SINGAPORE AN OVERVIEW British High Commissioner Mr Alan Hunt CMG Doing Business in Singapore Cheryl...
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Transcript of SINGAPORE AN OVERVIEW British High Commissioner Mr Alan Hunt CMG Doing Business in Singapore Cheryl...
SINGAPOREAN OVERVIEW
British High Commissioner
Mr Alan Hunt CMG
Doing Business in Singapore
Cheryl Lee
Trade and Investment Manager
Then...
Now
Some Facts & Figures…
712 km2
5.1 million
£26,000
4th
Zero
£142 billion
> 3 million
More Facts & Figures…
Rankings
Economic Structure
Manufacturing22%
Wholesale/retail trade17%
Financial services12%
Business services14%
% share of overall economy
Manufacturing
Growth Industries
Services
New areas
Engines of Growth
Headlines
2004 to 2007 GDP growth averaging >8%
ranked 2nd fastest-growing economy in 2010: record growth of 14.5%
Q1 2011: 8.3%
Recent Performance
-5
0
5
10
15
20
19
61
19
66
19
71
19
76
19
81
19
86
19
91
19
96
20
01
20
06
GDP Growth % Growth
2011 forecast: 5 – 7%
Medium term: 3 – 5%
Longer-term objectives:
Productivity: 2 – 3% each year
Reduce reliance on foreign labour
Looking ahead
Economic Policy Framework
GDPTotal
external trade
3 x GDP
FDI stock
1.5 x GDP
Exports
1.5 x GDP
Open Economy
Trading Partners
Top 4:-GermanyFrance
UKNetherlands
> 70% of goods exports go to Asia; 11% to EU; 9% to US
UK in Singapore
0
20,000
40,000
60,000
80,000S$48.6 b
FDI stock as at 2009 in S$ million
4th largest foreign investor
>700 UK companies
>31,000 British residents
>460,000 UK tourist arrivals in 2010
UK in Singapore
Trading relationship
0
2
4
6
8
10
12
14
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
£ bi
llion
Imports
Exports
UK goods & services trade with Singapore :1999 - 2009
Why Singapore?
Why Singapore
Pro-business environmentSingapore UK
Ease of doing business 1 4
Starting a business 4 17
Dealing with construction permits
2 16
Registering property 15 22
Getting credit 6 2
Protecting investors 2 10
Paying taxes 4 16
Trading across borders 1 15
Enforcing contracts 13 23
Closing a business 2 7
Favourable tax regime
Few restrictions on foreign ownership of companies
No capital controls
Few import & export duties: 99% of all imports enter duty-free
Pro-foreign investment
Low risk, high potential, “British” environment
No natural disasters
British Common Law
Political Stability
Low crime
Consistent & transparent economies
English as business language
Robust IP protection & legal infrastructure
IP Protection Rankings in Asia
•WEF: 3rd most protective IP regime in the world; top in Asia
•Signatory to major IP conventions & treaties
Strong FTA network
Labour market
Resident Vs Non-resident Population
Commitment to R&D
2015 target : 3.5%
Air connectivity
India: 1.1 billion
SE Asia: 590 million
Australasia: 25 million
China: 1.3 billion Half the world’s
population within 7 hours
flight time
Changi Airport
• 1.82 million tonnes of cargo (2010)
• 98 Airlines• 60 Country links• 205 City links• 5,100 scheduled
flights per week• >110,000 take-offs
(2009)
Sea connectivity
World’s 2nd busiest container port
Regional hub for SEA
The combined SEA economy is significant
SEA has more people than EU,
the former Soviet Union, South
America or the entire Arab world
SEA is a bigger export market for the UK
than the Gulf, China, India or Brazil
UK exports of goods and services
Key Opportunities
Mass Rapid Transport Extension
4th World Scale Oil Refinery
Land Development of Old Railway and New Rail Station
Singapore Maritime Institute
Singapore Sports Hub
New shipyard
InfoComm Technology Mediapolis @
One North
Additonal School Facilities
New Hospitals & Healthcare
Projects
New Power Station & Power
Plants
New Education and Training
Campuses
Our services are tailored to your needs.
We can save you time and money by: providing in-market knowledge - 174 years of experience supporting British business
overseas organising programmes with contacts who are interested in your company making the most of your time in the market notifying you of new opportunities in Singapore relevant to your company running brand raising events
organising and hosting seminars
helping you gain media coverage
supporting your due diligence procedures
keeping you up-to-date on the regulatory environment
and more…..
Our reputation enhances your reputation
How we can help you?