Singapore II: Business in Singapore

Aired July 2006

Singapore is an island-nation located at the southernmost tip of the Malaysian Peninsula in South East Asia.

One of the world's most prosperous nations, Singapore is the 12th largest trading partner of the United States, and a leading regional venue for US foreign investment.

Singapore has already carved out a unique role in Southeast Asia by promoting official bilingualism for decades. With China and India fast rising, the island nation’s traditional links to these countries allow her easy access to the growth of the continent.

Well-placed to ride on the emergence of the “new Asia” and its attendant booming economy, the nation is an excellent facilitator for investors interested in the region.

By creating an economy that offers attractive business costs and is flexible in responding to changing economic situations, the country aims to provide the best environment for businesses to ride on Asia’s growth.

INFOCOMM

In 2005, Singapore was voted the most network ready country in the world.

That same year, the revenue of the Singapore infocomm industry grew by nearly 9% to reach almost $40 billion.

Despite the continued threat from low-cost ICT markets like India and China, Singapore's infocomm sector remains vibrant and opportunities are aplenty for the local workforce.

The country's vision of transforming Singapore into a global leading city, where infocomm empowers everyday life, has led to a national effort to formulate and develop a 10-year master plan in 2015.

With a strong belief that technology and knowledge are crucial growth factors, Singapore looks set to continue to use infocomm to propel the country forward to become a global leading city.

EDUCATION

Education services in Singapore are expected to generate about 5% of GDP in the next decade, up from the current 3.6%.

By 2015, the annual intake of foreign students in the country is forecasted to double to 150,000.

The authorities aim to build a high-quality tertiary sector by developing local universities into institutions of academic and research excellence.

These efforts are complemented by inviting leading foreign institutions to collaborate with local universities or to set up independent branches in Singapore.

To date, Singapore is already partner to several top educational institutions.

The exchange of talent and knowledge that these institutions offer has enhanced the intellectual and academic environment in Singapore.

TOURISM

Tourism in Singapore is a major industry and attracts millions of tourists each year.

By 2015, the Singapore Tourism Board wants to increase the number of arrivals to the island to 17 million, and to triple tourism expenditure to $30 billion.

To this effect, the government is working closely with international investors to develop new world-class attractions.

The island already offers many attractions. Little India is the focal point of Singapore's Indian community. From the strong, heady scent of spices and jasmine flowers to brightly coloured silk sarees, every street offers something to tantalise the senses. Tourists often stop to take a look at the exotic wares on offer, or to have their hands painted with the traditional henna.

Tourists can also indulge in the old world charms of Chinatown while browsing for a little memento be it traditional or modern. From daily foodstuff to beautiful home decorations, there is something for everyone.

Singapore prides itself on being the food capital of Asia. Local cuisine has easily blended ingredients from one culture with the cooking style of another. The result is a fusion that’s a global melange of flavours.

Not just a city of glass and concrete, Singapore is also called the Green City.

On weekends, the Botanic Gardens sees families come out to bask in the tropical sun, or to admire the many colourful varieties of flora and fauna on display.

Sentosa island is the largest and most famous of all the Southern Islands. This resort island overflows with sights.

With such foresight and planning, the tourism industry in Singapore is poised to remain a mainstay of the country’s economy.

Well-connected to market demand, Singapore presents a unique value proposition to investors.

A distinctive blend of competitive strengths makes Singapore the location of choice for global enterprises.