Singapore's Economic Success Factors
Added on 2020-03-04
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Running head: International Business across borders 1International Business acrossbordersCountry Analysis: Singapore
International Business across borders 2Executive SummaryThe purpose of framing this report is to perform a country analysis of Singapore so that there canbe effective assessment of the new emerging market where there has been realized a rapid GDPgrowth as well as fascinating investment opportunities. The report will help the foreign investorsto get in-depth insights regarding the various opportunities as well as barriers that are associatedwith the country and which will impact the long-term sustainability and growth of thebusinesses. The report will initiate by providing a general overview of Singapore and theassociated technological, socio-cultural, political and economic influences that playsa vital role in every foreign investment. The next part of the report will present thenatural resources and the several factor endowments which offer a number ofcompetitive benefits to the country for fetching the attention of the foreigninvestors. The report will also highlight the foreign currency and exchangeinfluences, current level of FDI and existing trade policies, systems, barriersprevailing in the country. The report will summarise with a conclusion of the entirereport with few recommendations.
International Business across borders 3ContentsExecutive Summary.........................................................................................................................2Introduction: General overview of Singapore.................................................................................3Political, Economic, Socio-cultural and Technological influences of Singapore...........................3National resource and factor endowments that create competitive advantage for Singapore.........5Foreign currency and exchange influences......................................................................................6Singapore: Trade policies, systems, barriers and incentives...........................................................7Existing levels of Foreign Direct Investment in Singapore.............................................................9Conclusion and Recommendations..................................................................................................9References......................................................................................................................................11
International Business across borders 4Introduction: General overview of SingaporeIn the early 19th century, Singapore was primarily considered as one of the recognizedcommercial trading centre but with increased globalisation and integration of the economies inthe global world, there has been analyzed a remarkable transformation of the Singaporeaneconomy. There can be analysed complete mechanism and increased level of service trading thathas tripled the GDP of the country and it is presently one of the nations that has upsurge level ofinward FDI and considered as one of the most favoured destinations of several multinationalcompanies. Singapore is a republic with government based on parliamentary system. The countryoffers a good opportunity and climate for investments in regards with its adaptable work force,fascinating investment incentives, professional support services, financial support services,communication systems, infrastructure, free enterprise economy, efficient government andpolitical stability. Singapore is recognized as one of the most business friendly and competitiveeconomies across the globe (Huat, 20110). The Singaporean economy is diverse in nature whichhas its key dependence on the refined imported goods and exports. In the development of theeconomy there is also a major role of tourism, education, logistics services, ports services andfinancial services. Singapore is a member of the WTO i.e. World Trade Organization as well asof ASEAN i.e. the Association of Southeast Asian Nations. These associations helps in fosteringattracting increased number of foreign direct investments, regional stability, culturaldevelopment, social progress and economic cooperation. Political, Economic, Socio-cultural and Technological influences of SingaporePolitical InfluencesSingapore is considered as one of the most enterprise friendly nation. The political system of thecountry supports the foreign relation and globalised business. The Singaporean government ahsestablished numerous organisations to support the businesses in an adequate and systematicmanner. The most robust participation is of the regulation structure of the country that comprisesof the Ministry of Trade and Industry atht works upon the measures such as fostering pro-enterprise environment, developing the industries, expansion of trade and growing economy.Other political influences that support the foreign direct investments include deregulation of
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