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3 Factors That Make Singapore A Global Business Hub

When Singapore first gained independence in 1965, it was a low income country with very limited natural resources. This caused a lack of infrastructure, investment and jobs. Many years later, Singapore became one of Asia’s wealthiest countries and has the highest performing logistics hub. This logistics hub can contain goods from ships, trucking services, etc. Trucking companies were the go to service in order to bring goods into Singapore in the past. This can vary from rice to consumer goods to machinery equipment and more. Singapore has come a long way from being a low income nation to one that has a high performing logistics hub.

The sight of skyscrapers in Singapore

Other than Singapore being a global business hub, it is also one of the world’s strongest economies. This is because of low corruption rates and transparent public institutions, making them a very trusted partner to have for business. Singapore is also the least risky country for businesses to invest in. Ever since 1965, Singapore has become one of the world’s most progressive economies, actively keeping pace with global developments. Singapore is considered as the most competitive economy in the world and is the most political and operational stable.

Singapore has a unique position in the global economy and has been consistently acknowledged as a global business hub. The Singapore government has developed infrastructure, political stability, open business policies, skilled workforces, usage of English as the main language and respect for property rights. This caused many global businesses to build their headquarters in Singapore.

Many multinational companies have already chosen Singapore as a place to set up their base, whether it is small enterprises or big enterprises. Many business owners from all around the world regard Singapore as an ideal location to build and nurture their business. Businesses can also benefit from Singapore’s wide network of trade agreements, ease of doing business, good and conducive tax system and more.

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A lot of containers waiting to be transported in Singapore’s largest container port.

As of today, Singapore is home to the world’s biggest transshipment container port. They are linked to over 600 ports around the world. The achievement from Singapore’s success did happen over the night. They came from a combination of extensive private detector engagement and forward looking public policy. So here are 3 factors that could maybe help developing countries who are looking to improve their logistic network:

Innovative infrastructure and processes

Singapore has always been thinking ahead. Like making plans for the future, be it in the logistics chain or anywhere else. When the Next Generation Port (NGP) is completed in 2030, the Singapore port will be able to process approximately 65 million standardised shipping containers. It will make Singapore the biggest facility in the world.

There are many plans going around for the future of Singapore’s logistics hub. For example, exploring driverless automated guided vehicles, using smart sensors to their advantage and help detect any shipping peculiarities, and using data analytics to predict places that have traffic congestions. By using current technologies to their advantage, Singapore has been able to continuously improve on the services they provide around their logistics hub and more.

There are also ongoing plans to expand the airport. There is an airport logistics park for time sensitive cargos, cold hain centers for perishable items and more. In order for the staff to know what is going on, they are provided regular training to help them keep up with all the new technologies and have the skills to be able to process the different types of Malaysia cargo there are.

Always building connectivity

Singapore is a relatively small country and compared to other major transport hubs, their local market is small. Developing connections with other people around the world is an advantage. With connections around the world, you are able to reach global markets quickly. Not only that, building connections also introduces you to other people and businesses.

Encouraging private sectors to participate in

The Singapore government has recognised the importance of including private sectors in policy decisions. Over the years, port operators were corporatized to help ensure that they remain responsive to the needs of the industry. Other than that, the Singapore government has also attracted investors from all around the world to Singapore. They ensured that it is a conducive investment climate and investors will be developing the right incentives for private sector participation. A lot of the world’s top logistics companies now managed their operations be it globally or regionally here in Singapore.

A truck delivering cargo to Malaysia

Some of the containers at this port can be goods, machinery equipment and so on. It can also be cargo or parcels from Malaysia. So some of the things the Singapore government imports from Malaysia are,

Hence, it is common that there are many trucking companies in Singapore and Malaysia. They help to import and export all the goods. Not only do they import the containers filled goods into Singapore, they also have Malaysia delivery. Singapore also exports goods to Malaysia.

It is not a secret to anyone that Singapore is considered one of the world’s most reliable places for investing due to the fact that it is a global business hub. So here are 2 reasons why you should start a business in Singapore:

Benefits if connectivity and strategic location

Singapore is home to the world’s top companies in almost every industry. The Changi international airport serves over 80 international airlines with connections to more than 330 cities around the world. Not only that, the seaport infrastructure in Singapore has been ranked as the best in Asia for more than 2 decades. They offer 200 shipping lines with links to approximately 600 ports in 123 countries.

Highly skilled talent pool

Singapore has opened up many job opportunities for the people living in the country. This means that you get to handpick many individuals who are highly skilled to work for your business. The workforce in Singapore is highly motivated due to effective company policies, conducive working environment and attractive living conditions.

Overall, Singapore has worked its way up to becoming the global business hub. Even though it only took less than 5 decades, there was a lot of hard work and effort put into it. They started from the beginning, with trucking companies and services, and continuously tried their best to improve and achieve the best there is.

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