Sample Essay
Singapore’s government had always been dedicated to the concept of effectiveness, recognizing early on that, to compensate for the country’s natural “comparative disadvantage” associated with being a small economy with a limited domestic market and population size, Singapore would need to develop a highly efficient and productive infrastructure system to help reduce production costs and attract foreign investors. This commitment to efficiency, along with an honest government, which adopted proactive growth strategies and a highly educated, English-speaking workforce, has made Singapore a choice production base for multinational corporations.
There are currently over 5,000 foreign companies located in Singapore and many more multinational corporations and foreign financial institutions which have established operating and manufacturing bases on the island. The main reason that triggered the process of economic development in Singapore was Imports and the exports that were estimated in billions of US$ dollars. This clearly shows that Singapore’s sea port has so much importance for the overall company’s economy. The other sector where Singapore has strived a lot is the manufacturing sector/industry where heavy investments were made to set up certain manufacturing units mainly for electronics which heavily contributes in the GDP.
The main reason behind investment in education sector by Singapore government was to make sure that the local population can get the desired skills which can be accommodated and utilized in the manufacturing sector. Hence if its compared as in whole, Singapore has 4 million of population out of which majority are local Singaporeans where as only a few are foreign expatriates.
Singapore has also become the financial hub for companies that provide financial services. Such companies contribute up to 36% in the overall GDP of the nation. Companies like ING insurance and many others have their Headquarters located in Singapore.
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