Over the last twelve editions of the World Bank’s Ease of Doing Business Rankings, Singapore has unfailingly appeared in the top two positions. No easy feat, this reflects on the government’s unceasing focus on ensuring a business-friendly environment. Not surprisingly, Singapore is the go-to destination for doing business.
I first visited Singapore in 1997 on my return from a business trip to Australia. Since then, world’s only island-city-country has always excited and amazed me! It became home to me and my family about seven years back. Be it the expansive greenery or the picturesque landscape of the country – it is hard to imagine so many open spaces amid a bustling economic centre with limited land. On a personal front, the country has given me many opportunities to progress both on the professional and family front. Singapore has a great eco-system that nurtures the best of sustainable ecology alongside the modernity of the technology and industrial advancements!
Here are the five factors that I feel make Singapore the world’s favourite investment destination.
1. Integrity of Effort
In 1965, when Singapore became independent, it was a tiny and undeveloped country with no natural resources. Therefore, its journey from the third world to the first is widely touted as an economic miracle. To me, the country’s success stems from the vision of the country’s first Prime Minister Lee Kuan Yew and his political will to build a transparent governance system. Furthermore, the efforts of Singaporeans have ensured that the reputation and credibility of corporations headquartered in Singapore are unrivalled as is its political stability.
2. Constant Reinvention
A friend of mine recently commented, “Each time I visit Singapore, I see a new avatar of the country. Its ability to constantly reinvent and make itself a compelling choice for the best talent from the world over is mind-boggling.” This is the result of the vision of the country’s policymakers – their painstaking efforts towards research and development to chart Singapore’s evolution into a futuristic country.
3. Out-of-the-Box Thinking
The country has opened its doors for qualified professionals through flexible immigration policies. This was Lee Kuan Yew’s vision who famously said, “We are going to be a multi-racial nation in Singapore…everyone will have his place.” In pursuit of this objective, the country welcomed foreign trade and encouraged multinationals to invest.
4. Combining Nature & Technology
Singapore is at the heart of one of the world’ most economically active regions. It is located at the mouth of the Strait of Malacca through which perhaps 40 percent of the world’s maritime trade occurs. The country capitalizes on this strategic location through world-class infrastructure. In fact, constant investments in infrastructure ensure that the region overcomes the limited availability of land resources.
5. Foresight to Leverage Emerging Opportunities
Over the years, the Government of Singapore has demonstrated remarkable foresight in encouraging investments and R&D in high-growth sectors such as finance, technology, pharmaceuticals and chemicals among others. Moreover, it has fortified its reputation as the go-to country for these sectors by introducing a business-friendly tax regime, policies that promote non-price competitiveness and financial resilience.
For me, Singapore is more than a destination. My favourite quote about the country is by the American entrepreneur Nicolas Berggruen who said, “Singapore has been incredibly well-managed. It was created out of the swamp, with a strong emotional idea…accepting other cultures and other races.” Singapore is a sentiment that represents our civilization’s determination and ability to achieve the seemingly impossible.
Allow me to end my note on a philosophical reflection: Singapore’s success shows that humanity is a lot stronger together than its members separated by the pretensions of borders, colour and race. Indeed, Singapore symbolizes the message of unity, harmony and amity among nations and world citizens.
