SINGAPORE
Qualitative Economic growth
Prior to becoming one of the leading economies in the world, Singapore was at a juncture where it was evident that economic growth was required to catapult the operation of the economy and this would only prove possible within a short time frame if qualified (successful) foreign companies saw the country as a viable hub for business operations.
The country was hindered by inaccessibility of overseas markets, lack of domestic resources, shortage of management and entrepreneurial expertise and technological retardation. In order to change the business environment to become investment friendly, the responsible authorities took the decision to adopt a liberal foreign investment policy which involved providing various incentives, including the absence of restrictions with regards to the entry and operations of foreign entities. The elimination of government bureaucracy coupled with dynamic political leadership resulted in direct benefits being derived from Foreign Direct Investment in the form of investments, foreign expertise and the utilization of advanced technologies in the varying operations. This transformation resulted in Singapore becoming a global economic city unfettered by the constraints limited resources.
Geographic Location & Workforce - The geographical location is a critical qualitative factor as the country is situated in close proximity to Malaysia and Indonesia. These economies offer viable opportunities for multinational corporations and Singapore serves as the access route to these markets. The prime geographic location is supplemented by the fact that Singapore has an increasingly well educated and disciplined labour force . This social stability is built upon a solid foundation as strateg ...