Singapore is a small country in southern part Asia. During the early stages, Singapore endured a tough time to establish herself, this was after the exit of the British who colonised them. In the early 1970s Singapore established herself and since then the economy of this country has been on a positive trajectory compared to her neighbours who are struggling.
In the early 1970s, Singapore set up laws that provided a conducive environment for investment. This played a key role in luring investors into this country mainly the United States and Japan. The lack of arable land has also lent to reliance on agritechnology as a means of providing for its citizens. The government has also invested heavily in the ICT department to enhance the technological advancement in the country. In recent years Singapore was ranked among the most innovative and technological nations in the world. In the 21st century, heavy investment in this field is likely to set you from your neighbours.
2. Corruption free state
A country that cannot deal with the rising cases of corruption and embezzlement of public funds is on the verge of economic depreciation.
Singapore as of now boast of a corruption-free state, a milestone that neighbouring countries and others in the world have failed to keep. The money that would have been stolen is put into required developments that build the country’s economy.
3. Setting up manufacturing Industries
Singapore is a country that is not endowed with an agricultural land. Most parts of this country are arid and cannot support agriculture. Therefore, it sorts out to establish industries in both manufacturing and processing. In this regard, it sorted to importing raw materials and natural resources, process it and export back as finished goods. This is a direct investment as finished goods are always more expensive than raw materials, the common industries in this country include electronics, chemicals among others that continue to attract many multinational states to investing in Singapore
4. The school curriculum
Another aspect that sets Singapore far above its neighbours is the flexibility of its school curriculum. The country has one of the best school programs in the world. The program equips students will tangible skills and as of 2017, the rate of unemployment in Singapore stood at as low as 1.9%. It’s a milestone, the government is really investing in this system. The fact that there is no corruption explains how rigid the system teaches that corruption must and should not be condoned. The graduates in Singapore are a reliable workforce compared to those from their neighbours and well equip to tackle the changing needs of the current economy.
5. Transport and communication sector
Today Singapore is an industrialized country and among the leading in imports and exports across the globe. This has enhanced the economy of the country as it has led to the faster delivery of goods. Singapore has the world busiest port (the port of Singapore) surpassing the famous Hong Kong port and Rotterdam port. The infrastructure in the country is also a force to reckon. It has one of the best highways in the region and also strong communication services.
Singapore ensured that it set up laws that were favourable to both the citizens and the investors, now it is reaping the fruits of a hard-fought past. Being ranked among the best in the world in almost every aspect.