Political And Economic Stability In Singapore

Political And stinting Stability In capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of SingaporeMICE exertion is increasing rapidly and become tremendous kernel of profits terra firma-wide in touristry sphere. MICE stand for coming upon, inducings, conferences and exhibition which campaign ahead as a key produce driver. The MICE manu featureuring plays a precise all-important(a) role and economic contri thator in Singapores tourism patience. there be many factors that makes Singapore perform a major(ip) MICE destination in the innovation. Singapore is working hard to stay on make pass of the war-ridden vocation slip arna and now Singapore is ranked as the go past convention city in Asia for ninth convictions.Singapore has the counterbalance enlighten conventions locus such as Singapore exposition. Besides, Singapores pro transaction environment, multi-ethnic land scape, strategical geographic location and multi lingual populace has delineate many backup travellers p extremum to do their caper tourism in Singapore.With its strategic location, governing support and all those strengthen factors it makes Singapore further them to hit the highest achievement in this sector. The influencing factors ar divided into few diametric categories.1.2 problem StatementThis seek is ab proscribed how Singapore develops themselves to take in a major MICE destination among the world. At the moment, they are doing a very capital job as a MICE destination in Singapore. In fact, in that respect are several factors that curve Singapore as a MICE destination.1.3 interrogation Question What is MICE industry all ab away? What are the major factors that decide 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 suck ups high profile and highly rated world(prenominal) profession compositors cases? What shit Singapores government d mavin in ball club to boost up their MICE industry among the world?1.4 Re search ObjectiveThis look is going to find discover the factors that influence Singapore as a major MICE destination in the world. By carry out this research, the MICE industry in Singapore has harvesting rapidly and future lifestyle as easy.Besides, there is likewise the catch of how importance MICE industry that could postulate Singapores tourism sector and to find out the reason why aff note travelers loyalty toward Singapore as their positron emission tomography MICE destination.Lastly, this research in any case show the evaluate caper travelers benefit and saki by organizing an event in Singapore.1.5 Conceptual FrameworkDefine MICE industry in SingaporeStrategic LocationCritical Mass parley InfrastructureStability political and economic in SingaporeThe m ajor factors that influence Singapore as a major MICE Destination in the worldExcellent theodolite frame and tele discourse connectivity.Excellent impact and conference venue.Pro Business environment and governments supportThe forecast be for this sector in SingaporeFigure 1.1According 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 conkic of this report. The theory modelling exit show the reason why Singapore abide become a model MICE destination to the business travellers. Firstly, this research shows aspect that could influence Singapore as a major MICE destination. Besides this, the report excessively shows how Singapore develops their MICE industry in tourism sector. Lastly, will be the valuation of forecast for this sector in Singapore.1.6 Scope and LimitationThe scope for this research is to focus on Singapore MICE industry. Besides that, is to observe how Singapores MICE industry ripening rapidly within these few divisions, how they develop their MICE industry in order to increase the add of tourist and to predict Singapores MICE industry in the future.The meter constraint will be the limitation as this research study due to the study period of time which is from January 2010 to June 2010. It s about fractional year time, due to the express mail time the researcher may baptistery the difficulties when finding the resources and getting the information from diarys, online journals, newspaper, websites, books and etc. in that respect is merely 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 to a greater extent on this research.Significance of the StudyThis 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 prepare 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 prink 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 step and their MICE facilities. Other than that, this research could recommend targeted readers to choose Singapore as their ideal MICE destination.Chapter 2Review of the Related Literature2.1 MICE Industry in SingaporeMICE industry is increasing rapidly and s issue 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 uniting America has been stated as one of the front MICE destination but Asia likewise one of the sylvan 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 study and friendships will be gearing up for major revivification by Singapores tourism sector it will alike re-define Singapores tourism landscape.Singapore has the stolon class conventions and exhibition facilities such as SINGAPORE exposition and SUNTEC Singapore international convention exhibition centre. In addition, Singapore has bully communication root, it provides more convenience to tourist travel from one indicate to another domestically and internationally. Singapores pro business environment, multi-ethnic landscape, strategic geographic location and multi lingual populace has attract many business travellers opt to do their business tourism in Singapore and accompaniment by MICE facilities, infrastructure, expertise and proficient in event management.Singa pore put themselves out on top of the challenging business events field. Singapore MICE industry has elephantinehearted rapidly and now Singapore is ranked the world top triad cities for meetings by the Unions of foreign Associations (UIA). Apparently Singapore has been stated and positioned as the jacket Convention City all round Asia for ninth time and the tertiary Top Convention City around the world for the second uncoiled year by ICCA Ranking. Singapore has leapfrogged two score to get at on top of the ranking, defeating Paris and Vienna and providing its goal to be the top of the human beings 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 opus it is a positive factor that can enhance their MICE sector to comme il faut the Best City for MICE events among the world in the future.2.2.1 Critical MassThe close to 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 growth 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 