Investing in a knowledge-based economy

Posted in: Lead Articles Started by Benj

With its stable economy, political stability, transparency and world-class infrastructure, Singapore has positioned itself as center for excellence within Asia. As a financial centre, regional trading hub and investment destination, Singapore is well positioned to build on its strengths

Josie Tulipano, Executive Director of The American Chamber of Commerce in Singapore; ‘Singapore has long been a desirable market for U.S. companies and it is becoming even more vital to Asia business strategies. With its low crime and corruption, ease of doing business and incredible access to the emerging markets of ASEAN and Asia, we see the vast majority of the major U.S. companies in our membership handling regional responsibilities from their Singapore offices’.

Covering only seven hundred square kilometres, land use is a critical factor in Singapore’s development. The lack of natural resources on the island also forces the country to rely heavily on imports of raw materials. The aging population or ‘silver tsunami’ and ‘urbanization’ are also providing Singapore with challenges which must be overcome. Singapore is positioning itself as a testing ground for solutions to some of these challenges and promoting cooperation through events such as The World Cities Summit (July 1-4, 2012). This global platform addresses city challenges and highlights innovative urban projects.

‘Urbanisation is occurring on an unprecedented scale,’ says Mr. Khoo Teng Chye, Executive Director of the Centre for Liveable Cities. ‘By 2050, the UN estimates that 70% of the world population will live in cities. This places enormous pressure on ensuring that infrastructure, housing, transport and other services are able to meet the needs of current and future generations. Singapore’s unique challenge as a country with size and resource constraints has provided the impetus for us to innovate and develop resource-efficient policies and technologies. With growing demand for urban solutions from cities worldwide, Singapore is well positioned to develop and test-bed advanced urban solutions that can be replicated in other cities and commercialised worldwide’.

Singapore’s highly regarded international reputation is continuing to develop through investments in education. In order to positively impact the country’s growth and development, Singapore is continuing to invest in education and training.

The country has become a hub for international learning and encourages innovation and entrepreneurship through professional and skills-based training. Singapore is dedicated to delivering the highest standards of teaching and this commitment to developing a knowledge-based economy will place the country in a strong position to meet the challenges of the future.