. Qualitative method need to collect date based on quality and is difficult to generalize because everyones perception is different; meanwhile it may affect the quality of the result. For the quantitative method, it is more objective compared to qualitative method because the data must be fact and logic. And it will be in numbers and also in statistics such as graphs or tables. It is essential to use both methods to understand the core of this research. 3.3 Data Collection Apparently the data in this report is collected from the secondary data which is online database. Secondary data can be easily found at journal, articles, websites, textbooks, books and etc. The researcher gets the journal from the college library website and it is mainly taken from the Google Scholar and EBSCO Host.