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Infrastructure
Singapore is well-served by air, sea and telecommunications connectivity. In telecommunications connectivity, besides a nationwide broadband network infrastructure, Singapore has 21 Tbps of installed international capacity, sufficient for your every business need.
Excellent infrastructure
As one of the world's busiest port, Singapore is the hub for about 400 shipping lines to more than 700 ports worldwide.
Besides having outstanding seaport facilities, the Singapore Changi Airport is also a leading air hub renowned worldwide for its efficiency. Its quality infrastructure, skilled workforce and excellent service in cargo handling have won high acclaim from its users. The airport has garnered a total of 16 awards so far in the year 2002.
Good telecommunications network
Singapore is one of the most competitive telecommunications hubs in the Asia Pacific. This is further enhanced by its recent liberalisation of the telecommunication industry in early 2000.
Financial System
Singapore is also well-plugged into the international financial system. It is the 4th largest foreign exchange trading centre in the world, the 5th largest trader in derivatives and the 9th largest offshore lending centre. The Singapore Exchange (SGX) is recognised as a leading stock market in Asia and one of the world's leading derivatives exchanges.
Global trade linkages
In the area of free trade, Singapore has signed Free Trade Agreement (FTA) countries like Japan and New Zealand and are negotiating with countries such as United States, Australia, Canada, and other countries. These FTAs will be commercially significant for Singapore and the participating countries. These agreements will help accelerate the momentum of trade liberalisation and strengthen the multilateral trading system. Singapore is also involved in a continuing process to achieve APEC's long-term goal of free and open trade and investment no later than 2010 for industrialised economies and 2020 for developing economies.
The Region
Singapore's strategic location has made it one of the most attractive business locations in Asia. It is situated within ASEAN, which represents a combined market of over 500 million people. Businesses can also access a market catchment size of 2.8 billion within just 7 hours flight time from Singapore.
 Singapore is a highly trade-dependent economy, with the highest trade to GDP ratio in the world. Not only are we heavily reliant on imports as our only source of food, energy and industrial raw materials, our small domestic market also means that our industries must rely on overseas export markets to absorb their outputs. Furthermore, trade activities have historically been and continue to be an important source of economic wealth for the country.
We are therefore free traders, implementing practically no barriers to the free flow of goods in and out of Singapore, and a vocal champion of global free trade. The primary objective of our trade policy is to guard our trading interests by ensuring a free and open international trading environment.
This is why Singapore places the highest priority on the multilateral trading system embodied by the World Trade Organisation (WTO). The WTO provides the stable framework for developing sound multilateral rules that ensure that goods and services can flow freely with minimum impediment.
Benefits
Singapore is a small island city-state in Southeast Asia with an area of about 648 km2.
It has established itself as one of the top trading nations in the world, and is consistently voted one of the best business destinations. It is recognised as one of the most competitive economies in the world, supported by an increasingly globally-competitive workforce.
From earning a GDP of S$2.15 billion in 1960 to a GDP of S$153 billion in 2001, the city-state is today a reputable financial centre, a key regional trading centre, the world's busiest port and a top location for investment.
As Singapore continues to advance economically, it has emerged as more than a converging point for business. In a survey reported in The Economist in March 2002, Singapore's quality of life surpassed that of London or New York. Thirty-nine factors were considered, including political stability, personal freedom, air pollution and the quality of healthcare, schools, restaurants and theatres.
Being recognised as one of the most competitive economies in the world, more than 10,000 trading companies use Singapore as their distribution point for markets in the Asia-Pacific. In addition, more than 5,000 foreign companies (including many of the Global 500) also use Singapore as their Asia Pacific Base. Among the accolades that Singapore won recently are:
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Top Business Environment in Asia Pacific (EIU Country Forecast - May 2002) |
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Top in Networked Readiness (WEF Global Competitiveness Report 2001-2002) |
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Top in Quality of Life in Asia (IMD World Competitiveness Yearbook 2002) |
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The 2nd in Intellectual Property Protection in Asia-Pacific (WEF Global Competitiveness Report 2001-2002) |
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The 2nd most profitable place for investors (BERI Report 2001-III) |
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The 2nd freest economy (Economic Freedom of the World: 2002 Annual Report) |
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4th in Growth Competitiveness (WEF Global Competitiveness Report 2001-2002) |
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5th in World Competitiveness (IMD World Competitiveness Yearbook 2002)The 5th least corrupt nation (Corruption Perceptions Index 2002) |
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The 5th least corrupt nation (Corruption Perceptions Index 2002) |
Science and technology 2005: powering the new economy
The government has committed $7 billion to the third national Science and Technology Plan - Science and Technology 2005. This plan will identify and build world-class science and technology capabilities in niche areas and to strengthen and seed growth sectors which are globally competitive.
Research Councils
Under the Science and Technology Plan, the Agency for Science, Technology and Research (A*STAR) has set up two Research Councils, namely the Biomedical Research Council (BMRC) and the Science and Engineering Research Council (SERC) to manage public sector Research and Development in specific technology areas.
International collaboration and talent development
The Science and Technology 2005 Plan will also see more collaborative partnerships forged amongst world-class research organisations and institutions. As there will be a greater need for more research scientists and engineers with postgraduate qualifications, scholarships, fellowships and other manpower development programmes like the Research and Development Fellowship Programme and Manpower Upgrading for Science and Technology (MUST) Programme will be enhanced to recruit global talent and nuture talent. Local researchers and graduate students can look forward to more overseas attachment programme to gain international exposure and training in research and development.
Singapore: a world class hub for biomedical sciences
It is the preferred base for global biomedical sciences companies in Asia.
Many international biomedical sciences players have made Singapore their partner for expansion purposes in the Asia-Pacific. They undertake a wide range of activities here, from basic research and development to product and process development, clinical research, manufacturing, business headquarters and healthcare delivery operations.
The biomedical sciences industry is now being developed as the fourth pillar of Singapore's manufacturing sector, with world-class capabilities across the whole value chain of activities.
Rapid scientific advances are opening up new knowledge frontiers and growth opportunities in the biomedical sciences industry. Singapore's goal is to develop the biomedical sciences to achieve the same level of success as the other three industry pillars - electronics, chemicals and engineering.
By 2010, Singapore aims to be home to 15 world-class biomedical sciences companies and the region's hub for clinical trials and drug development. This is in line with Singapore's intent to be a knowledge-based economy that places premium on technology, innovation, capabilities and talent.
Other recent initiatives include the formation of the Biomedical Research Council (BMRC) under Agency for Science, Technology and Research (A*STAR). This council will co-ordinate public sector biomedical sciences research and development and manpower development. The BMRC works closely with EDB's Biomedical Sciences Group for the development of the biomedical sciences industries in Singapore. A high-level Bioethics Advisory Committee (BAC) has also been established to examine legal, ethical and social issues arising from research in the biomedical sciences, and provide public education and policy recommendations to the Ministerial Committee.
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