S'pore Airshow gives a $319m boost to economy
THE Singapore Airshow, Asia's largest aerospace and defence exhibition, contributed $319 million to the Singapore economy this year.
A study by Kadence International said that this was a 25 per cent increase from the 2012 edition, and that the growth was supported by a substantial increase in foreign expenditure, which rose 30 per cent from 2012.
This year, foreign visitors spent $284.9 million on travel and accommodation, event and exhibition space, as well as other personal expenditure.
The total number of exhibiting personnel at the airshow also went up by 23.4 per cent to 10,504.
In particular, the number of foreign exhibiting personnel grew by 27 per cent.
Similarly, the number of exhibiting companies jumped from 969 in 2012 to 1,018 this year.
The study also highlighted an increase in personal spending per day by exhibitors, trade visitors and public visitors to the show.
The largest increase was among exhibitors, who spent an average of $491 per day this year, a 30.9 per cent increase from 2012.
Leck Chet Lam, managing director of Experia Events, which organised the airshow, noted that international participants accounted for almost 90 per cent of spending.
"This reflects the importance accorded to our show by global aerospace and defence companies, and underscores Singapore Airshow's standing as one of the most recognised and must-attend aerospace and defence exhibitions in the world."
More than 75 per cent of exhibitors have already confirmed their plans to participate in the 2016 event, which will be held in February that year.
The study said that the airshow plays a critical role in the ecosystem of Singapore's aerospace and defence industry, contributing to its long-term sustainability and opening doors to key markets for local and global companies.
Lim Kok Kiang, assistant managing director of the Singapore Economic Development Board, said: "Our business-friendly environment, talented workforce and strategic location in the heart of Asia have made Singapore the location of choice for aerospace multinationals seeking to expand their footprint in this growing Asia-Pacific market."
The event, held over six days in February at Changi Exhibition Centre, attracted more than 146,000 visitors from 125 countries and regions.
THE BUSINESS TIMES