Known as the hub of international trade within Southeast Asia, Singapore was recently ranked by the World Bank as number one on the list of easiest countries in the world in which to conduct business—for the fifth consecutive year.
Singapore, Inc., as it was referred to by a few of the business leaders we met during our trip, boasts a 2-3% unemployment rate, and they have emerged from the recent world financial crisis with a government SURPLUS. According to officials at the U.S. Embassy, the country also boasts the highest concentration of millionaires in the world.
So, how did they manage to do so well in the face of global crises and uncertainty? The government used a three-pronged strategic approach that consisted of the following:
- Job credits: Recognizing the value of human resources, the Singapore government provided strong incentives for organizations to maintain their existing workforce.
- To develop capabilities and build capacity for recovery, the Singapore government provided incentives and opportunities for new-skills training.
- They provided a financial lifeline focused on bank lending and trade financing for business organizations within the country.
As the world recovers and begins to move forward again, Singapore is poised for continued growth and prosperity.
International Business Visits
- Sightseeing tour of Singapore, including boat rides down the Singapore River, trishaw rides, Merlion Park and Elizabeth Walk
- Mount Faber Park
- Sentosa Island Tour
- The Night Safari