Opening of Tourism Enterprise Support Center in Singapore as a Foothold for Overseas Expansion of Tourism Ventures

Opening on the 31st in Singapore's Central Business District... "Enhanced Customized Support"

[Asia Economy Reporter Kim Heeyoon] The overseas expansion of domestic tourism venture companies is set to be actively promoted.

On the 30th, the Ministry of Culture, Sports and Tourism and the Korea Tourism Organization announced that they will open the Korea Tourism Startup Center (KTSC) in the Central Business District (CBD) of Singapore to focus on supporting the overseas expansion of domestic innovative tourism venture companies.

The Tourism Startup Center is an institution that helps support growth by providing continuous consultation services to tourism companies. Four centers have been established and are operating domestically in Busan, Incheon, and other locations, but this is the first time one has been established overseas.

Despite the tourism industry's downturn due to COVID-19, domestic tourism venture companies have created successful cases by linking innovative technologies such as artificial intelligence and big data. They have been planning and executing full-scale overseas market entry, but have faced many difficulties in actual overseas expansion.

According to a survey on the status and needs of tourism venture companies conducted last year by the Korea Culture and Tourism Institute, 77.8% of all companies (234 respondents) answered that they have plans to enter overseas markets, but among 127 companies in the early growth stage, 51.1% responded that they are experiencing difficulties in entering overseas markets.

The Ministry of Culture, Sports and Tourism and the Korea Tourism Organization plan to strengthen customized support for tourism companies locally by establishing the support center in Singapore, a strategic hub for the Southeast Asian market.

Additionally, the center will provide smart workspaces for business travelers and assist local settlement through ongoing programs such as expert consulting. It will also participate in the 2022 Travel Tech Asia (TTA) and 2022 SWITCH (Singapore Week of Innovation & Technology) held in October this year to support business opportunity creation such as market development and building networks with major investors.

The program held along with the opening ceremony on the 31st will include a total of 13 companies: ▲H2O Hospitality (accommodation) ▲Stayfolio (accommodation) ▲Onda (accommodation) ▲Nua (aviation) ▲Tripvitoz (travel information/accommodation) ▲Globalier (travel information) ▲Caplix (mobility) ▲Ground K (mobility) ▲Glim Media Group (Hallyu) ▲Ax (activity) ▲Brush Theater (content) ▲Infoseed (infrastructure technology) ▲BT Medi (medical tourism).

These companies will participate in expert workshops and IR pitching for investors, and especially to secure overseas investment opportunities, a 1:1 consultation program will be held with 12 investors who have networks for Southeast Asian expansion, including Vertex Ventures, which is responsible for the investment function of Singapore's sovereign wealth fund, Velocity Ventures, which focuses on investing in tourism-related startups, and Changi Airport Group.

Lee Hakju, Head of the Tourism Industry Division at the Korea Tourism Organization, said, “The overseas expansion of tourism companies can expand Korea's tourism industry's global market share and create a substitution effect for tourism expenditure. We will utilize the overseas tourism industry networks and expertise accumulated over many years to expand overseas bases, enhance support services, help tourism companies expand their business, and support the nurturing of the next-generation global tourism unicorn companies.”

This content was produced with the assistance of AI translation services.