Singapore is one of the 'Four Asian Tigers' which has emerged as a rapidly growing sound economy in South-east Asia. In its report, the World Bank rated Singapore as the third best country for doing business and trade. Singapore was also ranked first for being the least bureaucratic and corruption-free place for doing business in Asia. The booming manufacturing and high technology sectors of this tiny island nation defy its size thanks mainly to its industrious population and its strategic location on major sea routes. No wonder, international trade associations are on the rise in Singapore.

After separation from Malaysia in 1965, the country was faced with a plethora of economic challenges such as lack of physical and natural resources and humble domestic market. But the government adopted a pro-foreign investment and export-oriented policy that in combination with state-directed investments in strategic government corporations proved a big success. The economy grew at an average of 8% from 1960 to 1999. The global recession in 2008-09 did slow the growth rate but to a moderate 6% in Q4.

Some of the factors that are responsible for the environment so conducive for business in Singapore are highly skilled workforce, favorable tax regime, fair laws and regulations and valuable resources. Singapore has attracted business from around 3,000 multinational companies largely from US, Europe and Japan which account for around two-thirds of manufacturing production, although some services sectors are still governed by the state-linked corporations. New and exciting employment opportunities are being created to reconstruct Singapore into a knowledge-based economy. Thus, at present Singapore's business sector is a thriving industry and is attracting people from around the globe. Singapore's Ministry of Trade and Industry is also doing a great job for the overall economic planning and development of the country.

Biotechnology is one sector in which Singapore has carved its own niche. The country is aggressively promoting biotechnology industry by investing millions of dollars for infrastructural development, research and development and recruiting best international scientists. Prominent pharmaceuticals companies, like GlaxoSmithKline, Merck & Co. and Pfizer have set up units in the island nation. Pharmaceuticals account for around 16% of Singapore's manufacturing output.

The growing economy of India, especially the IT sector, is becoming a booming source of foreign direct investment for Singapore. Although US has no plans to offer bilateral aid to Singapore, it appears keen to improve trade as it signed important US-Singapore Free Trade Agreement in 2002.

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