Singapore‘s three main travel and tourism groups have teamed up once again for their highest value partnership to date.

The new two-year deal between Singapore Airlines (SIA), Changi Airport Group (CAG) and Singapore Tourism Board (STB) will see the three companies jointly invest SG$20 million (US$14.8m) to promote inbound travel to Singapore.

The agreement will focus on leisure, business and MICE travellers in more than 15 key markets including Australia, China, Germany, Hong Kong, India, Indonesia, Japan, South Korea, New Zealand, the Philippines, Taiwan, Thailand, Vietnam, the US and UK.

“This partnership demonstrates our commitment to further developing our home base as a travel hub and promoting Singapore as a destination of choice. We are pleased to continue working closely with STB and CAG and draw on our respective strengths, to promote sustainable growth of inbound travel to and through Singapore,” said SIA’s CEO, Goh Choon Phong.

The three parties said they plan to intensify marketing efforts in the selected markets, improve travel trade partnerships, increase investment in the corporate and MICE segments, and develop new programmes to improve the visitor experience.

One of the initiatives being undertaken is the Singapore Stopover Premium package, which combines stays in luxury hotels, private transfers, access to a range of leisure experiences, plus other privileges such as spa discounts and shopping vouchers.

Another is the enhanced Free Singapore Tour, which offers free guided tours to transit passengers.

“Our airline and airport are an integral part of the Singapore experience. The new product offerings demonstrate SIA, CAG, and STB’s commitment to provide today’s discerning travellers with a more seamless and in-depth experience. To constantly refresh and add value to the visitor experience, it is essential for the industry to rally together; STB looks forward to more partnerships with the industry,” said  Lionel Yeo, chief executive of the STB.

The expanded partnership between STB, SIA and CAG comes during a difficult period for Singapore’s tourism industry. Arrivals fell 3.0% to 15.1 million visitors in 2014 and have continued to decline in 2015, dropping 5.4% in the first four months of the year.