SINGAPORE AN OVERVIEW British High Commissioner Mr Alan Hunt CMG Doing Business in Singapore Cheryl...
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![Page 1: SINGAPORE AN OVERVIEW British High Commissioner Mr Alan Hunt CMG Doing Business in Singapore Cheryl Lee Trade and Investment Manager.](https://reader036.fdocuments.us/reader036/viewer/2022062511/551b53805503465c7e8b5b82/html5/thumbnails/1.jpg)
SINGAPOREAN OVERVIEW
British High Commissioner
Mr Alan Hunt CMG
Doing Business in Singapore
Cheryl Lee
Trade and Investment Manager
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Then...
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Now
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Some Facts & Figures…
712 km2
5.1 million
£26,000
4th
Zero
£142 billion
> 3 million
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More Facts & Figures…
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Rankings
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Economic Structure
Manufacturing22%
Wholesale/retail trade17%
Financial services12%
Business services14%
% share of overall economy
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Manufacturing
Growth Industries
Services
New areas
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Engines of Growth
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Headlines
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2004 to 2007 GDP growth averaging >8%
ranked 2nd fastest-growing economy in 2010: record growth of 14.5%
Q1 2011: 8.3%
Recent Performance
-5
0
5
10
15
20
19
61
19
66
19
71
19
76
19
81
19
86
19
91
19
96
20
01
20
06
GDP Growth % Growth
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2011 forecast: 5 – 7%
Medium term: 3 – 5%
Longer-term objectives:
Productivity: 2 – 3% each year
Reduce reliance on foreign labour
Looking ahead
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Economic Policy Framework
GDPTotal
external trade
3 x GDP
FDI stock
1.5 x GDP
Exports
1.5 x GDP
Open Economy
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Trading Partners
Top 4:-GermanyFrance
UKNetherlands
> 70% of goods exports go to Asia; 11% to EU; 9% to US
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UK in Singapore
0
20,000
40,000
60,000
80,000S$48.6 b
FDI stock as at 2009 in S$ million
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4th largest foreign investor
>700 UK companies
>31,000 British residents
>460,000 UK tourist arrivals in 2010
UK in Singapore
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Trading relationship
0
2
4
6
8
10
12
14
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
£ bi
llion
Imports
Exports
UK goods & services trade with Singapore :1999 - 2009
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Why Singapore?
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Why Singapore
Pro-business environmentSingapore UK
Ease of doing business 1 4
Starting a business 4 17
Dealing with construction permits
2 16
Registering property 15 22
Getting credit 6 2
Protecting investors 2 10
Paying taxes 4 16
Trading across borders 1 15
Enforcing contracts 13 23
Closing a business 2 7
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Favourable tax regime
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Few restrictions on foreign ownership of companies
No capital controls
Few import & export duties: 99% of all imports enter duty-free
Pro-foreign investment
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Low risk, high potential, “British” environment
No natural disasters
British Common Law
Political Stability
Low crime
Consistent & transparent economies
English as business language
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Robust IP protection & legal infrastructure
IP Protection Rankings in Asia
•WEF: 3rd most protective IP regime in the world; top in Asia
•Signatory to major IP conventions & treaties
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Strong FTA network
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Labour market
Resident Vs Non-resident Population
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Commitment to R&D
2015 target : 3.5%
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Air connectivity
India: 1.1 billion
SE Asia: 590 million
Australasia: 25 million
China: 1.3 billion Half the world’s
population within 7 hours
flight time
Changi Airport
• 1.82 million tonnes of cargo (2010)
• 98 Airlines• 60 Country links• 205 City links• 5,100 scheduled
flights per week• >110,000 take-offs
(2009)
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Sea connectivity
World’s 2nd busiest container port
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Regional hub for SEA
The combined SEA economy is significant
SEA has more people than EU,
the former Soviet Union, South
America or the entire Arab world
SEA is a bigger export market for the UK
than the Gulf, China, India or Brazil
UK exports of goods and services
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Key Opportunities
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Mass Rapid Transport Extension
4th World Scale Oil Refinery
Land Development of Old Railway and New Rail Station
Singapore Maritime Institute
Singapore Sports Hub
New shipyard
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InfoComm Technology Mediapolis @
One North
Additonal School Facilities
New Hospitals & Healthcare
Projects
New Power Station & Power
Plants
New Education and Training
Campuses
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