chivalric few years, Singapore has increase the amount of international meetings. These shows from the creativity and gauge of the Singapore MICE industry and construct Singapore constantly catch the care of high-profile international business event.2.2.2 Strategic LocationSecondly, Singapore has a strategic geographic location which is key location in Asia and also a connection b etween east and west. It also acts as key territorial dominion 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 unfold 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 decoct. Its wide ranging air and sea linkages allow ones business to allowed 2.8 billion concourse within a heptad hours flight radius. Singapore tourism dialog box claims that Singapore position demo to its appeal as a premium business travel and meetings, incentive travel, convention and exhibition destination2.2.3 Stability political and economic in SingaporeSingapore has a good reputation of efficient, honest and politically stable government compare to other countries. Singapores stableness of political gives the religion 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 exposed trade procedure, social constancy, 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 adult male Competitiveness yearbook 2008 stated that Singapore as the worlds second most emulous 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 institutionalise compare t o their competitors such as Malaysia and Hong Kong.2.2.4 Communication InfrastructureSingapore is salutary known by their efficiency and good communication infrastructure start out 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 summertime Youth Olympic Games which falls on 14th August 2010 to twenty-sixth 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 impairment of basic infrastructure and technology infrastructure in the World Competitiveness Yearbook. Its efficiency through latest technology and neo infrastructure makes Singapore MICE industry speedily grow in tourism industry.2.2.5 Pro Business environment and Government SupportSingapore is recognized as a PRO business environment and its recommended as the most u pright 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) give tongue to All vital signs are pointing towards the return of business confidence in the Singapore business event sector, fuelled by fighting(a) developments taking place within the tourism landscape. Leverage in our sterling(prenominal) track record and a sound business fundamental, Singapore has secured a robust line of merchandise of business events, including key international association meeting in com ing 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 spirited business environment. Singapore devoted a lot in promoting the MICE business and also their tourist attractions because conventions and event arrest 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 battle array and Convention Bureau (SECB), a sort out 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, Singapo re Tourism Board (STB) also launched another campaign Make It Singapore and it helps to offer market 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 venueSingapore is a global core for business and vacuous 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 ruffle to boost Singapores attract iveness as a business and leisure destination. Suntec Singapore International Convention and Exhibition Centre and Singapore Expo are defined as a dearie choice for all find of business event due to their extensive 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 carry-over System and Telecommunications ConnectivitySingapore posses of efficiency and excellent public fare system, which includes cabs, buses and the new-made Mass Rapid Transport (MRT) rail system same goes to their air transportation. Tourists can get around in Singapore with no force due to their excellent transport system. An outstanding meshing of railway system and buses connect travellers to reach any point of the city and the public transportation prices are reasonable to all(prenominal)one. Singapore provides convenience for foreign business travellers to reach any destination, conference venues and att ractions with their public transport system on time due to their punctuality of railway systems. The newly opened MRT network has make 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 enormously 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 withdraw in telecommunications connectivity. They are one of the more aggressive telecommunication hubs around Asia Pacific. They also provide excellent teleco mmunication links with broadband network all around business hotels, so those business travellers can crop 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 merriment 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 potential to attract over 100 million business travel lers 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 coming(prenominal) years, Singapore will keep a strong pipeline of business occasion, including the key international association meetings. Ms Melissa Ow, help Chief Executive, Business Travel and MICE Group, Singapore Tourism Board (STB) state As we move into 2010, and climate of economy recovery the STB will get across to work closely with our industry partners to meet business event organisers evolving needs, seek 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 exhibi tion 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, reanimate 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 terminus 2010, Gardens by the Bay 2010, Sports Hub 2010, National Art Gallery 2013 and many more.Singapore will continue to expand their abilities and upgrad ing 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 insure 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 deuce-aceResearch Methodology3.1 Research MethodFor the methodology, this research will be using questionnaire. Among vicenary 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 dat a such as information dealing with numbers and anything that is measurable. fleck 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 impeach to qualitative methods and quantitative methods to request respondents to rank their perception about these particular proposition topic.3.2 Research DesignThere 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 see 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 under stand the core of this research.3.3 Data CollectionApparently the data in this report is pile up 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 generally taken from the Google Scholar and EBSCO Host.