Singapore offers an attractive and business friendly atmosphere both for foreign investment and domestic growth. Its flexible labour market, highly sophisticated and business friendly banking and other financial services, well regulated and professionally managed share market, healthy and progressive government policies - all provide enough opportunities for investment from domestic and foreign sources. Singapore continues to focus on moving up the value chain in their manufacturing and services activities in order to maintain its competitiveness. Several market research organizations have forecasted that, given business camaraderie is also very high in Singapore, opportunities for investment from abroad are good.
Singapore's Key Industry Sectors:
According to BMI’s independent 5-year forecasts ending 2014 and its industry trend analyses, leading industries in Singapore with promising growth prospects are:
- Automotive - Defence and Security
- Food & Drinks
- Freight Transport
- Oil & Gas
- Pharmaceuticals and Healthcare
- Telecommunications (including IT).
The Singapore economy is an example of a vibrant free-market economy that is developing at a relatively rapid pace. The per-capita income of the country is very high and it has been supported and strengthened by a corruption-free environment, an educated, trained and motivated workforce, and well-established legal and financial business framework.
Singapore's economy is heavily dependent on export activities. The main goods that are exported from the country are high-tech products such as semiconductors and consumer electronics.
In recent years, the Singapore government has invested heavily in diversifying the economy. This has led to growth in the tourism industry, the pharmaceuticals industry with a particular focus on biotechnology, financial services, multimedia, retail and leisure, and the medical technology industry.
A number of major redevelopment initiatives are also boosting the construction, property, tourism, leisure and retail industries, including projects to refurbish Orchard Road and the Singapore River regions, the extension of the Biopolis and the development of the Sports Hub.
A snapshot of the Singapore economy in 2011:
- GDP-purchasing power parity - US$314.9 billion
- GDP-real growth rate - 4.9%
- GDP per-capita (purchasing power parity) - US $51,966
- Investment (gross fixed) - 23.4% of the GDP
- Industrial Production Growth Rate - 7.8%
- Exports - US $409.5 billion
- Imports - US $365.8 billion
- Rate of Inflation - 5.2%