When you say Singapore, It is Asia’s dream country, Singapore’s success says a great deal about how a country with no natural resources can create economic advantages. But it certainly is an example of an extraordinarily successful small country in a big world.
In Singapore, Education is the key to the long-term future of the population, its people are the only resources they have. Singapore has made up for the lack of natural resources by investing heavily in education to improve the skills of its population.
Amidst global economic challenges, Singapore remains one of the world’s strongest economies. Anchored in political stability, low corruption rates and transparent public institutions, many are considering this country to invest, especially those giant tech companies who want to expand in Asia and eyeing Singapore as their top choice for investing.
And that is the reason why Singapore is already home to a strong base of multinational companies, more are now building their ASEAN team out of Singapore and setting up ASEAN headquarters there. More global business leaders begin to turn their attention to the region. While, attracted by the strong rule of law and institutional trust.
And maybe there are 3 reasons why the country’s development is skyrocketing in this 3 factors:
- They have friendly policies both for foreign investors and locals.
- The strategic location
- Honest and transparent government
Which one is the real competitive advantage? Their strategic location is. Why? Because it is one of the business centers in Asia. It is also the port of many.
Aside from that, the friendliness of their policies for the foreign investors is one the most important as well.
There are a lot of reasons why we have to look at Singapore as they have earned a reputation as one of the world’s most advanced economies.
The recovery of global trade and an improving labour market has helped Singapore not only sustain growth in the manufacturing industry, but also broaden out to other industries such as services and retail.
Singapore’s top three export and import commodities sections are machinery and transport equipment, chemicals and chemical products and miscellaneous manufactured articles.
One of the top businesses in Singapore are manufacturing, including electronics, chemicals, biomedical sciences, logistics and transport engineering.