Singapore economy, todays one of the wealthiest economy of the world was called tiger for the commendable transformation it displayed in 1980’s and 1990’s.the three basic features, that is, honest government, pro-business environment and the least corrupt Asian country makes it a potential hub for undertaking any sort of investment. It has won million of investors on the basis of its open trade policies and low rates of taxes.at present it is the world’s most competitive business hub.it follows simplest scheme of documentation in relation to trade that make it even the more popular in trade market. Its biggest trading partner in addition to being its major source of import is Malaysia, others being China, Indonesia, Japan, South Korea, Hong Kong, US and EU. US is the main investor of Singapore.For several years it has remained the active exporter of chemicals, electronics,petroleum products, telecommunication hardware, food, transport equipments.
Singapore economy, However, at present it has switched its focus towards the research and development, finance and the medical field. It is actively involved in entre pot trade. It is also a leader in water fabrication besides oil refining. An electronic system is used for handling export and import. As far as dependence on foreign labor force is concerned, it is trying its level best to avoid dependence by increasing its efficiency and productivity. The strict policies are being implemented in order to regulate the employment of foreigners. Government is also actively indulged in undertaking investments. The companies owned and managed by government also works on the same rules and regulations, work ethics and policies as are fixed for the private enterprises and enjoy no special advantages.it is also the world’s powerful banking hub that provides professional finance services. The trust people have on the ruling body of the nation is eminent from the fact that it’ is being ruled by the same political party, that is, People’s Action Party since 1959. So strong are the laws of the economy that crime rate is the least with negligible amount of corruption.
The biggest strength of this nation is the political stability that attracts investors from all across the globe to undertake investment here. The governing body is favorable towards the business friendly trade, and policies showing least interference in the working of business organizations. The prominent feature is the government’s co investment initiatives that strengthen the notion of trust that its subjects has on it besides the comfortable tax structures. The name of this country without an iota of doubt can be associated with the creativity and innovations. The nation saves its expenses by cutting short the additional expenditure on retirement plans and healthcare services by making people realize the importance of savings and encouraging to make their own savings. Based on the amount of money individuals save they can avail the benefit of the subsidy that governments provide them for healthcare. To conclude, it can be said that it is the best place to undertake investment based on its credit worthiness.