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Political And Economic Steadiness In Singapore

MICE industry is increasing quickly and create tremendous amount of gains worldwide in tourism sector. MICE stand for reaching, incentives, conferences and exhibition which generating ahead as an integral growth driver. The MICE industry plays an essential role and economical contributor in Singapore's tourism industry.

There are many factors that makes Singapore turn into a major MICE destination on earth. Singapore is working hard to stay together with the competitive business event arena and now Singapore is ranked as the most notable convention city in Asia for ninth times.

Singapore gets the high grade conventions venue such as Singapore Expo. Besides, Singapore's expert business environment, multi-ethnic surroundings, strategic geographic location and multi lingual populace has attract many business tourists like to do their business tourism in Singapore.

With its tactical location, federal government support and all those strengthen factors; it makes Singapore boost them going to the highest achievements in this sector. The influencing factors are divided into few different categories.

1. 2 Problem Statement

This research is about how precisely Singapore advances themselves to become a major MICE vacation spot among the world. At the moment, they are performing a very great job as a MICE vacation spot in Singapore. Actually, there are several factors that affect Singapore as a MICE destination.

1. 3 Research Question

- What's MICE industry about?

- What exactly are the major factors that impact Singapore as a major MICE destination in the world?

- What makes Singapore turn into a major MICE vacation spot on the planet?

- The forecast be for this sector in Singapore and just why?

- What makes Singapore continuously allures visible and highly regarded international business happenings?

- What have Singapore's federal government done in order to boost up their MICE industry among the world?

1. 4 Research Objective

This research is certainly going to discover the factors that affect Singapore as a significant MICE destination in the world. By carry out this research, the MICE industry in Singapore has expansion speedily and future lifestyle as well.

Besides, there is also the knowledge of how importance MICE industry which could affect Singapore's travel and leisure sector and also to find out the key reason why business travelers' devotion toward Singapore as their favorite MICE vacation spot.

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 monetary in Singapore

The major factors that effect Singapore as a major MICE Destination in the world

  • Excellent travelling system and telecommunication connection.
  • Excellent appointment and conference location.
  • Pro Business environment and government's support
  • The forecast be for this sector in Singapore

Figure 1. 1

According to this shape 1. 1, it illustrates the major factor that influences Singapore as a major MICE destination in the world. The goal of showing this physique is to show the topic of this report. The idea framework will show the key reason why Singapore can become a ideal MICE vacation spot to the business enterprise travellers. First of all, this research shows aspect which could effect Singapore as a significant MICE vacation spot. Besides this, the record also shows how Singapore grows their MICE industry in travel and leisure sector. Lastly, would be the evaluation of forecast because of this sector in Singapore.

1. 6 Scope and Limitation

The scope because of this research is to focus on Singapore MICE industry. Besides that, is to see how Singapore's MICE industry progress rapidly within these few years, that they develop their MICE industry to be able to increase the amount of visitor and to forecast Singapore's MICE industry in the future.

The time constraint will be the restriction as this research paper due to the study time period which is from January 2010 to June 2010. It s about 50 % year time, due to the limited time the researcher may face the difficulties when locating the resources and getting the information from publications, online journals, magazine, websites, literature and etc. There is only limited and restricted books for Singapore MICE industry that is related in the journal databases such as EBSCO Sponsor, Ebrary, and Yahoo Scholar, plus some of the sources that provided were not up to date. But this is a problem for me personally to do more upon this research.

Significance of the Study

This research aspires to gain an awareness on how Singapore's MICE industry growth rapidly in tourism sector. To carry out this research, Singapore is working hard and put themselves out on the surface of the challenging business event's field.

This research is vital and incredibly useful. Through this research, the targeted visitors which are enthusiastic about organize a conference event in Singapore can refer to also to find out the key reason why Singapore can be considered a major MICE destination on the globe 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 speedily and create a significant amount of income worldwide in travel and leisure sector. MICE are acronym of assembly, incentives, meetings and exhibition which driving a car ahead as a key growth driver. Europe and North America has been mentioned among 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 takes on an essential role and economical contributor in Singapore's tourism industry. A fresh era of travel and leisure development and sights will be gearing up for major revitalization by Singapore's travel and leisure sector; it will also re-define Singapore's travel and leisure landscape.

