ESSAY VERSION: Advantages of Singapore in The Economic Ranking Singapore is a country that has been successful in many areas, such as international relations, education, leadership, cultural diversity, transportation, industry sectors, and infrastructure, among others. This short essay will analyze the facts about Singapore in each of these areas, using the information shown below this essay. In terms of international relations, Singapore has established strong and long-standing relationships with many countries around the world. The United States is Singapore's largest foreign investor and trading partner. Singapore has developed strong economic ties with China, which has many Chinese businesses using Singapore as a regional hub for their operations. Singapore is also a founding member of the Association of Southeast Asian Nations (ASEAN) and has played a key role in promoting economic and political cooperation among its members. Singapore has a close relationship with Japan, which is one of its largest trading partners and a major investor in the country. Singapore has a strong economic partnership with the European Union, with the two parties having signed a free trade agreement in 2019. Singapore and Australia have a close relationship, with strong economic ties and a strategic partnership that includes defense and security cooperation. Singapore has also developed close economic and cultural ties with many countries in the Middle East, particularly the United Arab Emirates and Qatar. Singapore's education system is recognized as one of the best in the world. Almost all (around 97%) of Singapore's population over the age of 15 is literate. Singapore is a global leader for reading and science proficiency, ranking above Japan. The country has a strong emphasis on science, technology, engineering, and mathematics (STEM) education, and also places a significant emphasis on developing critical thinking, creativity, and communication skills. Singapore's education system produces a highly skilled workforce that is capable of working in a variety of industries. The country's skilled workforce is a key advantage for businesses that require skilled and knowledgeable employees. Singapore has a strong culture of lifelong learning, with a focus on skills development and continuing education. The country's education system provides opportunities for people to upgrade their skills and knowledge throughout their lives, which is important in a rapidly changing economy. Singapore's education system is highly regarded internationally, with many of its universities and schools consistently ranking among the top in the world. This recognition attracts students from around the world, who come to Singapore to study and contribute to the country's intellectual capital. Singapore is known for its stable and efficient government, with low levels of corruption and a strong rule of law. This makes it an attractive destination for businesses and investors who value stability and predictability. Singapore's hierarchical culture also provides stability to investments, as Singapore does not impose capital gains tax, inheritance tax, and estate duties. Investors don't have to pay stamp duties when they purchase scripless shares listed on the Singapore Stock Exchange. Singapore society is categorized into four main ethnic groups: Chinese, Malays, Indians, and Others. In the “Other” category are ethnic groups such as the Eurasians, who are a people of mixed European and Asian ancestry. This cultural diversity has made Singapore a vibrant and cosmopolitan city, with a rich and diverse culture. Singapore's transportation system is accessible to all segments of society. The country has an extensive public transportation system that includes buses, trains, and taxis. This makes it easy for people to travel to work, school, or other destinations. Singapore's transportation system is efficient and well-managed. The country has invested heavily in its transportation infrastructure, including its roads, bridges, and public transportation systems. This has resulted in a system that is reliable and convenient for commuters and businesses. Singapore has a well-developed transportation network that connects it to the rest of the world. It has one of the busiest ports in the world, with a high volume of shipping traffic. It also has a well-connected airport that serves as a hub for international flights POINT FORM VERSION: Relationships: - United States: Singapore has a strong and long-standing relationship with the United States, which is its largest foreign investor and trading partner. - China: Singapore has developed strong economic ties with China, with many Chinese businesses using Singapore as a regional hub for their operations. - ASEAN: Singapore is a founding member of the Association