Singapore the Business Hub of Asia
By Srimal Fernando
cloud-tickling skyscrapers to world-class hotels with unparalleled service and astonishing scenery. Singapore one of wealthiest nations has one of the highest per capita incomes in the world on its way to consolidate its position as an economic powerhouse.
The well developed manufacturing sector
is the cornerstone of economic development providing a platform for job
creation and economic growth. The country earned its reputation as a
“global economic marketplace” and a grand gateway to Asia. The
country’s port is the world’s busiest port in terms of shipping tonnage.
The four- terminal Changi Airport is the
most important aviation hub in the world. This airport is a major stop
over point for over 100 international airlines with a total annual
handling capacity of more than 70 million passengers. The Changi Airport
passenger traffic reached an historic 46.5 million passengers in 2011.
The airport serves as a base for Singapore Airlines, the flag carrier
of the country and to several other airlines.
The latest GDP (Gross Development
Product) figures show that the country’s economy grew
better-than-expected with an average annual economic growth rate of 4.9
percent in 2011 (Estimates 2011).
Singapore’s economy is mainly driven by growing exports of machinery, electronic equipment, consumer goods, pharmaceuticals, chemicals and mineral fuels. These account for the bulk of Singapore’s exports. In 2010 the turnover of the country’s exports was estimated at USD 350 billion.
Singapore’s economy is mainly driven by growing exports of machinery, electronic equipment, consumer goods, pharmaceuticals, chemicals and mineral fuels. These account for the bulk of Singapore’s exports. In 2010 the turnover of the country’s exports was estimated at USD 350 billion.
The telecommunication sector is well
developed in Singapore with millions of mobile cellular subscribers and
broadband internet access.
The expansion of Singaporean tourism continues to achieve spectacular gains in recent years.
In 2010, tourism made a significant gain,
experiencing a boom with about 11.6 million high-end foreign visitors
coming to discover this beautiful country.Singapore Tourism Promotion
Board (STPB) and Singapore Airlines (SIA) are promoting the country as a
favorite tourist destination at major travel trade fairs.Other than
tourism Singapore has brought about revolutionary improvements into its
economy through logistics and supply chain management, aerospace
engineering, marine & offshore engineering.
The other sectors showing rapid expansion
are Healthcare, medical technology, consumer business, education,
media, entertainment and software development. Singapore as a regional
headquarter in the Asian continent, serves to attract firms looking
towards expansion.
Today Singapore is proved to be a popular
destination for trade, tourism, logistics and for global financial
institutions .Singapore is poised to play a key role in the global
economic order in a big way over the next ten years.
Source : http://www.thediplomaticsociety.asia/index.php?option=com_content&view=article&id=587:singapore-the-business-hub-of-asia&catid=16:home&Itemid=25
No comments:
Post a Comment