At the onset of the 20th century, Singapore was a third world nation struggling to develop. Suffering from economic problems of slow development rate due to lack of infrastructure, unemployment, dissatisfied labor, no foreign participation in the economy, Singapore was in bad state of affairs.

With the establishment of Singapore Economic Development Board in 1961 with a budget of $100 million, a definite shape was given to the Singapore Economy which led to speed up the pace of industrialization and setting up of exports oriented units changed the scene of economic development of Singapore.

Soon, Singapore began manufacturing computer parts, computer peripherals, silicon wafers, electronics, semi-conductors etc. By the 1980s, the Singaporean economy was mainly developing on the manufacturing and services industry specializing and promoting research and development in areas of engineering design, computer software and electronics engineering, information technology, biomedical science, professional services, logistics, transport engineering and lifestyle products and services. The Singapore government encouraged the presence of multi national giants by providing them with skilled and technically sound man power and infrastructure. The total number of foreign multi national companies operating from Singapore reached 7000.

The Present Status of Singapore in the world is that now it stands amongst those few countries in the world where setting up a business is very easy. Obtaining valid licenses, work permits, labor, land for setting up manufacturing units, external assistance can be undertaken easily and smoothly especially practically no corruption or bureaucracy in the system.

Singapore is keenly interested in developing itself as a knowledge centre in specialized areas such as engineering, bio medical, pharmacy and education. The development of Singapore is mainly due to its futuristic vision of identifying new areas of growth, industrial activities and promoting a global business.