of Southeast Asian Nations (ASEAN), and has played a key role in promoting economic and political cooperation among its members. - Japan: Singapore has a close relationship with Japan, which is one of its largest trading partners and a major investor in the country. - European Union: Singapore has a strong economic partnership with the European Union, with the two parties having signed a free trade agreement in 2019. - Australia: Singapore and Australia have a close relationship, with strong economic ties and a strategic partnership that includes defense and security cooperation. - Middle East: Singapore has developed close economic and cultural ties with many countries in the Middle East, particularly the United Arab Emirates and Qatar. Education: - Almost all (around 97%) of Singapore's population over the age of 15 is literate. Singapore is a global leader for reading and science proficiency, ranking above Japan. - High-quality education: Singapore's education system is recognized as one of the best in the world, with a focus on providing high-quality education to its students. The country has a strong emphasis on science, technology, engineering, and mathematics (STEM) education, and also places a significant emphasis on developing critical thinking, creativity, and communication skills. - Skilled workforce: Singapore's education system produces a highly skilled workforce that is capable of working in a variety of industries. The country's skilled workforce is a key advantage for businesses that require skilled and knowledgeable employees. - Lifelong learning: Singapore has a strong culture of lifelong learning, with a focus on skills development and continuing education. The country's education system provides opportunities for people to upgrade their skills and knowledge throughout their lives, which is important in a rapidly changing economy. - International recognition: Singapore's education system is highly regarded internationally, with many of its universities and schools consistently ranking among the top in the world. This recognition attracts students from around the world, who come to Singapore to study and contribute to the country's intellectual capital. Leadership: - Singapore is modeled after the Westminster system. The prime minister only governs with the confidence of the majority in Parliament; as such, the prime minister typically sits as a Member of Parliament (MP) and leads the largest party or a coalition of parties. - Singapore is a hierarchical culture, so the boss is considered to be superior to their subordinates. Subordinates do not ask their boss questions, as it would indicate that the boss had not done a good job of explaining what was necessary. - Singapore is known for its stable and efficient government, with low levels of corruption and a strong rule of law. This makes it an attractive destination for businesses and investors who value stability and predictability. Which provides Stability to Investments in Singapore, this is also because Singapore does not impose capital gains tax, inheritance tax and estate duties. Investors don't have to pay stamp duties when they purchase scripless shares listed on the Singapore Stock Exchange. Cultural Diversity: - As of 2021, Singapore's population was around 5.45 million. Singapore society is categorized into four main ethnic groups, according to the CMIO rubric: Chinese, Malays, Indians, and Others. In the “Other” category are ethnic groups such as the Eurasians, who are a people of mixed European and Asian ancestry. Transportation: - Accessibility: Singapore's transportation system is accessible to all segments of society. The country has an extensive public transportation system that includes buses, trains, and taxis. This makes it easy for people to travel to work, school, or other destinations. - Efficiency: Singapore's transportation system is efficient and well-managed. The country has invested heavily in its transportation infrastructure, including its roads, bridges, and public transportation systems. This has resulted in a system that is reliable and convenient for commuters and businesses. - Connectivity: Singapore has a well-developed transportation network that connects it to the rest of the world. It has one of the busiest ports in the world, with a high volume of shipping traffic. It also has a well-connected airport that serves as a hub for international flights. Singapore’s top performing industry sectors: - Software and IT. services - Business and. professional. services - Financial. services - Electronics. Infrastructure: - Singapore has a world-class infrastructure, including modern transportation systems, high-speed internet, and state-of-the-art facilities. This makes it an ideal location for businesses that require a reliable and efficient