Together with Hong Kong, South Korea and Taiwan, Singapore is considered one of the “Newly Industrialized Countries” (NICs) since back in 1970. Its manufacturing industry in particular was the one attracting the most foreign direct investment inflow. Today, Singapore is one of the most developed countries in the world hosting much more than one industry. The most flourishing industries worth investing in Singapore today are represented by financial services, biomedical and tourism.
Nowadaysc Singapore is the largest banking and financial network in Southeast Asia. It is home to many international banks, wealth management companies and other financial companies. Foreign investors looking for opportunities can direct themselves towards foreign exchange and insurance companies. Singapore can prove to be an excellent choice due to its qualified and educated workforce, stable and dynamic economy and the pro-business legislation providing incentives for foreign investors.These help Singapore become one of the largest International Financial Centers in the world. The Monetary Authority in Singapore positioned the country between the 5 most active foreign exchange trading centers in the world. In order to encourage investments in the financial sector the government established the Institute of Banking and Finance in Singapore.
The country has started making changes for becoming a touristic capital, and therefore now foreign investors can experience great opportunities for opening companies in Singapore. Tourism is basically the country’s “engine” when it comes to economic growth. The Tourism Board has enabled the “Uniquely Singapore” trademark in order to double the number of visitors in the country. Investors can find opportunities in medical, business or retail tourism. Singapore has also launched the Singapore Flyer that includes resorts with casinos and shopping centers.
Together with the tourism and financial industries among investment possibilities for foreign businessmen one can also count the construction and the logistics sectors. But there are also emerging industries waiting for investors. Among these, there is the casinos industry that was banned in the last 40 years. Casinos are considered to attract tourists as gambling is forbidden in China. It also presumed the casinos industry will create over 30,000 jobs in the next years.
Other industries derived from the tourism sector are the education and the healthcare industries. Healthcare services are highly professional and quite cheap compared to other countries. The Singapore government has started realizing that and therefore offer incentives for those wanting to invest in this industry. Singapore has become the sixth country in the world when it comes to best healthcare services.
Singapore is also known as an educational network as it as excellent academies and provides opportunities for institution-industry cooperation. It is also a remarkable fact that top universities in the world have set up campuses in Singapore turning the country into an international training hub.