MICE industry is a big moneymaker for Singapore economy

To determine the economic impact of the MICE industry in Singapore, Singapore Tourism Board (STB), together with market research company Frost Sullivan recently concluded an Economic Impact Analysis (EIA) study on the industry from 2008 to 2012. The study aimed to demonstrate the extent to which the local MICE industry supports the economy in Singapore.

“As reflected in our EIA study, the MICE industry continues to play a significant role for the tourism sector and Singapore,” Neeta Lachmandas, Assistant Chief Executive of the Singapore Tourism Board (STB), said. “The overall EIA of MICE activities is approximately S$ 3.7 billion or 1.1% of Singapore GDP in 2012. This is an increase from 0.9% of GDP in 2008.”

According to her, the Meetings segment contributes the highest proportion at 55.4% of total economic impact. “Beyond the direct economic benefits, MICE also contributed in terms of networking opportunities, branding of Singapore and cross-industry skill sharing.”

In line with STB’s strategic direction towards quality tourism, STB will continue to build on Singapore’s strengths as a MICE city by working closely with industry stakeholders, such as enhancing the capabilities of the industry. Initiatives include working with the Singapore Association of Convention and Exhibition Organizers and Suppliers (SACEOS) to roll out a training curriculum based on STB’s Sustainability Guidelines, in September this year.

MICE industry is a big moneymaker for Singapore economy