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Copy of Doing Business in Singapore
Transcript of Copy of Doing Business in Singapore
Why do multinational corporations (MNCs) find Singapore an attractive place to do business?
the Singaporean government promotes the international trade process.
Why is free trade so vital to Singapore's survival and growth?
Singapore has a highly developed trade-oriented market economy and its economy has been ranked as the most open in the world. What has been the government role in achieving this feat?
Group 7 - Berta Camps, Melody Dacalor, Herman Vaaland, Natàlia Meré, Mihaela Popescu
What is a Free Trade Agreement (FTA)?
1- A strategic geographical location
“A Free Trade Agreement is a legally binding agreement between 2 or more countries to reduce or eliminate barriers to trade, and facilitate the cross border movement of, goods and services between the territories of the Parties.”
Singapore has concluded 18 regional and bilateral FTAs with 24 trading partners.
These FTAs have strengthened Singapore’s cross-border trade by:
Eliminating or reducing import
in the country of destination
to service sectors
Improving intellectual property regulations
Opening government procurement
The Singapore Model was born out of necessity, due to the lack of domestic natural resources.
For over 50 years, Hong Kong and Singapore have essentially been free-trade zones, which explains in large part why, during that time, they have grown from small fishing ports into enormously wealthy cities.
A large percentage of its international trade is conducted to meet domestic demand for energy, food, and other necessities.
Singapore depends heavily on international trade- the percentage of trade that contributed to its 2008 GDP was around 33.67% and it's going up.
Without global trade, there can be no Singapore since Singapore is "an international creation for purposes of trade"*.
Without the contribution of trade, Singapore would have 15 times less population and wealth over the 20th century.
Singapore's dependence on trade is reflected by its trade statistics: Total trade is three times the GDP figure.
If there were no FTAs in Singapore:
The FTA initiatives helps increase Singapore's attractiveness as an investment location for industries such as:
2- A well - trained labour force
3- A pro-business legal environment
for economic growth
Ease of Doing Business
Trading Across Borders
economic general management
Free market economic-system
Outward-oriented economic policies
Leading global city
Top country in the 2012 PISA ranking
Directs economic policies
Pro-foreign investment climate
Formulates economic strategies
Prevents anti-competitive practices
Safeguards from global perturbations
Goal: Preserve and enhance what the country has achieved in terms of trade, openness, potential and stability.
Association of Southeast Asian Nations (FTA)
Bilateral free-trade agreements with Australia, Canada, Japan and USA.
THANK YOU! :)
Less than half the size of Greater London
Independence from Malaysia August 1965
GDP (Current US$): 1.1 billion*
GDP per capita (Current US$): 516.3*
GDP: 297.9 billion US$*
One of the Four Asian Tigers
GDP per capita: 55,182US$*
GDP per capita, PPP: 78,763 int.$*
World's 3rd. highest
5.47 million people**
~ 30% are expats
Official Languages: English (Singlish); Malay; Mandarin, and; Tamil
"Thinking nation, learning schools"
Nanyang Technological University
National University of Singapore
are part of the top 200 of the
Times Higher Education World University Rankings 2013-2014
Importance of FTAs for Singapore
*W.G. Huff, The Economic Growth of Singapore: Trade and Development in the Twentieth Century
Oil refining and petrochemicals
Pharmaceuticals and biotechnology
The attraction of new industry clusters will seed and help
spur the growth
of new Singapore companies in these fields.
The FTAs will also
create new markets and trade opportunities
for Singapore companies, particularly those which are poised and willing to internationalize their operations overseas.
Singapore has seen a massive
ever since its independence, due to a highly developed market-based economy.
The government plays a
in formulating the economic strategies of the country, however it does not intervene in commercial decisions of firms.
The government's international affairs reflect Singapore's
willingness to attract MNCs
through their FTAs and business friendly environment.
Singapore provide a pro business environment, however it can be considered to lag far behind when it comes to human rights
(e.g. LGBT rights, privacy, freedom of speech)
EXAMPLES WITH RANKINGS
Through various ministries and agencies or statutory boards:
Ministry of Trade and Industry:
Boost economic growth Jobs Higher standards of living
Enhance access to global markets for goods,services and investments
Understanding of the current state of and outlook Policy formulation
Singapore Economic Development Board :
"Host to Home"
Goal is to move Singapore from being a
to companies to becoming a
where global business, innovation and talent flourish.
The result-oriented initiatives prove Singapore's governmental influence on trade.
Singapore - Hong-Kong : 2 hours
Singapore -Taipei : 4 hours
Singapore - Tokyo : 6 hours
The main asset is the Strait of Malacca which is a strategic passage for more than 400 maritime roads and allows to connect Asia to Europe and the Orient.
Since 2012 more than 50 million passengers have been hosted each year at Changi Airport
... Numerous specialized state agencies ...
... competitive taxation system ...
... strategic regional agreements ...