How Singapore’s Tourism 2040 Strategy Will Revolutionize Business Events, Boost Leisure Travel, and Drive Economic Growth

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The Singapore Tourism Board’s Tourism 2040 roadmap aims to enhance business and leisure travel by expanding attractions, boosting MICE tourism, and investing in industry growth.

The Singapore Tourism Board (STB) has unveiled an ambitious strategy designed to reshape the tourism landscape in the coming decades. Dubbed the “Tourism 2040” roadmap, the plan is built on three key pillars: capturing emerging demand, enhancing Singapore’s allure through innovative attractions, and bolstering the tourism industry through strategic investments and workforce empowerment. The STB’s vision is to position Singapore as a leading destination for both business and leisure travelers globally.

A major focus of the Tourism 2040 plan is the MICE (Meetings, Incentives, Conferences, and Exhibitions) sector. The STB aims to significantly boost business event tourism, targeting a tripling of MICE tourism receipts by 2040, thus contributing 10% of total tourism revenue. This growth is set to be fueled by large-scale events such as the Herbalife Extravaganza 2026, which is expected to be the largest gathering of its kind in Singapore’s history, drawing in over 25,000 attendees.

The STB is working hand-in-hand with key industry players such as the Singapore Business Federation to enhance the city-state’s competitive edge in securing major business events. In addition, a partnership with the Singapore Association of Convention & Exhibition Organisers & Suppliers is paving the way for initiatives aimed at nurturing high-caliber events. These collaborations are designed to strengthen Singapore’s reputation as a hub for world-class business gatherings.

The second pillar of the plan focuses on attracting more leisure visitors by expanding Singapore’s collection of world-class attractions. Among the notable upcoming developments are the Singapore Oceanarium at Resorts World Sentosa, the Porsche Experience Centre, and a new Science Centre set to open in 2027. Alongside these new attractions, revitalization efforts are taking place across various parts of the city. For instance, Orchard Road will host new events and spaces, such as the Grange Road event space by Live Nation, which will breathe new life into the iconic shopping street.

Additionally, the Sentosa precinct will undergo significant transformation with new attractions, enhanced beach experiences, and expanded heritage trails. The Changi East Urban District will also become a vibrant hub for business and leisure, thanks to its proximity to Changi Airport’s Terminal 5. Singapore is further consolidating its position as a destination for cruises, wellness tourism, and lifestyle events, with ambitious plans to secure high-profile events in sports, music, and lifestyle sectors.

The final pillar of Tourism 2040 revolves around advancing the tourism industry itself. The STB is committing significant resources to developing high-quality tourism products and enhancing the skills of the local workforce. A new Travel Agent Roadmap, slated for release in July, will empower travel agents to become “Curators of Travel that Inspire.” The STB will also support the industry through technology-driven initiatives such as the Data Analytics Shift and the Tourism Accelerator programs, which are designed to help tourism businesses modernize and stay ahead of global trends.

By 2040, the STB projects that Singapore’s tourism receipts will reach between S$47 billion (US$35.5 billion) and S$50 billion, reinforcing the city-state’s reputation as one of the world’s top destinations for both business and leisure travelers. Through this visionary roadmap, Singapore is setting the stage to thrive in an ever-evolving global tourism market.