infrastructure. - Efficient transportation systems, including an extensive network of roads, railways, and airports, facilitate the movement of goods and people within and outside the country. - World-class seaports equipped with advanced technologies enable Singapore to serve as a major transshipment hub for global trade. - The country's advanced telecommunications and IT infrastructure facilitate connectivity and enable businesses to operate seamlessly across borders. - Singapore's well-developed healthcare facilities, educational institutions, and housing options make it an attractive destination for foreign talent, businesses, and investors. - The government's commitment to investing in infrastructure has helped to create a stable and supportive environment for businesses, which contributes to Singapore's overall competitiveness. Technological Infrastructure: - World-class telecommunications infrastructure: Singapore has one of the fastest and most reliable telecommunications networks in the world. This makes it easy for businesses to connect with clients and customers in other countries. - High-speed internet connectivity: Singapore's internet speeds are among the fastest in the world, with most households and businesses having access to high-speed broadband. - Extensive network of data centers: Singapore has an extensive network of data centers, which provide secure and reliable data storage and processing services. This is essential for businesses that rely on big data and cloud computing. - Pro-business environment for technology companies: Singapore has a pro-business environment that encourages the growth of technology companies. The government provides various incentives, such as tax breaks and funding, to encourage technology companies to establish themselves in Singapore. Economic stability(Top reasons for it’s stability): - Diversified economy: Singapore has a diversified economy that is not overly reliant on any one sector. The country has developed a strong financial sector, manufacturing industry, and service sector, which have contributed to its economic growth and stability. - Pro-business environment: Singapore has a pro-business environment that is conducive to investment. The country has streamlined regulations, low tax rates, and a supportive government that encourages entrepreneurship and innovation. - Strong financial system: Singapore has a strong and well-regulated financial system that is highly respected in the global community. The country's financial system has been a key driver of its economic growth, attracting investments and facilitating trade and commerce. - Strategic location: Singapore's strategic location in Southeast Asia makes it an ideal hub for businesses that want to expand into the region. The country has a well-developed transportation network that makes it easy to access other countries in the region, which has contributed to its economic growth and stability. - Sound economic policies: Singapore's government has implemented sound economic policies that promote growth and stability. The country has a strong focus on fiscal responsibility, and has implemented policies that encourage savings, investment, and long-term planning. Strategic Location: - Singapore is located at the heart of Southeast Asia, making it a gateway to the region for business and commerce. Its location also makes it an ideal hub for international trade and logistics. - Strategic location at the southern tip of the Malay Peninsula - Gateway to Southeast Asia, situated at the crossroads of major shipping lanes - Close proximity to major markets, including China and India - Access to a large and growing regional market of over 650 million people - Strong connectivity with the rest of the world, with Changi Airport being one of the busiest airports in the world - Deepwater seaport capable of handling large volumes of cargo Domestic Economy: - Economic freedom: Singapore is known for having a high degree of economic freedom, which means that businesses can operate with minimal government intervention. This has created an environment where entrepreneurs can easily start and grow their businesses. - Business-friendly policies: The government of Singapore has implemented a range of policies to attract and retain businesses, including low tax rates, grants, and other incentives. This has helped to create a business-friendly environment that encourages innovation and entrepreneurship. - Skilled workforce: Singapore has a highly educated and skilled workforce, thanks in part to the government's investments in education and training programs. This has helped to attract businesses that require specialized skills and expertise. - Strategic location: Singapore's location in Southeast Asia makes it a hub for trade and commerce. This has helped to attract businesses