ITMA ASIA 2005 boosts Singapore economy with potential tourism receipts of S$50 million

ITMA ASIA 2005, one of the region’s leading textile machinery exhibitions, expects that its international visitors will contribute at least S$50 million in tourism receipts and generate at least S$500 million for the Singapore economy. The show was opened today by Mr. Lim Hng Kiang, Minister for Trade and Industry, and is expected to attract more international visitors to Singapore than any machinery exhibition in the country’s history.

ITMA ASIA is one of the most significant events of the year for the textile world. It is the Asian version of ITMA, the world’s most established textile machinery exhibition with over 50 years of history in displaying the latest in machinery and software for every single work process of textile making.

Delegates at ITMA ASIA 2005 are expected to book more than 18,000 room nights and spend a total of S$50 million on F&B, accommodation, transport and flights, retail spending, attractions and others. It will be the first time that a single event fills all seven halls at Singapore Expo.

According to a study by the Nanyang Business School at the Nanyang Technological University in 2002, the exhibitions and conventions industry is a vital economic generator with every S$1 spent becoming S$12 through the economic-multiplier effect. Taking this into consideration, ITMA ASIA 2005 is expected to generate at least S$500 million for the local economy.

With more than 90% of visitors coming from overseas, ITMA ASIA will lead the BTMICE (Business Travel, Meetings, Incentives, Conventions and Exhibitions) sector in Singapore, contributing significantly to Singapore Tourism Board’s target of attracting 17 million visitors to the country by 2015.

Sylvia Phua, Chief Executive Officer of Meeting Planners International Pte Ltd (MPI) and the organiser of ITMA ASIA 2005, said, “ITMA ASIA 2005 will be a vital economic generator for the country. On average, a MICE visitor’s expenditure is about S$1,500 to S$1,800 per trip, more than twice that of the normal visitor. Related industries such as hospitality, entertainment and retail should also experience a surge in business following the influx of ITMA ASIA attendees to Singapore.”

The strong response for ITMA ASIA 2005 is the result of the emergence of the Asia as a major player in the global textile industry. Edward Roberts, President of CEMATEX added, “Fabric output in Asia increased by over 50% last year and this figure is set to grow. In 2004, Asia accounted for 92% of all spinning machine shipments, 88% of all shuttleless weaving machine shipments and 69% of all knitting machine shipments.

“ITMA ASIA 2005 is an excellent platform for textile players to come together and learn more about the various textile technologies that are increasingly being deployed by countries around the world. In this event, spinning products will contribute over 28% of the total product groups while exhibits from the finishing sector take up some 25% of the show,” he added.

ITMA ASIA is being held at Singapore Expo from 17 to 21 October, from 10am to 6pm daily.

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