S'pore food and hospitality industry need to respond to changing Asian consumer needs
Mr S Iswaran Opens Asia's largest food and hospitality trade event
Asian consumers are increasingly seeking quality food products that meet their changing lifestyle needs.
So, Singapore's food and hospitality industry must respond to this trend.
Second Minister for Trade and Industry, S Iswaran made this call in the opening of Food&HotelAsia 2014 - the largest food and hospitality trade event in Asia.
He says given Singapore's strong track record in food safety, innovative products and convenient solution, companies here should continue to tap the strong growth potential of the industry.
"The Asian middle-class is fast becoming an important group of consumers, and is expected to account for 80 per cent of the growth in global spending from now till 2030. Singapore, in the heart of Asia, is well placed to tap on this growth, and our food and hospitality sectors are likely to benefit significantly."
Mr Iswaran also urged more in the industry to tap on Government schemes and programmes to innovate, grow and enhance their competitiveness.
He says this will put them in good stead to internationalise, and tap the potential of overseas markets for their products and services.
Singapore's operating receipts of the food and beverage sector were over $7.8 billion, from about 7.2 billion in the previous year.
About 10 per cent of all tourism receipts are also being spent on food.
The four-day-long Food&HotelAsia trade show has more than 3000 exhibitors participating, and is expected to draw at least 45,000 visitors.
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