Singapore is one of the most developed countries in Asia. As a financial and commercial hub, with a friendly business climate, the country is a natural starting step for many companies wishing to succeed in the wider region. On a national level, major investments in smart cities and urban solutions, makes the country of interest for Finnish companies and investors.
Singapore’s GDP per capita is among the top three in the world and the country is one of the most competitive with an annual economic growth of 2 – 4 percent. The nation has one of the world’s most transparent economies with favorable legislation, putting Singapore first on the World Bank’s list of countries in terms of ease of doing business. Foreign companies are offered competitive conditions and the market itself is a positive reference when moving further into Asia.
About 8000 multinational companies have placed their headquarters or regional office in Singapore and more than 100 Finnish companies are active here today. Increasing purchasing power, an ageing population, high urbanization, demands for high technology products and services that also are sustainable has augmented the demand for Finnish solutions.
The political leadership has invested billions in infrastructure in order to build the world’s first truly connected society with ICT solutions in healthcare, transportation, logistics, finance, civil security and throughout the public sector.
About half of the world maritime trade goes through Singapore and the country hosts the second largest port in the world – making Singapore a maritime hub. Singapore also has one of the world’s largest refinery capacities and a world class airport. Over 70 percent of all oilrigs are manufactured here and the country is a preferred hub for ship repairs. Most recently, Singapore has set the vision to be the world’s first Smart Nation, committing significant investment and resources to drive an increasing connectivity in order to improve the quality of life through sustainable urban planning.
All this makes Singapore a perfect place to act as your stepping stone into the Asian market. If you want to know more about Singapore as a business environment, cultural advice on doing business in Asia (https://www.brayleino.co.uk/us/cultural-advice-on-doing-business-in-asia) or connecting with relevant stakeholders, please do not hesitate to utilize Finnish Business Council services.
Janne Lautanala
Chairman
Finnish Business Council
