Heritage Foundation’s Index of Economic Freedom has ranked Singapore second most open economy. Singapore known for its stability in macroeconomic terms remained stable during 1997 financial crisis. It also emerged as one of the fastest growing economies in 2010. Basically Singapore has no natural resources and the economy is driven by exports in electronics manufacturing and machinery, financial services, tourism and the world’s largest cargo seaport.
Singapore attracts millions of tourists every year. Singapore is environmental friendly and maintains different natural and heritage conservation programs. The tourism board aims to triple their earnings and double their tourists by this year. With the development of tourism, other sectors like medical tourism, business tourism, and retail tourism are also promoted. The Orchard Road district is considered to be the center of tourism in Singapore. Moreover Singapore airline was voted as the best airline in the world and Asia. After the Youth Olympics in 2010, Singapore witnessed huge growth in hotel and food & beverage industry.
In the recent times, biomedical sciences emerged as one of the strong pillar of Singapore. Biomedical activities like basic research, clinical development, product and process development, manufacturing and health care services are carried out in Singapore. Singapore was also named as the home base for two newly launched biologics manufacturing industries which helped to cut down the R&D cost and increase the development time. There are 2000 international researchers working on drug discovery, medical technology and genetic research. Reasons why Singapore is becoming a popular destination for biomedical and pharmaceutical companies are its highly skilled workforce, world class infrastructure and pro-business environment.
Singapore has been continuously upgrading its infrastructure and connectivity to the world. Its logistics industry is encouraged to adopt best practices, develop supply chain security guidelines and create an industry wide IT platform. Singapore port is one of the busiest in the world, offering strong connectivity to the Asia-Pacific region. There are around 1000 ships in the port at any given point in time due to its six terminals which can accommodate container ships, bulk carriers, cargo freighters, coasters and lighters. Singapore’s Changi Airport is one of the busiest airports for air cargo. The Changi Airfreight Center is a 24 hour one stop Free Trade Zone which means that the company can repack, move, consolidate or store cargo without the need for documentation or customs duties, unless the goods are being moved out of the Center.
Banking and Finance:
Singapore is also known as Southeast Asia’s banking and finance hub. Foreign exchange and insurance are the main development sectors of banking. Singapore is known for its sound economy, robust infrastructure, pro-business environment, talented international workforce and strong regulatory framework. An important aspect of Singapore’s financial center is its deep and liquid capital markets. Singapore is one of the most active foreign exchange trading centers in the world. The Institute of Banking and Finance was set up to develop and expand the country’s expertise in the banking and finance industry in Singapore.
As the demand for chemicals is increasing rapidly, Asia economies continue to develop at different paces. Chemical industry in Singapore is huge, varied and is growing at fast rate. Singapore provides a conductive environment to this sector with its available infrastructure and integrated approach. Some of the major companies like Exxon Mobil, Shell and Sumitomo Chemical are located in Singapore. Singapore is currently investing into technology infrastructure, and working with companies to establish new innovation centers.
The Institute of Chemical and Engineering Sciences (ICES) provides highly trained manpower and infrastructure required for future growth. The Singapore Chemical Industry Council (SCIC) is the official body representing the chemical industry of Singapore in the private sector.
In the recent years, Singapore has witnessed tremendous growth in construction industry. The two coming projects of Casino Resorts, new shopping malls, hotels, residential projects, expansion of MRT lines and building business parks and sports hub will ensure that the construction industry grows strongly in the years to come. Safety, quality, sustainability and user-friendliness are the four key areas which distinguish Singapore’s built environment from those of other cities.