Singapore is a wealthy state in Southeast Asia. It was founded in 1819 as a trading port of the British East India Company. The country briefly joined Malaysia in the past, and finally became an Independent State in 1965. Since gaining its independence, Singapore has witnessed an incredible economic growth. It is known for its transition from a developing economy to a developed one in a single generation, in fact the country’s GDP per capita grew from $320 to $60,000 - currently the seventh highest in the world. By embracing free-market capitalism, globalization, efficient education as well as strict pragmatic policies the country has become a leader in the world of global commerce.
Singapore is among the most industrialized societies, and has emerged as a prosperous technology hub in the heart across the ASEAN region. Singapore’s economy has been ranked as the most open in the world, the most pro-business due to the low taxes and also the 3rd least corrupt. According to the IMD World Digital Competitiveness Ranking 2018, the country ranked first in Asia and second worldwide just behind the US. Singapore has the third highest GDP per-capita in the world in terms of Purchasing Power Parity.
Singapore's pro-business environment has not only encouraged investments in manufacturing industries. In fact, the service sector has become a major driver of the economy. It accounts for more than 70% of the country’s GDP and provides job to 80% of the workforce, especially in trade, logistics and shipping. Singapore’s port is one of the busiest in the world, with flourishing import and export trades with China, Hong Kong, South Korea, Japan, Malaysia, Saudi Arabia, US and Europe. In 2015, Singapore signed a Free Trade Agreement with the European Union, being the first ASEAN country to sign such an agreement. The following year, the country’s port was the third-busiest in the world by cargo tonnage, behind the Ningbo and Shanghai ports. Its government favors globalization and free trade, thus import tariffs are among the lowest in the world, and the country is an active member in multinational trade organizations, such as the NATO and ASEAN.
Singapore has scarce natural resources, which makes entrepôt activities essential for the country. Water and arable land are considered precious resources. The limited arable land has forced Singapore to rely on the agrotechnology park for agricultural production and consumption. Human resource is another key issue for the country’s economy, pushing the government to launch various programs to retrain and improve its workforce. To compensate for the limited workforce, Singapore has enacted many regulations to relax foreign immigration working rules. Nowadays, there are more than 250,000 foreign domestic workers in Singapore.
To develop its international standing and improve its economic prosperity, Singapore has taken measures to promote innovation and encourage entrepreneurship. Singapore is also fast becoming a hotspot for AI development and innovation. Its advanced digital ecosystem, supported by developed infrastructure, policies and a growing pool of international talents has made Singapore a fertile location for multinational companies to grow their business in the region. Many multinational companies choose to establish their headquarters in Singapore, which explains why it becomes the center for innovation in the Southeast Asia region.
Market research Singapore is an innovative corporate strategy and market research firm focused on the Southeast Asia region, including Singapore. We provide our clients the best blueprints to assess business opportunities by seizing the market, benchmarking competitors, assessing distribution channels and possible joint ventures. We believe in hands-on approach and we like to provide tailored services to our clients.
Our team of consultants and managers is multicultural and internationally recognized. All our consultants have worked in an international environment, which makes them suitable for the hardest challenges. At Market Research Singapore, you will find experts in all important business sectors, such as technology, digital, automotive, healthcare and automation. We like to keep our clients updated on our work, thus we make regular check-ups on all projects. This helps us to revise our work and make adjustments based on our client’s needs and preferences. Clients are satisfied by our services because we help them grow and expand their business in the ASEAN region, providing them with ambitious but achievable and comprehensive roadmaps.
Singapore has become a crucial market for companies looking to have a strong presence in the Asian market. At Market Research Singapore, we have the right know-how and capabilities to help businesses thrive in this growing market. Many opportunities are now wide open to grow in the region, and we will help your company to achieve a profitable and sustainable economic growth, by providing the right strategies to prosper in the Singapore market.