Singapore most competitive tourism industry in Asia

The countries that are traditionally more reliant on tourism also tend to invest more heavily in the sector, said UBS.

According to UBS, Singapore is a standout example where investment in T&T has ben running at over 5% of GDP the past few years. The company attributed this to the eefficiency of the Singaporean government, which  identified tourism as a key pillar of growth in early 2000 and has poured resources into the sector. Among the most substantial T&T investments are clearly the two integrated resorts, which are now coming on line in phase.

Hong Kong, Korea and Malaysia are also among the highest rank in the region.

Singapore has successfully reengineered itself into a tourist destination. The city is now perceived to be 'more fun', with new tourist attractions increasingly coming on line.