Singapore gets the high grade 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 vacationer travel from one spot to another domestically and internationally. Singapore's pro business environment, multi-ethnic panorama, proper geographic location and multi lingual populace has attract many business holidaymakers like to do their business tourism in Singapore and accompaniment by MICE facilities, infrastructure, competence and experienced in event management.

Singapore put themselves from the surface of the challenging business event's field. Singapore MICE industry has grown rapidly and now Singapore is placed the entire world top three locations for conferences by the Unions of International Organizations (UIA). Obviously Singapore has been explained and positioned as the most notable Convention City all around Asia for ninth time and the 3rd Top Convention City about the world for the second consecutive year by ICCA Position. Singapore has leapfrogged two credit score to reach together with the standing, defeating Paris and Vienna and providing its goal to be the most notable of the world a noticable difference.

2. 2 The factors that could affect Singapore as a major MICE destination in the world.

There a wide range of factors that can change Singapore to become major MICE destination on the planet and it also could impact their tourism sector by increase MICE occurrences in their own country. The factors also can be consider as their power mean while it is a positive factor that can enhance their MICE sector to becoming the Best City for MICE occasions among the world in the foreseeable future.

2. 2. 1 Critical Mass

The most important factor is it has critical mass; it has been given by the Union of International Relationship (UIA) and Asia's top convention city for quite some time. By creating a critical mass of MICE event is this industry, this will really helps to create an eco-system of business event that harmonize one another's lifestyle. Business event not only generate enliven of MICE industry in the mean time it's also build up Singapore's value intention as a MICE vacation spot. For recent years, Singapore has increase the amount of international conferences. These shows from the creativity and quality of the Singapore MICE industry and create Singapore constantly catch the attention of high-profile international business event.

2. 2. 2 Proper Location

Secondly, Singapore has a proper geographic location which is central location in Asia in addition to a connection between east and western. It also serves as key area hubs for Asia. This proper location makes Singapore exert a draw on global businesses and it well links round the world. There have been few big occasions of different business was held in Singapore such as Asia Aerospace, Food & Hotel Asia, Communic Asia and Broadcast Asia and etc. The reviews was great. Singapore is a safe hospitable country; this is also one of the reasons that event organizers choose Singapore.

Beside this, Singapore Changi Air-port is also one of the busiest airlines on the planet, which attaches to over 180 places in 50 countries and is categorize as a top International Maritime Centre. It's wide ranging air and sea linkages allow ones business to allowed 2. 8 billion people within the seven hours trip radius. Singapore Travel and leisure Board promises that "Singapore position verify its appeal as a premium business travel and conferences, incentive travel, convention and exhibition vacation spot"

2. 2. 3 Stableness political and economic in Singapore

Singapore has a good trustworthiness of efficient, honest and politically stable government compare abroad. Singapore's stability of political provides trust of safe for business holidaymakers to decide to organise situations in Singapore. Singapore is a knowledge-based market and draws in worldwide investments. This might attract foreign traders flock its shores because of their open trade technique, social stability, world class infrastructure and international communication links. The stableness of Singapore's economical also will raise the amount of business holidaymakers invest in promoting their product in Singapore. The IMD World Competitiveness Yearbook 2008 mentioned that Singapore as the world's second most competitive economy. The stableness political and monetary progress is sustain by the federal government of Singapore, it can help to get more business tourists to kept 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 let it attract a whole coach of international events including the Asia-Pacific Economic Assistance (APEC) meetings in 2009 2009 and the forth arriving event would be the first-ever summertime Youth Olympic Game titles which falls on 14th August 2010 to 26th August 2010. Singapore also appeals to business travellers to contribute to its achievements as a primary vacation spot for both business and entertainments.

Singapore has graded the top in terms of basic infrastructure and technology infrastructure on earth Competitiveness Yearbook. Its efficiency through latest technology and modern infrastructure makes Singapore MICE industry speedily increase in travel and leisure industry.

