Why Are so Many International Companies Flocking to Singapore?
The rise of Singapore as a global powerhouse in various sectors has been astounding. It only became an independent sovereign country in 1965, but after that, it grew rapidly and quickly became known as one of the Four Asian Tigers alongside Hong Kong, Taiwan, and South Korea.
Singapore now has some of the best infrastructures in the world and is ranked highly in terms of quality of life as well. International companies are flocking to the country to do business, and there are various reasons for this.
UK Tech Companies Looking to Expand in Singapore
It was recently reported that several UK tech companies traveled to Singapore to explore growth opportunities in the region. A vast range of businesses from different industries including driverless vehicles and cybersecurity descended on the Southeast Asian country for discussions with Singapore Government agencies. The aim was to see what collaborations could potentially occur in the future.
Singapore has been described by Natalie Black, His Majesty’s Trade Commissioner for the Asia Pacific, as the “gateway to the rest of Southeast Asia, which has a digital economy projected to reach $1 trillion by 2030.” It would be highly advantageous for the UK and other international companies to gain a foothold in the region, and Singapore represents the best chance of achieving that. Along with the flourishing economy, Singaporeans also speak English as a first language so this allows for smooth communication.
The Southeast Asian region has undergone exceptional growth since the dawn of the internet, and the spread of online availability has been rapid. This has allowed countries in the region to become integral parts of the global economy, and international companies now recognize the need to increase their influence in these spots.
A Thriving Market
One of the great things about Singapore is that it has become a thriving market for a huge range of industries. That makes it an attractive prospect for international brands in different fields. In the early days of the country when it was first discovered by explorers, the land now known as Singapore was identified as being in a prime location for trade ships. It’s interesting that in the modern age, Singapore has mirrored this and positioned itself as a central hub in the tech sphere as well.
It’s clear that the country is forward-thinking, and businesses in the region are always keen to jump on the most lucrative trends. An example of this is the recent rise of the betting industry in the Lion City. Judging by the countless online sports betting sites in Singapore that bettors can choose from, the sector is highly competitive. There is a wide range of payment options, and people who want to stake in sports can also choose a site based on the welcome bonuses available. These usually consist of deposit matches of up to 100 percent.
There has also been a huge rise in fintech operations in Singapore over the last few years, with a big focus on cryptocurrency. It’s clear that Singaporean businesses see the future of online transactions as digital. In a recent piece of news for digital currencies, it has been revealed that Coinbase just secured a digital asset permit in the country.
Country Has Shown Resilience Over the Years
Something that makes Singapore such an attractive prospect for international businesses is the exceptional resilience the country has shown in the past. It has famously weathered global storms such as the financial crises of 1997 and 1998 and, incredibly, is one of the few leading economies in the world that has no foreign debt.
The economy in Singapore is largely driven by the manufacturing sector and exports. There are hundreds of lucrative trade deals in place with countries around the globe. The government is focused on ensuring the nation has a bright future as well, and a lot of investment goes into improving the education system. This has worked well, and it’s now regarded as one of the best in the world.
Despite having one of the most bustling economies on the planet, Singapore is still regarded as a developing country. International brands are becoming increasingly attracted to forging partnerships with the country, and this is set to continue in the future.