Singapore is the world’s fourth leading financial center and its economy is often ranked among the world’s most competitive and innovative. The diversity of this island city-state is staggering, with 5 million people of Chinese, Malay, Indian and Caucasian extraction. There is no doubt that Singapore plays a crucial role in international trade and finance.
The first records of settlement in Singapore are from the 2nd century AD. The island was an outpost of the Sumatran Srivijaya empire. Fast forward 1700 years and to British colonial rule, when Thomas Stamford Raffles landed on the main island in Singapore. Spotting its potential as a strategic trading post for Southeast Asia, Raffles signed a treaty with Sultan Hussein Shah on behalf of the British East India Company on February 6 1819 to develop the southern part of Singapore as a British trading post and settlement. Until 1824, Singapore was still a territory controlled by a Malay Sultan, but it officially became a British colony in 1824. By 1869, 100,000 people lived on the island.
Following the Second World War, in which the British were defeated in the Battle of Singapore, the British government allowed Singapore to hold its first general election, in 1955, which was won by a pro-independence candidate, David Marshall, who became Chief Minister.
Elections were held in 1959 and Singapore eventually became a self-governing state with the Commonwealth, and Lee Kuan Yew was sworn in as the first prime minister. Independence was declared from Britain in 1963.
MARKET BASED ECONOMY
Today, Singapore has a highly developed market based economy which has historically revolved around Entrepôt trade. Along with Hong Kong, South Korea and Taiwan, Singapore is one of the Four Asian Tigers. The economy depends heavily on exports and refining imported goods, especially in manufacturing, which constituted 26 percent of Singapore’s GDP in 2005 and includes significant electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences sectors. In 2006 Singapore produced about 10 percent of the world’s foundry wafer output.
Singapore has one of the busiest ports in the world, and is the world’s fourth largest foreign exchange trading centre. It has also been rated the most business-friendly economy in the world, with hundreds of thousands of foreign expatriates working in multinational corporations, with a thriving manual worker trade too.
As with most business centers worldwide, the recession hit Singapore hard, with the country’s GDP contracting 2.2 percent in 2001. With the setup of the Economic Review Committee in 2001, there came a recommendation of several policy changes with a view to revitalising the economy. Singapore has since recovered from the recession, largely due to improvements in the world economy.
Singapore is a popular travel destination with a thriving tourism industry. To attract more tourists, the government decided to legalize gambling and to allow two casino resorts to be developed at Marina South and Sentosa in 2005. The government has announced that the city area be transformed into a more exciting place by lighting up the civic and commercial buildings.
The medical sector in Singapore is especially strong with about 200,000 foreigners seeking medical care in the country each year. Singapore’s medical services aim to serve one million foreign patients annually by 2012 and generate $3 billion in revenue. The government states that this could create some 13,000 new jobs within the health industries.
MAJOR TRANSPORTATION HUB
Singapore is a major international transportation hub in Asia, positioned on many sea and air trade routes. The Port of Singapore was the world’s second busiest port in 2005 in terms of shipping tonnage handled, at 1.15 billion gross tons, and in terms of containerized traffic at 23.2 million twenty-foot equivalent units (TEUs). It is also the world’s second busiest in terms of cargo tonnage, coming behind Shanghai with 423 million tons handled. The Port is also the world’s busiest for transhipment traffic and the world’s biggest ship refueling center.
Singapore is an aviation hub for the Southeast Asian region and a stopover in the Kangaroo route between Australasia and Europe. Singapore Changi Airport has a network of 81 airlines connecting Singapore to 185 cities in 58 countries. It has been rated as one of the best international airports by international travel magazines, including being rated as the world’s best airport by various sources.
Top business hotels to stay at Singapore during your visit include the Four Seasons Singapore, (www.fourseasons.com/singapore) amid a quiet garden enclave in the heart of the city just minutes from the financial district, Shangri-La Hotel Singapore, and Fairmont Singapore.
Food in Singapore is highly prized. While you are there, be sure to check out top restaurant Coriander Leaf, (www.corianderleaf.com) a great example of Pan Asian cuisine where such dishes as baby lamb shank in aromatics herbs and pan fried Labeyrie duck breast can be sampled. Alternatively, try Suburbia, (http://www.suburbia.com.sg/) offering an interesting take on contemporary European cuisine.