2. 2. 5 Pro Business environment and Authorities Support

Singapore is recognized as a PRO business environment and it's recommended as the most beneficial place in the world for businessman to start their business there. In facts, Singapore has been mentioned as No 1 in conditions of Simple Doing businesses for days gone by four years by the globe Standard bank. Singapore is one of the lowest corporate and income tax rates among the the majority of the countries. The federal government has enhances the firm environment to help business manage better.

Singapore has effectively reached adequate association conferences by its well-built business basics and plans to put together a effective ecosystem of business incidents. Singapore Tourism Table (STB) said "All essential signs are pointing towards the go back of business self confidence in the Singapore business event sector, fuelled by powerful developments taking place within the travel and leisure landscape. Leverage in our sterling background and a sound business important, Singapore has guaranteed a sturdy pipeline of business events, including key international association meeting in approaching years". The general pro-business environment provides Singapore a competitive boundary as a major MICE destination on earth. You can find another reason which makes Singapore turn into a PRO business environment and MICE vacation spot because of the strongly federal government support through Singapore Travel and leisure Board (STB), federal government support was the main element to make a meeting successful.

Singapore's federal government give fully support in this sector and contributes Singapore as a vibrant business environment. Singapore dedicated a lot to advertise the MICE business and also their places of interest because conventions and event be capable of make more profits and jobs in a nutshell term and it can improve the interrelated investment and the amount of visitation on longer term. The Singapore Exhibition and Convention Bureau (SECB), several the STB has develop the "Business Occasions in Singapore (BE in Singapore)" its help business occurrences organizers release a higher amount of events. Besides, Singapore Tourism Table (STB) also launched another marketing campaign "Make It Singapore" and it helps to offer marketing support and inspiration to potential MICE business. Furthermore, Singapore is has the professionalism in the MICE industry that can makes Singapore to be always a global exchange central where people can collect and discuss their ideas and knowledge.

2. 2. 6 Excellent reaching and conference location and offers venue

Singapore is a worldwide primary for business and leisure and it is also a best option for convention and happenings. The excellences of hotel ballrooms and with the first class convention centres, Singapore has consistently recreates with new event location and interest such as Marina Bay Sands Singapore. Marina Bay sights will create a unique MICE venue that people cannot found anywhere else 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 improve Singapore's appeal as an enterprise and leisure destination. Suntec Singapore International Convention and Exhibition Centre and Singapore Expo are thought as a popular choice for all those find of business event because of their huge exhibition spacious. A good convention centre, exhibition halls and conference venue plays a very important role whenever we organize an event.

2. 2. 7 Excellent Transport System and Telecommunications Connectivity

Singapore posses of efficiency and excellent open public transportation system, which includes cabs, buses and the present day Mass Rapid Transfer (MRT) rail system same would go to their air transport. Tourists can bypass in Singapore with no burden because of the excellent move system. An outstanding network of railway system and buses connect travellers to reach any point of metropolis and the public transportation prices are realistic to everyone. Singapore provides convenience for overseas business travellers to reach any destination, convention venues and attractions with their open public transport system on time due to their punctuality of railway systems. The newly opened MRT network has made simple access to conference location such as Suntec Singapore and Singapore Expo, it made convenient for those business travellers. Beside this, Singapore's bus network is enormously frequent and considerable and it generally does not only bring convenient to Singapore's citizen and also vacationers.

Singapore is well recognized for their public transport and telecommunications connection. Corresponding to a study carried out by Singapore's Land Move Authority in yr 2006, 8 out of 10 Singaporeans were satisfied with their public travelling system such as buses and also railway system, Singapore has 21 Tbps of installed international communication infrastructure capacity, adequate for each business require in telecommunications connectivity. They are one of the more competitive telecommunication hubs around Asia Pacific. They also provide excellent telecommunication links with broadband network throughout business hotels, so those business travellers can surf the internet anytime when inside the accommodation.

2. 3 Forecast Singapore MICE industry in the foreseeable future.

