ANALYSIS OF THE CONVENTION INDUSTRY IN SINGAPORE

Abstract

In recent years, there has been a phenomenal increase in the number of Asian countries vying to host international conventions. This is not merely for the return on investment, but for the prestige a country can accrue by holding major international conferences such as the Inaugural Ministerial Meeting of the World Trade Organisation to be held in 1996 in Singapore. As a result, there has been a surge of effort by Asian countries to boost their capacity to host such events. Large amount of resources have been committed to develop convention facilities as well as the necessary infrastructure. This study hopes to offer a general overview of the convention industry in Asia, with particular emphasis on Singapore. The comparative advantage of Singapore as a convention centre vis-a-vis its regional counterparts is analysed, in addition, factors influencing the demand for convention space are discussed before a short-term econometric model is used to estimate this space. The strengths of Singapore as a convention city relative to its neighbouring countries, will ensure Singapore's position as Asia's top convention city. Moreover, the rising supply of hotel accommodation and the increased level of professional expertise, as illustrated in the analysis, will enable Singapore to host more conventions in the near future.