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The Economy of Singapore 2.0

A tour through Singapore

Hans Tran

on 18 November 2012

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Transcript of The Economy of Singapore 2.0

The Economy of Singapore Openness Factor Accumulation Human Capital
Development Government
Intervention GDP by expenditure (2010) at constant 2005 prices - US Dollars Singapore

United States Household

60 bn

9,222 bn Government

18 bn

2,150 bn Gross Capital

40 bn

2,055 bn Exports

399 bn

1,663 bn Imports

342 bn

2,085 bn Tertiary Secondary Primary Gross Domestic Product 27% 73% Defintion of SME Not more than 200 employees

Annual sales turnover of not
more than S$100 millions $ $ $ $ $ No. of Enterprises No. of Employees Value-added Company Size SME
Enterprises 99.4%
0.6% 48%
52% 62%
38% Industry Features Clustering Industrial Parks Opportunities Expand international economic space Fair trading environment Minimize impediments to the flow of imports GDP Export Import S$ 326.8 bn S$ 682.9 bn S$ 595.7 bn 4 x "Highest trade to GDP ratio in the world" Free Trade Agreements Singapore Regional
Average Starting a business 3 days 36 days “In California, if you fail that's not necessarily a bad thing, but in Asia if you fail, it's tough to turn around from that." "While the government has done a great job of loans and grant programmes, culturally it's very difficult to push entrepreneurship very quickly.” Ron Mahabir, founder of Asia Cleantech Capital Paying taxes 6.5% 16.8% Payments (no. per year)
Time (hrs per year) 5
84 25
215 Singapore Regional Average Tax incentives Tax exemption scheme for start-ups
Productivity and Innovation Credit
Industry specific and special purpose incentives Trading Across Borders Time to export
Cost to export

Time to import
Cost to import 5 days
US$ 456

4 days
US$ 439 22 days
US$ 906

23 days
US$ 954 Singapore Regional Average Protecting Investors Strength of Legal Rights Index Degree of borrowers and lenders rights protection Depth of Credit Information Index Measurement of rules affecting scope, accessibility and quality of credit information. PSA - Port of Singapore Fast turn-around
Over 200 shipping lines
Connected to over 600 ports
in 123 countries Changi Airport Fostering Entrepreneurship Singapore Work Visas Singapore Employment Pass (EP)
Singapore Entrepreneur Pass (EntrePass)
Singapore Personalised Employment Pass (PEP)
Work Permit Scheme (WP)
S Pass
Miscellaneous Work Pass (MWS)
Training Employment Pass
Multiple-Journey Business Visa
Work Holiday Programme Aspects: housing, businesses, transport, infrastructure, recreation, and community needs
Strategic land use plan (next 40-50years)
Reviewed every 10 years Water imports from Malaysia since 1927
Three agreements (1961, 1962, 1990) meet half of Singapore’s water demand
1961-Agreement expired in August 2011
By 2061, Singapore’s goal to be self-sufficient Sustainability THANK YOU! 1960 1980 2000 2020 Industrial
Revolution Industrial
Restructuring Regional Expansion Knowledge-based Economy Export oriented industrialization Manufacturing base for labour intensive, export oriented industries geographical location
limited domestic market weak domestic techonological base
new division of labour
reliance on foreign capital Industrial upgrading Capital intensive high value industries rising costs of production
unavailability of land and other factors of production Regional control and coordination center Ventures abroad regional focus of TNC secure growth
reduce vulnerability
potential of emerging Asian countries Challenging environment
Strong presence in Asia
Increase in productivity Biotechnology Main Import Products Main Export Products Exports / Imports in USD at current prices (in billions) Source: World Trade Organization, 2012c Source: Department of Statistics Singapore, 2012b Source: Rabobank, 2011 Entrepôt trade: 45% Manufacturing Industry Nominal value-added (% share of manufacturing) % share by sector (in 2010) Source: SPRING Singapore, 2007 Source: Economy Watch, 2010 Tourism 31% growth from 2010 - 2011
Leading bio-hub in Asia Double number of visitors
Triple income from tourism
Business, leisure & medical tourism Service Industry Nominal value-added (% share of services) Source: Ministry of Trade and Industry Singapore, 2011 Source: Ministry of Trade and Industry Singapore, 2011 0% (as of April 1, 2011) Source: SPRING Singapore, 2011 Booming Industries Booming Asian Market Stepping stone into Asia
Growing consumer market Source: World Bank, 2012 GDP at constant 2005 prices Electronics

Biomedical Manufacturing

Transport Engineering

Precision Engineering

General Manufacturing Industries

Chemicals 0% 5% 10% 15% 20% 25% 30% 35% (total tax rate as a % share of profit) Wholesale & Retail Trade

Business Services

Finance & Insurance

Other Services

Transportation & Storage

Information & Communication

Accommodation & Food Services 0% 5% 10% 15% 20% 25% 30% Source: World Bank, 2012 450









0 Source: World Bank, 2012 1960 1970 1980 1990 2000 2010 Source: World Bank, 2012 Export Import 10 8 10 4 5 5 Source: World Economic Forum, 2011 Source: Maritime and Port Authority of Singapore, 2012 Serves 100 airlines
Covers 230 cities
Destinations in 60 countries
1.87 million tons of air freight movement in 2011
One of the busiest airports in the world Source: Changi Airport Singapore, 2012 Fostering Enterpreneurship Singapore Entrepreneur Pass (EntrePass) facilitate entry and stay of entrepreneurs
Valid for one year (uppon approval of a sound business proposal)
Family is allowed to live in Singapore Singapore Entrepreneur Pass (EntrePass) facilitate entry and stay of entrepreneurs
Valid for one year (uppon approval of a sound business proposal)
Family is allowed to live in Singapore Social Cohesion Environmental Policy Resource Efficiency Management of
Renewable Resources Export Import Health and Primary
Education Macroeconomic
Environment Sustainability Source: United Nations Statistics Division, 2012 Supply Sustainability Sustainability Demand Local catchment
Imported water
Desalinated water

"Water for all" "Conserve water"
"Value our water"
"Enjoy our water"

"Conserve, value, enjoy" Source: World Economic Forum, 2011 Source: Department of Statistics Singapore, 2012a 1960: S$ 6.8 bn 2011: S$ 299.6 bn (2011, at current prices) Source: World Trade Organization, 2012a Source: Ministry of Industry and Trade, 2012a Source: World Trade Organization, 2012a Source: Banco Espirito Santo, 2012 Source: World Trade Organization, 2012b Source: BBC, 2012, 'no right answer', para. 4,6,7 Source: Urban Redevelopment Authority, 2011 Source: Urban Redevelopment Authority, 2011 Source: PUB, 2011 Source: Rikvin, 2012a Source: Rikvin, 2012b Source: World Trade Organization, 2012a, p.4 Source: Inland Revenue Authority Singapore, 2012a, b
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