The trading regime that has been maintained till date by the nation of Singapore is liberal in every sense of the term.As far as Trade in Singapore is concerned, it is required to mention here that the services that are offered, the price of the products/goods and the quality of the goods/products are the key factors that are taken into account and it is these three factors that has enabled Singapore to maintain a healthy trade relationship with other countries and also helped it to flourish.
It is interesting to note that Singapore is the first nation/city/country that has introduced a new system related to the administration of trade that provides the scope for the submission of the declarations that are to be processed as well as approved in a single application.
If you intend to opt for trading at this nation, then you are required to know that the Singapore customs inflicts grievous penalties on those traders, who make the best efforts to avoid the duty.
The commercial and industrial scenario in Singapore
Singapore is an archipelago of 63 islands and is actually a city nation with a burgeoning economy greater than most countries around the world. It is the fourth biggest financial center in the world and its port one of the busiest in the world. Singapore earns almost 25% of its annual revenues from the thriving export sector and the processing industries sector that process imported goods. The per capita income of the average Singaporean is the third highest in the world. Singapore’s economy is completely market driven and is the most investor friendly destination in the world. Singapore is the only Asian nation to earn the distinction of ‘AAA’ credit rating from Standard & Poor’s, Fitch, and Moody’s-the three staple credit rating establishments in the world.
The Ministry of Trade and Industry oversees economic growth and development
Singapore offers lucrative employment opportunities to skilled and semi-skilled professionals around the world. Young men and women, who want to reach the zenith in their careers, flock to Singapore, because of many reasons. Singapore has one of the lowest income tax rates in the world. You also get to earn a salary -right from the entry level till the highest hierarchical level across all industrial and commercial segments- that are amongst best in the world. The ‘Singapore Model’ developed by the Ministry of Trade and Industry and the Singapore Development Board had become so successful that many countries went on to emulate the model.
Missions and visions of the Ministry of Trade and Industry
The economy of Singapore is kept well oiled mainly by the establishments and entities in the export sector to excel the trade development in Singapore. The service sector contributed to more than 67% of the nominal GDP (gross domestic product) with the manufacturing sector contributing to almost 21% followed by industries in the construction and ancillary sectors at 4.2% and 5% respectively. The MTI (Ministry of Trade and Industry) is committed to fostering economic growth and development, augmenting employment opportunities for the youth, and improving the quality and standards of living of all Singaporeans.
The visions of the MTI are:-
- To turn Singapore into a global hub where individual talent, technical innovation and entrepreneurial enterprise scale dizzy heights
- To make Singapore a truly global and diversified economy
- Promote and engender the balanced development of all the industrial and commercial sectors with focus on enhancing the growth potential and the infrastructure
- Safeguarding the nation’s interests and stakes in international trade with the objectives of achieving greater access to markets around the world for the nation’s finished goods and services
- Helping industrialists and entrepreneurs to look for investor friendly markets throughout the world and also providing all encompassed assistance for setting up new industries
- Providing all stakeholders in the commercial or industrial sectors of Singapore with thorough information about the present state of the economy and have a clear understanding of the nation’s future economic scenario
- Create a business friendly environment for prospective investors and enhance employment opportunities so that skilled or semi-skilled professionals can relocate to Singapore
- To focus on trade development in Singapore exponentially
Disclaimer: The data provided here is based on the facts and research using available sources. As the data is made available on "as is" basis and subject to change anytime. This website shall not be liable for any discrepancy found in the data on our site and actual figures.