Singapore At a Glance

Singapore At a Glance








In the heart of Asia lies Singapore – a bustling, world-class city-state that has made waves around the world for its business excellence, connectivity to the rest of the world, and innovation.

With its high standard of living, political stability and cosmopolitan outlook, Singapore is the ideal place to work, live and play.

Where Life is Good
Singapore is a republic in Southeast Asia of 710.2 sq km, approximately one degree north of the equator. The island is safe from natural calamities and the climate is tropical all year round.

The signature trait of Singapore is its multi-cultural makeup. Its people are made of Chinese (76.8%), Malay (13.9%), Indian (7.9%) and other races. This diversity also translates into a unique mix of religions, languages, cultural traditions and cuisines. The successful integration of the different segments of population has created a quiet respect for each other. In Singapore, it is not uncommon to find a mosque next to a temple, and mixed marriages reinforcing social cohesion.

The standard of living is high in Singapore. This is evident even by just walking around the city. Spanking new shopping malls and towering skyscrapers trace the Singapore skyline, while people travel on clean streets and a modern public transport system.

According to a 2004 survey by the Political and Economic Risk Consultancy (PERC), expatriates expressed positive sentiments about living here, especially with regards to healthcare and educational services. Among its other attractive attributes are safety, cleanliness and efficiency. The Mercer Quality of Living 2009 also ranked Singapore top for quality of life in Asia.

A Playground for Global Talent

The business climate in Singapore is marked by robust trade and investment, providing professionals and investors a strong platform for working and doing business. Global citizens feel right at home in Singapore, with over 7,000 MNCs operating here. Singapore offers a stable base where companies can consolidate their knowledge and competitive advantage, leveraging their positions to seize opportunities and drive their expansion into the emerging markets of Asia.

The major industries in Singapore are electronics, oil and gas, financial services, shipping and chemicals, just to name a few. The Singapore government seeks to maintain its competitiveness by diversifying into value-added activities in the manufacturing and services sectors, as well as identifying and investing in new growth sectors, such as clean technology and biotechnology.

About one in four skilled workers in Singapore come from overseas. To work in Singapore is to join an international workforce that is highly skilled and proficient in English and often one other regional language. The government and corporations also believe in training, offering continuous opportunities to boost the qualifications, productivity and skills of the labour force. All these factors make Singapore-bred talent highly valued and sought after, especially in the light of a global economy.



Source: http://www.contactsingapore.sg/why_singapore/overview/

Business & Working Conditions in Singapore

Business & Working Conditions in Singapore
Singapore ranks high on the international scale for business.

Workforce














Singapore maintains top position in BERI’s Labour Force Evaluation Measure
Singapore has the best labour-employer relations in Asia
Foreign talent rank Singapore as Asia’s best country to work in
Singapore has the most motivated workforce in the Asia and Is ranked 3rd in the world
Singapore offers the best skilled labour in Asia Pacific
Singapore’s labour regulations are the most business conducive in Asia













Economy

Singapore is ranked the most competitive country in the world
Singapore is Asia's most competitive economy
Singapore is ranked 4th in the world and 1st in Asia for having the least corruption in its economy


Business Climate

Singapore is the world's easiest place to do business
Singapore is ranked the most transparent country in the world and Asia
Singapore is rated to have the best business environment in Asia Pacific and is No. 3 worldwide
Singapore is the least bureaucratic place for doing business in Asia
Singapore is first in the world for having the best protection of intellectual property



















Trade and Investment

Singapore is the world leader in foreign trade and investment
Singapore has been ranked No. 2 worldwide as the city with the best investment potential for 15 consecutive years
Singapore is ranked first for having the most open economy for international trade and investment










Technology and Infrastructure

Singapore is the world's 3rd most "network ready" country
Singapore ranks first as the most globalised city
Sources: http://www.contactsingapore.sg/why_singapore/rankings/business_working_conditions/#011

100,000 more foreign workers needed: Prime Minister Lee

100,000 more foreign workers needed: PM Lee
By Angela Lim – July 15th, 2010

Fuelled by the record growth the government is forecasting for the economy this year, more than 100,000 foreigners are set to enter Singapore’s workforce, Prime Minister Lee Hsien Loong told The Straits Times.

PM Lee said the move was unavoidable as the labour market here is bursting at its seams.

“If we don’t allow the foreign workers in, you are going to have overheating,” he said. However, he assured Singaporeans that the government is managing the number, saying the calibration of foreign workers will moderate the inflow.

Mr Lee added, “Even with that, I imagine there will be more than 100,000 extra foreign workers this year. I cannot see it otherwise. But we have to accept that.”

This projected inflow is a slowdown, however, compared to the surge of 144,500 in 2007 and 157,000 in 2008.

Higher levy rates and a tiered system that came into effect at the start of this month makes it increasingly costly to employ many semi-skilled foreign workers. This allows employers time to adjust and invest in improving productivity.

Leong Wai Ho, an economist with Barclays Capital Investment Bank, does not think the inflow is excessive. “The addition of 100,000 probably reflects more discriminate and careful use of foreign workers, not that the levies have gone up,” he said.

Economists like Mr Leong see many foreign workers moving to fill spots in the hotel plus food and beverage sectors, as well as high-end industries such as electronics and marine, where demand for semi-skilled S-pass holders is high.

The hospitality sector in particular is in need of workers following the opening of the two new integrated resorts and a sudden increase in the number of tourists landing on Singapore shores.

In February, the government, in a bid to reduce the country’s reliance on foreign workers, said it would limit the numbers to one-third of the workforce which currently stands around three million. The total foreign population in the workforce came up to around one million last year.

Mr Teo Siong Seng, president of the Singapore Chinese Chamber of Commerce and Industry which has some 4,000 members, supports the policies to cut reliance on foreign workers.

“A more controlled inflow of foreign workers will benefit the country,” he said.

Manpower Minister Gan Kim Yong also stressed the importance of a productivity-driven economy for sustainable growth in the next ten years. “In the short term, we would need to tap on more foreign workers to support economic growth… while maintaining the longer-term goal of reducing over-reliance on foreign workers through investments in productivity,” Mr Gan explained.

While many Singaporeans workers are concerned about the inflow, Labour MP Josephine Teo feels that companies facing a shortage of workers may find the increase in foreign workers “a welcome relief”.

Singapore’s economy continues on its way to chalking up two records this year: the highest growth in the country’s history and fastest recovery in Asia. This puts the country’s economy ahead of the pack, even beating global powerhouses India and China.

Source : http://sg.yfittopostblog.com/2010/07/15/100000-more-foreign-workers-needed-pm-lee/