Singapore has been a strong investment hub and a living lab for tourism development in Asia, S Iswaran, the Second Minister for Trade and Industry and Home Affairs, said on Tuesday.

Iswaran made that statement at the Tourism Destination Investment Conference Asia here.

He said the tourism has created lots of investment opportunities in particular Asia market, quoting the recent projections from United Nations World Tourism Organization (UNWTO) Tourism Barometer Report as saying that tourism in Asia will grow between 4 and 6 percent this year, following 2 years of record growth for the region.

"The UNWTO Tourism Barometer Report released in September further noted that international arrivals in Asia and the Pacific continued to show resilience, registering a year-on-year growth of 8 percent. The report also revealed that within Asia, Southeast Asia is poised to be the sub-region with the fastest growth rate, at 9 percent."

Early this March, the government announced they are scheduled to inject 905 million Singapore dollars ($741.8 million) to the Tourism Development Fund over the next five years, aiming at preparing this sector for the next stage of growth.

The city-state has been building various attractions for more visitors, including the newly opened Gardens by the Bay and the upcoming Giant Panda exhibit by the end of this year, followed by the River Safari in the first quarter of 2013, the Sports Hub and the National Art Gallery in 2014.

"Besides attractions, there will also be a need for other tourism-related infrastructure such as hotels, food and beverage offerings and retail services." said Iswaran, indicating more investment opportunities in the tourism sector here.