Barely thrice the size of Washington DC, Singapore commands impressive respect as a major city-state. Less than 50 years after it attained independence from Malaysia, Singapore is today an important technological hub and research centre, and one of the busiest ports in the world.
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| Little India The dedicated little area called “Little India,” set bang in the centre of town, sits on property even more exclusive than the famous “Chinatown.” Little India is a big part of Singapore, offering goods and services of all kinds. Scrumptious South Indian food centers, with a smattering of North Indian ones, line the crammed walkways. And it is this visual that reinforces the fact that Indians have always had the opportunity to make it big in Singapore. |
Despite few natural resources, Singapore is one of the world’s largest trading centers. Official estimates reveal that more than US $ 266 billion (as of April 2010) travels through Singapore on a daily basis, making it the fourth largest forex centre of the world.
Core sectors: Defying its rather small size, Singapore manages to pack in almost every industry ever conceived, and then some. Manufacturing, oil refining, tourism and travel are the big sectors, while emerging industries include IT, casinos, healthcare and education. The rising demand for alternate energy resources puts Singapore on the map in a very unique way; its vast, almost unexplored stretches of clean water allow for deep sea explorations and experiments with water-based energy production.
A recent survey found that four Indians ranked amongst the richest people in Singapore, chief amongst whom is textile tycoon Murli Kewalram Chanrai, an 88-year old man who heads the 150-year old Kewalram Chanrai empire. After securing its roots in Nigeria and India in the late 1800’s, the Chanrai clan shifted to greener pastures which lay on the island nation. The rest, as they say, is history.
The Singapore-India Connect: In the last nine years, the number of Indian companies in Singapore has more than tripled to 4,090, reports the Singapore Economic Development Board. Now, India constitutes the largest foreign business community in Singapore. The Reserve Bank of India’s January 2010 report on Indian Investment Abroad highlighted Singapore as the top destination for Indian overseas investments.
Singapore hosts the regional headquarters of almost all of India’s top 10 IT companies, including HCL Technologies and Tata Consultancy Services (TCS). Thyagarajan Balachandar, Director, Nityo Infotech, is quoted on the SEDB website (http://www.sedb.com) as citing the city-state’s quality infrastructure and flexible immigration policies as reasons for setting up headquarters here. Says Balachandar, “It is a matter of prestige to have our regional headquarters in Singapore. We have been awarded International Headquarters (IHQ) status here, and we also enjoy tax benefits.”
The Fortis Group recently bought a cancer hospital in Singapore for a whopping $33 million SGD.
| Factors that favour Singapore as an important business destination: • A stable government, just and fair laws, and liberal policies. Asia’s Highest Integrity Government (Political and Economic Risk Consultancy, March 2006) • An open and efficient immigration policy that makes it easy for you to visit and scout for opportunities. • Excellent tax benefits for small-to-midsize companies. These apply if you set up a new company here. • Low corruption: (Minimum Red Tape And Bureaucracy In Asia(Political and Economic Risk Consultancy, June 2006) • Strategic geographic position, with a vast natural seaport • Highly skilled workforce (Best Labour Force (BERI’s 2005 Labour Force Ranking)) • Excellent infrastructure and superior quality of life (Asia’s Best Place To Live, Work And Play (Mercer Human Resource Consulting, 2005-2006) |
Resources:
Singapore Indian Chamber of Commerce and Industry (http://www.sicci.com/)
Enterprise Development Centres (http://www.business.gov.sg/)
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