Overview:
Singapore is one of the industrially most advanced countries of the world. The core sectors of industry are manufacturing, oil refining and tour and travel industry. Manufacturing sector alone accounts for about 45 per cent of Singapore’s GDP. Electronics manufacturing has been the key industry since the country’s reconstruction in modern times since its independence in 1965. Digital technologies manufacturing is the thriving industry sector in the current decade.
Apart from electronics, Singapore manufacturing industry includes biomedical manufacturing sector, chemicals and engine parts. The economy is substantially dependent on export earning of its finished products.
In Petroleum refining Singapore occupies the third largest position in the world. Singapore Petroleum Company, one of the leading players in the sector is engaged in exploration, production, refining and distribution. In partnership with global major Caltex, the company refines 285000 barrels of crude oil per day. Naphtha based petrochemical industry is also growing in Singapore.
Singapore is rated as one of the best industry friendly countries of the world. Some of the factors that are responsible for the conducive environment for business include strategic geographic position of the country, vast natural seaport, liberal government policies, highly skilled workforce, favourable tax regime, just and fair laws and regulations and valuable resources. Several MNCs have made Singapore as their main base and headquarters for local as well as global interactions.
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