In less than 50 years, Singapore has transformed from being an impoverished island with no natural resources, to one that is now ranked among the world’s most competitive economies. It is also an important financial, trade and wealth management hub for the South-East Asian region and a global hub for currency and commodity trading.
Investors have come to appreciate the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore. A stable political structure with parliamentary democracy, a well-established judicial system, and the presence of strong domestic institutions with good corporate governance practices, have made the Singapore business environment even more attractive to global investors. The country’s other major economic sectors include hospitality services, medical tourism, electronics, oil drilling equipment, petroleum refining, pharmaceutical manufacturing, processed food and beverages, rubber products and ship repair, biotechnology, chemical and petrochemical industries.
Singapore's media environment has been criticised for being too controlled. Self-censorship among journalists is common with curbs on online content, particularly to political content. Brand experience sharing through social media, online product reviews and opportunities to buy online are important game changer touch points for consumer brands and the engagement of social dialogue. That said, the influence of “traditional” print and broadcast media still carries strong weight, particularly when it comes to corporate positioning influence.