“Third largest foreign exchange market”, “city with the best investment potential” and “tax haven” are just one of the many descriptions Singapore is known for. It has a diverse ethnic, religious and cultural population of approximately 5.6 million; a majority versed in at least two languages. This 719.1km large sovereign state is located in the heart of Southeast Asia; which allows access to a market of 3 billion people just a short flight away. Ranked top on the World Bank’s ranking as the easiest place to do business, it is also home to top global companies like P&G, Hewlett Packard and the world-renowned Singapore Airlines. The Asia Pacific Economic Corporation (APEC) is also based in Singapore, and continues to promote free trade throughout the Asia-Pacific region.
Singapore’s economy has benefited from the inward flow of Foreign-Direct Investment (FDI) from various global investors and institutions as well as its exports in electronics, chemicals and services. It has a strategic port ranked the second busiest in the world. With its port infrastructure it allows for easier access to markets for both import and export. In order to further its economic property, Singapore has taken measures to promote innovation, encourage entrepreneurship, re-train its workforce and attract foreign talent. With its largely corruption free government, skilled workforce and advanced and efficient infrastructure, Singapore has attracted investments from more than 3000 MNCs from Europe, Japan and the US leading to the presence of foreign firms in almost all sectors of their economy.