Singapore's economy is a highly developed free market economy with dirigisme characteristics. Singapore's economy was previously ranked as the most open, fourth corrupt and most business-friendly in the world. Singapore has a low tax rate and has the second highest per capita GDP in the world in purchasing power parity (PPP). Asia Pacific Economic Cooperation (APEC) is headquartered in Singapore.
In addition to the business-friendly reputation of global and local private and public companies, various state-owned enterprises play an important role in Singapore's economy. https://www.eheartland.sg/ Temasek Holdings, a sovereign wealth fund, manages the shares of one of the largest companies in the country, including Singapore Airlines, SingTel, ST Engineering and MediaCorp. From a foreign direct investment (FDI) perspective, Singapore's economy is the major outflow financial institution for foreign direct investment in the world. In addition, Singapore has benefited from a large influx of FDI from investors, financial institutions and multinational corporations (MNCs) around the world throughout history due to its highly attractive investment environment and modern stable and favorable political environment. I have received it.
Singapore, for example, in the wafer manufacturing industry and oil refining, has adopted the extended concept of trade mediation, purchasing and refining raw materials for re-export to maintain a high degree of export-oriented industrialization. .. Singapore has a strategic port that is more competitive than many of its neighbors in conducting such distribution activities. Singapore's trade-to-GDP ratio is the highest in the world, at 320% in 2020. Singapore's port is the world's second largest cargo tonnage and the busiest transshipment port in the world.
Singapore has other Asian countries due to its strategic location, high connectivity and infrastructure (air hubs and ports with different destinations, gigabit fiber communications, efficient roads and public transport), and immigration policy. Close to the Pacific market. Hosting global talent. In addition, Singapore is an international tourist destination that is popular with various types of tourism. Read more...