That Singapore is a highly developed and industrialized economy can be gauged from the rapid strides that are perpetually being made in the information and communication technology sector. The ICT sector plays a key role in fuelling growth and development of the national economy. The nation’s IT industry comprises the segments of software, hardware, content services, and IT and ITES services.
Of the topmost 100 IT software and hardware development and services firms in the world, over 80 of them have a branch in Singapore. World renowned companies like Microsoft, Google, IBM, Hewlett-Packard, Alcatel, AT &T, Dell, Compaq, Sony, and Ericsson either have a branch or regional office in Singapore. The government is also quite gung-ho about its Next Gen NBN (next generation nationwide broadband network) that was launched in 2006 with the pious objective of providing high-speed broadband connectivity to all commercial and residential establishments by 2015.
The network is being created using superior quality optical fibre. By the time the project is through, all business entities in Singapore, big or small will be able to access the Internet at speeds of 1 Gbps and beyond. Presently, different nodal agencies of the government in Singapore are exploiting cloud computing in a big for achieving its short-term and long-term objectives. The government strongly feels that introducing cloud computing in its various IT divisions will result in economies of scale via sharing of the available computing resources and by way of standardization.
The IDA (Infocomm Development Authority) which oversees the ICT sector in Singapore has outlined a roadmap for this segment. It has made all the necessary arrangements for local and multinational corporations to invest in the emerging and evolving sectors including broadband services, cloud computing, web development and design, digitalised content, security infrastructure, cloud computing business analytics, and radio frequency identification.
The Commercial Environment
In order to encourage and promote holistic growth of the infocomm sector in the country, the government is gearing up to collaborate and work in close conjunction with transnational IT and telecommunication companies. The government is earnest about joining forces with foreign firms in order to better comprehend and meet the requirements of institutional consumers not only in Asia but also beyond the continent. The administration is also committed towards the development of a skilled labour force that is tech savvy and internationally competitive. It is perpetually engaged in formulating plans and schemes to equip industry professionals with technical knowhow and the relevant professional skills so that they can have a better understanding of the business environment.
Promotion of Products and Services
Singapore has had a free market economy since long. Furthermore, the government in order to foster all round economic development has seen to it that foreign companies and multinational organizations do not face any hurdles in setting up their chapters in the country. It takes a month and a half to set up a new business in Singapore as there are hardly any trade restrictions and barriers.
The business-friendly environment in the ICT sector inculcates global players to invest heavily in Singapore. Additionally, the public and private businesses in Singapore by teaming up with the overseas corporate organizations are able to make the most of the market opportunities worldwide.