From my perspective, I strongly believe Singapore will finalize to the very best area and becoming the Best City for MICE venue in the future. Singapore may also be leading before other countries. Singapore's tourism background is going through a dynamic transformation. On yr 2010, you will see more cityscape that gives off more exciting and eagerness on the atmosphere. Singapore are still innovating themselves by launching newly, modern place and fantastic facilities to provide their overseas business vacationers and demonstrators a pleasure knowledge and atmosphere. They will also continue their status as Asia's premier MICE vacation spot through suggesting new travel system and entertainments. The Asia-Pacific is likely to entice over 100 million business travellers and MICE visitors by 2015 with the growth prospective in your community. Therefore you will see no real surprise that Singapore to become bigger slice of the MICE market.

With its stability political and global economy shows indications of reflect, the business enterprise event sector is at good chance of taking advantage of on work at home opportunities. In the forthcoming years, Singapore will keep a solid pipeline of business occasion, including the key international connection meetings. Ms Melissa Ow, Assistant Chief Executive, Business Travel and MICE Group, Singapore Travel and leisure Board (STB) said: "Even as transfer to 2010, and weather of economy recovery the STB will continue to work closely with this industry lovers to meet business event organisers' evolving needs, explore new business leads and fortify our international marketing and channel development efforts. "

Marina Bay sands will be one of the improvement into an amalgamate MICE venue that provides 200, 000 square meter of convention and exhibition space which create and expand proper business occasion. These innovations will redefine Singapore's downtown and central business region. A couple of estimate more than 150, 000 appointment participants are to stopover Singapore for those events that already booked at the Marina Bay Sands. Besides, Vacation resort World Sentosa has accommodated 35, 000 participants at an individual event. Marina Bay Sands said that it offers anchored more than 30 happenings development to be held there out of this year to 2012.

On the entire year of 2010, the world's first -ever warmer summer months Youth Olympic Games will be managed by Singapore. With around introduction of 15, 000 abroad participants and guests bring about 180, 000 or even more visitor to Singapore. Beside this, Singapore is also hosting a series of upcoming occurrences and meetings in these few years, such as International Cruise Terminal 2010, Gardens by the Bay 2010, Sports activities Hub 2010, National Art Gallery 2013 and many more.

Singapore will continue steadily to expand their skills and changing their infrastructure to provide business event travellers to assure their position among the top Asian. Singapore Travel and leisure Mother board (STB) has prepared to upgrade the facilities of Singapore Expo to ensure Singapore Expo is well-organized to maintain the introduction of MICE industry. The upgraded facilities will ensure Singapore Expo keeps their excellent venue for business occurrences.

There are numerous growing rivals out there from other country such as Malaysia, Hong Kong, Thailand, Macau and etc. But Singapore is making every chance to provide good facilities and services with their business event tourists. Besides, STB are working continuously strongly with the situations industry. The main goal is to improve the amount of the business enterprise event at Singapore and to ensure that the MICE sector continues to move in advance 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 through the staging situations in Singapore, the event organiser can be assured of the quality service, accompanied by its tremendous transportation and professional workforce. Although Singapore has obtain a whole lot of awards nevertheless they don't feel self-esteem, they keep on their good work and preserving their facilities to attain and make sure they are the best MICE destination in the world. Furthermore, Singapore's MICE industry is on the roadway and I highly think that if Singapore devote more efforts on this industry, it can leapfrog to attain the most notable and becoming the Best City for MICE situations 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 take advantage of both of the method for my research. Additionally it is known as a variety of methods. The first method is quantitative method which is a technique to collect quantitative data such as information dealing with amounts and anything that is measurable. While for the qualitative method is to comprehend the meaning of the amounts produced by quantitative method. We must observe case evaluation with given research imply to qualitative methods and quantitative methods to get respondents to get ranking their notion 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 acquire date predicated on quality and it is difficult to generalize because everyone's perception is different; meanwhile it may affect the grade of the result.

For the quantitative method, it is more objective in comparison to qualitative method because the info must be fact and logic. And it'll be in amounts and also in reports such as graphs or tables. It is vital to utilize both methods to understand the primary of this research.

3. 3 Data Collection

Apparently the data in this record is gathered from the extra data which is online databases. Extra data can be easily bought at journal, articles, websites, books, literature and etc. The researcher gets the journal from the college library website which is mainly extracted from the Google Scholar and EBSCO Number.

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