Chee Hong Tat, Senior Minister of State for Trade and Industry and Education, said that Singapore's Meetings, Incentive Travel, Conventions and Exhibitions (MICE) industry is performing well, despite the uncertain global economic climate and strong competition for the MICE segment.

Chee said that the MICE industry generated approximately S$3.8 billion in value added or 0.8 per cent of Singapore's GDP.

Chee was speaking at the launch of EXPO 2.0 by Singapore EXPO & MAX Atria, the convention and exhibition center on Jan. 16.

It was also the 40th Anniversary Gala Dinner of Singapore Association of Convention and Exhibition Organisers Suppliers (SACEOS).

Generated S$3.8 billion of Singapore's GDP in 2018

Chee stated that economic growth over the past year had been muted due to uncertainties brought about by US-China trade tensions, Brexit and other geopolitical developments.

However, Singapore's MICE industry is performing well with strong potential for growth.

In addition, Singapore welcomed close to three million Business Travel (BT)-MICE visitors in 2018, which is an increase of about 12 per cent from 2017.

Aside from value adding to the local economy, MICE has also strengthened Singapore's position as a global business hub and key node within Asia.

For instance, MICE has allowed Singapore to attract more investment opportunities and build thought leadership to complement our key industry clusters.

Singapore has also managed to anchor ITB Asia, Asia's leading travel tradeshow, here for another three years.

Apart from ITB Asia, Chee said that Singaporeans can look forward to other major trade shows, association congresses and inaugural business events taking place here this year.

Created opportunities for Singapore businesses and workers

According to Chee, the sustained strong performance of our MICE industry has generated many opportunities for Singapore businesses and Singaporean workers.

In 2018, the MICE industry created up to 8,000 direct jobs and contributed around 26,000 additional jobs in the economy through other sectors.

With the sector transforming through digitalisation and technology, new opportunities and higher value jobs are also being created in areas such as data management and product development.

Top image via Melanie Lim and Chee Hong Tat on Facebook