The first records of settlement in Singapore are from the 2nd century AD. The island was an outpost of the Sumatran Srivijaya empire. Fast forward 1700 years and to British colonial rule, when Thomas Stamford Raffles landed on the main island in Singapore. Spotting its potential as a strategic trading post for Southeast Asia, Raffles signed a treaty with Sultan Hussein Shah on behalf of the British East India Company on February 6 1819 to develop the southern part of Singapore as a British trading post and settlement. Until 1824, Singapore was still a territory controlled by a Malay Sultan, but it officially became a British colony in 1824. By 1869, 100,000 people lived on the island.
Following the Second World War, in which the British were defeated in the Battle of Singapore, the British government allowed Singapore to hold its first general election, in 1955, which was won by a pro-independence candidate, David Marshall, who became Chief Minister.
Elections were held in 1959 and Singapore eventually became a self-governing state with the Commonwealth, and Lee Kuan Yew was sworn in as the first prime minister. Independence was declared from Britain in 1963.
MARKET BASED ECONOMY
Today, Singapore has a highly developed market based economy which has historically revolved around Entrepôt trade. Along with Hong Kong, South Korea and Taiwan, Singapore is one of the Four Asian Tigers. The economy depends heavily on exports and refining imported goods, especially in manufacturing, which constituted 26 percent of Singapore’s GDP in 2005 and includes significant electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences sectors. In 2006 Singapore produced about 10 percent of the world’s foundry wafer output.
Singapore has one of the busiest ports in the world, and is the world’s fourth largest foreign exchange trading centre. It has also been rated the most business-friendly economy in the world, with hundreds of thousands of foreign expatriates working in multinational corporations, with a thriving manual worker trade too.
As with most business centers worldwide, the recession hit Singapore hard, with the country’s GDP contracting 2.2 percent in 2001. With the setup of the Economic Review Committee in 2001, there came a recommendation of several policy changes with a view to revitalising the economy. Singapore has since recovered from the recession, largely due to improvements in the world economy.
Singapore is a popular travel destination with a thriving tourism industry. To attract more tourists, the government decided to legalize gambling and to allow two casino resorts to be developed at Marina South and Sentosa in 2005. The government has announced that the city area be transformed into a more exciting place by lighting up the civic and commercial buildings.
The medical sector in Singapore is especially strong with about 200,000 foreigners seeking medical care in the country each year. Singapore’s medical services aim to serve one million foreign patients annually by 2012 and generate $3 billion in revenue. The government states that this could create some 13,000 new jobs within the health industries.
MAJOR TRANSPORTATION HUB
Singapore is a major international transportation hub in Asia, positioned on many sea and air trade routes. The Port of Singapore was the world’s second busiest port in 2005 in terms of shipping tonnage handled, at 1.15 billion gross tons, and in terms of containerized traffic at 23.2 million twenty-foot equivalent units (TEUs). It is also the world’s second busiest in terms of cargo tonnage, coming behind Shanghai with 423 million tons handled. The Port is also the world’s busiest for transhipment traffic and the world’s biggest ship refueling center.
Singapore is an aviation hub for the Southeast Asian region and a stopover in the Kangaroo route between Australasia and Europe. Singapore Changi Airport has a network of 81 airlines connecting Singapore to 185 cities in 58 countries. It has been rated as one of the best international airports by international travel magazines, including being rated as the world’s best airport by various sources.
Top business hotels to stay at Singapore during your visit include the Four Seasons Singapore, (www.fourseasons.com/singapore) amid a quiet garden enclave in the heart of the city just minutes from the financial district, Shangri-La Hotel Singapore, and Fairmont Singapore.
Food in Singapore is highly prized. While you are there, be sure to check out top restaurant Coriander Leaf, (www.corianderleaf.com) a great example of Pan Asian cuisine where such dishes as baby lamb shank in aromatics herbs and pan fried Labeyrie duck breast can be sampled. Alternatively, try Suburbia, (http://www.suburbia.com.sg/) offering an interesting take on contemporary European cuisine.