Country Report - Singapore
Country Report: Singapore
Singapore Background
Singapore is a wealthy island country, located in Southeast Asia on the southern tip of the Malay Peninsula. Founded as a British trading colony in 1819, Singapore has become one of the most prosperous countries due to its strong international trading links. The inhabitants of Singapore enjoy one of the highest standards of living in the world, with per capita GDP equal to that of the leading countries in Western Europe. (Singapore Profile, Overview). Economic prosperity in Singapore is largely due to its highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices, and a per capita GDP that is higher than most developed countries. The economy depends heavily on exports, and the country is home to one of the busiest ports in the world (The World FactBook, Economy). Although Singapore is relatively small in size, encompassing just 272 square miles, it is one of the most densely populated countries in the world with a population over 5 million. The major ethnic groups are Chinese, which make up almost 75% of the population, Malays and Indians, with the official languages of the country being English, Malay and Mandarin. Singapore has a 96% literacy rate, low unemployment rates hovering around 2%, and a workforce made up of 70% services, 17% manufacturing, 13% construction, and 10% other. (U.S. Department of State, Doing Business Abroad). Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish itself as the financial and high-tech hub of Southeast Asia (The World FactBook, Economy).
Assessing the Potential of Singapore and its Advantages and Opportunities
Assessing market potential of a foreign country is critical to the success of the foreign investment of a firm; however, there are many unique country conditions that can make it extremely hard to do. Firms look to
Singapore Background
Singapore is a wealthy island country, located in Southeast Asia on the southern tip of the Malay Peninsula. Founded as a British trading colony in 1819, Singapore has become one of the most prosperous countries due to its strong international trading links. The inhabitants of Singapore enjoy one of the highest standards of living in the world, with per capita GDP equal to that of the leading countries in Western Europe. (Singapore Profile, Overview). Economic prosperity in Singapore is largely due to its highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices, and a per capita GDP that is higher than most developed countries. The economy depends heavily on exports, and the country is home to one of the busiest ports in the world (The World FactBook, Economy). Although Singapore is relatively small in size, encompassing just 272 square miles, it is one of the most densely populated countries in the world with a population over 5 million. The major ethnic groups are Chinese, which make up almost 75% of the population, Malays and Indians, with the official languages of the country being English, Malay and Mandarin. Singapore has a 96% literacy rate, low unemployment rates hovering around 2%, and a workforce made up of 70% services, 17% manufacturing, 13% construction, and 10% other. (U.S. Department of State, Doing Business Abroad). Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish itself as the financial and high-tech hub of Southeast Asia (The World FactBook, Economy).
Assessing the Potential of Singapore and its Advantages and Opportunities
Assessing market potential of a foreign country is critical to the success of the foreign investment of a firm; however, there are many unique country conditions that can make it extremely hard to do. Firms look to
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