that want to expand their operations in the region. - Diversified economy: Singapore's economy is diversified, with a range of industries contributing to its growth. This has helped to mitigate the impact of economic downturns in any one particular sector. Works Cited: “China–Singapore Relations.” Wikipedia, Wikimedia Foundation, 1 Feb. 2023, https://en.wikipedia.org/wiki/China%E2%80%93Singapore_relations#:~:text=Despite% 20the%20disputes%2C%20Singapore%20and,One%20Belt%20One%20Road%20Init iative. Date Accessed, March, 1, 2023 “Countries & Regions.” Ministry of Foreign Affairs Singapore, https://www.mfa.gov.sg/SINGAPORES-FOREIGN-POLICY/Countries-and-Regions. Date Accessed, March, 1, 2023 “Foreign Relations of Singapore.” Wikipedia, Wikimedia Foundation, 20 Feb. 2023, https://en.wikipedia.org/wiki/Foreign_relations_of_Singapore#:~:text=Singapore%20en joys%20good%20relations%20with,China%20and%20the%20United%20States. Date Accessed, March, 1, 2023 Hirschmann, R. “Topic: Demographics of Singapore.” Statista, https://www.statista.com/topics/5763/demographics-of-singapore/#:~:text=As%20of%2 02021%2C%20Singapore's%20population,mixed%20European%20and%20Asian%20 ancestry. Date Accessed, March, 1, 2023 “Infrastructure in Singapore.” Infrastructure in Singapore Infrastructure Development in Singapore, https://www.tradechakra.com/economy/singapore/infrastructure-in-singapore-105.php #:~:text=Singapore%20is%20well%20connected%20to,airport%2C%20port%20and% 20telecommunication%20infrastructure.&text=Changi%20International%20Airport%20i s%20Singapore's,aviation%20and%20air%20cargo%20hub. Date Accessed, March, 2, 2023 “International Schools and the Education System in Singapore.” InterNations, 10 Feb. 2023, https://www.internations.org/singapore-expats/guide/education#:~:text=Thanks%20to %20the%20emphasis%20on,science%20proficiency%2C%20ranking%20above%20J apan. Date Accessed, March, 2, 2023 Lyttle, Cara. “How Does Singapore Punch above Its Weight When It Comes to Attracting FDI?” Investment Monitor, 6 Dec. 2022, https://www.investmentmonitor.ai/insights/how-does-singapore-punch-above-its-weight -when-it-comes-to-attracting-fdi/. Date Accessed, March, 2, 2023 “Prime Minister of Singapore.” Wikipedia, Wikimedia Foundation, 28 Feb. 2023, https://en.wikipedia.org/wiki/Prime_Minister_of_Singapore#:~:text=Singapore%20is%2 0modelled%20after%20the,or%20a%20coalition%20of%20parties. Date Accessed, March, 2, 2023 “Resources.” Commisceo Global Consulting Ltd., https://www.commisceo-global.com/resources/management-guides/singapore-manag ement-guide#:~:text=Singapore%20is%20a%20hierarchical%20culture,of%20explaini ng%20what%20was%20necessary. Date Accessed, March, 2, 2023 “Singapore - United States Department of State.” U.S. Department of State, U.S. Department of State, 2 Sep. 2022, https://www.state.gov/reports/2022-investment-climate-statements/singapore/. Date Accessed, March, 2, 2023 “Singapore Transportation Exports, Imports, Tariffs.” Singapore Transportation Exports, Imports, Tariffs by Country & Region 2017 | WITS Data, https://wits.worldbank.org/CountryProfile/en/Country/SGP/Year/2017/TradeFlow/EXPI MP/Partner/All/Product/86-89_Transport. Date Accessed, March, 2, 2023 “Singapore.” Coface, https://www.coface.com/Economic-Studies-and-Country-Risks/Singapore. Date Accessed, March, 3, 2023 “Singapore.” Singapore Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption, https://www.heritage.org/index/country/singapore. Date Accessed, March, 3, 2023 “Singapore: The Reasons behind Its Economic Success.” Hospitality News & Business Insights by EHL, https://hospitalityinsights.ehl.edu/singapore-economic-success. Date Accessed, March, 3, 2023 “Trade of Singapore.” Encyclopædia Britannica, Encyclopædia Britannica, Inc., https://www.britannica.com/place/Singapore/Trade. Date Accessed, March, 3, 2023 “Trade Statistics - United Nations Statistics Division.” United Nations, United Nations, https://unstats.un.org/unsd/trade/events/. Date Accessed, March, 3, 2023 “U.S. Energy Information Administration - EIA - Independent Statistics and Analysis.” International - U.S. Energy Information Administration (EIA), https://www.eia.gov/international/analysis/country/SGP#:~:text=Petroleum%20and%2 0other%20liquids%20represent,1%25%20of%20primary%20energy%20consumption. Date Accessed, March, 3, 2023 “Why Choose Singapore as Your Business Destination?” The Helmi Talib Group – Business Accounting Solutions, 11 Feb. 2022, https://www.helmitalib.com/guide/why-singapore/why-choose-singapore-as-your-busin ess-destination/#:~:text=Globally%20Connected,across%20the%20Asia%20Pacific% 20region. Date Accessed, March, 3, 2023 YEO, LAY HWEE. “Diplomacy, International Relations and Singapore’s Foreign Policy.” Tommy Koh, 2017, pp. 3–12., https://doi.org/10.1142/9789813222397_0001. Date Accessed, March, 3, 2023
