DOCSLIB.ORG

Foreign Investment and Industrialisation in Singapore V- •■Vai-V-V Äafeh Foreign Investment and Industrialisation in Singapore

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Foreign Investment and Industrialisation in Singapore V- •■Vai-V-V Äafeh Foreign Investment and Industrialisation in Singapore Foreign Singapore has faced extremely difficult economic conditions in the 1960s, and these will be exacerbated by the withdrawal of the United Kingdom military Investment and establishment during the next few years. Foreign investment can play an important role in Singapore’s economy and at the same time make profits for the foreign investors. This book explores the problems Industrialisation involved. The aim of the surveys conducted by Dr Hughes and her colleagues during 1966 and 1967 was to see whether the incentives in Singapore offered by Singapore to foreign investors were suitable and effective, to evaluate the contribution made by foreign investors to the development of manufacturing in Editors HELEN HUGHES I YOU POH SENG Singapore, and to highlight the problems they faced. The most surprising finding of the book is that direct financial incentives to foreign investors are unnecessary. Singapore’s principal attraction to outside investors lies in its efficient administration and the provision of public services, while its central geographic situation in Southeast Asia has to some extent offset the smallness of its internal market. The book will be of particular interest to two kinds of reader: manufacturers, administrators, and others concerned with investment in Southeast Asia, and economists everywhere who are studying the economic development of the area, the problems of establishing manufacturing industries in developing countries, and the economics of direct foreign investment. Jacket designed by Will Bloem $>A5.50 Foreign Singapore has faced extremely difficult economic conditions in the 1960s, and these will be exacerbated by the withdrawal of the United Kingdom military Investment and establishment during the next few years. Foreign investment can play an important role in Singapore’s economy and at the same time make profits for the foreign investors. This book explores the problems Industrialisation involved. The aim of the surveys conducted by Dr Hughes and her colleagues during 1966 and 1967 was to see whether the incentives in Singapore offered by Singapore to foreign investors were suitable and effective, to evaluate the contribution made by foreign investors to the development of manufacturing in Editors HELEN HUGHES I YOU POH SENG Singapore, and to highlight the problems they faced. The most surprising finding of the book is that direct financial incentives to foreign investors are unnecessary. Singapore’s principal attraction to outside investors lies in its efficient administration and the provision of public services, while its central geographic situation in Southeast Asia has to some extent offset the smallness of its internal market. The book will be of particular interest to two kinds of reader: manufacturers, administrators, and others concerned with investment in Southeast Asia, and economists everywhere who are studying the economic development of the area, the problems of establishing manufacturing industries in developing countries, and the economics of direct foreign investment. Jacket designed by Will Bloem $>A5.50 Dr Helen Hughes has been an industrial consultant in Australia, and undertook research into problems of Australian industrial development while she lectured at the Universities of New South Wales and Queensland. For the last five years she has studied industrialisation in Southeast Asia. She is a Senior Fellow in the Department of Economics, Research School of Pacific Studies, Australian National University, and is at the time of publication working in the Economics Department of the International Bank for Reconstruction and Development. Dr You Poh Seng is Director of the Economic Research Centre of the University of Singapore. His main interest is in demographic studies, and he is currently working on the problems of population growth and employment in Singapore. This book was published by ANU Press between 1965–1991. This republication is part of the digitisation project being carried out by Scholarly Information Services/Library and ANU Press. This project aims to make past scholarly works published by The Australian National University available to a global audience under its open-access policy. Foreign Investment and Industrialisation in Singapore V- •■vai-v-v äafeH Foreign Investment and Industrialisation in Singapore Edited by Helen Hughes and Yon Poh Seng PLEASE RETURN TO ;« EDITORIAL DEPARTMENT 'PoVWVv- OJu uhlt-t AUSTRALIAN NATIONAL UNIVERSITY PRESS CANBERRA 1969 First published 1969 © Australian National University Press SBN 7081 0289 i Library of Congress Catalog Card no. 69-14301 National Library of Australia reg. no. AUS 68-2591 Preface Foreign investment has become widely accepted as an ‘engine of growth’ for the industrialisation of developing countries. Sought and welcomed not so much for the capital itself as for the advanced technology it injects into an economy, it has the added merit of supplying foreign exchange for the industrialisation process to the extent to which it supplements domestic savings. In developed countries among which the bulk of foreign investment in industry takes place, the opinion that the benefits of foreign investment greatly exceed its costs prevails, and this has stilled much of the fear and criticism common in developing countries even a decade ago. Developing countries wishing to industrialise rapidly in a free enterprise and politically democratic environment have not, moreover, been able to find satisfactory alternatives. Yet in spite of the attention it has received in development planning and economic analysis, many questions about the course and effects of foreign investment remain unanswered, and on some of these this study of foreign investment in Singapore manufacturing attempts to throw light. The study is confined to direct foreign investment, that is invest­ ment which involves an equity interest and some degree of control in the sense that the lender wishes to, and is able to, influence the borrowing company’s policy. Direct foreign investment can be in a branch or wholly-owned subsidiary or in a public or private company in which the foreign investors hold equal, majority, or minority, shares. It includes investment through licensing, technical, or managerial agreements. It does not include portfolio investment. With its success in attracting foreign investors from a number of countries in the 1960s, Singapore was well suited for such an investiga­ tion, particularly as the Economic Development Board, the principal government agency concerned with foreign investment and industrial growth, was sympathetic to the aims of the study and very co-operative throughout its progress. We would like to thank its staff members for their help. To overcome the difficulties of gaining the confidence of foreign businessmen of various nationalities, a team of economists, one from each of the principal investing countries, interviewed the firms with foreign investment. Manufacturing firms with Japanese and Australian investment were interviewed during 1966 and surveys of United States, United Kingdom, v Preface Hong Kong, and Taiwan investment followed in 1967. Questionnaires were standardised as far as possible, and all the participants in the study were able to meet at a seminar in Singapore in July 1967 to co-ordinate their work and discuss it with economists from the Economic Develop­ ment Board and the University of Singapore, and with representatives of Singapore business organisations. The study and its publication were organised jointly by the Economic Research Centre of the University of Singapore and the Department of Economics of the Research School of Pacific Studies, the Australian National University, and these two departments have borne much of the incidental work and some of the expense. We are particularly indebted to Ruth Daroesman who helped with the organisation of the surveys and seminar, Ung Gim Sei who compiled the appendix tables, and Patricia Brown who assisted with the editorial work. The Ford Founda­ tion made the study possible by generously financing the field work and the seminar. H. H. y . p. s. Editors and Contributors Gethyn D avies Professor of Economics, Institute of Science and Technology, University of Wales Ryokichi H irono Associate Professor of Economics, Seikei University Helen Hughes Senior Fellow in Economics, Australian National University Peter H. L indert Assistant Professor of Economics, University of Wisconsin Paul Luey Lecturer in Economics, University of Hong Kong U ng G im Sei Research Assistant, Economic Research Centre, University of Singapore You Poh Seng Director, Economic Research Centre, University of Singapore vii Exchange Values All values are in Malayan dollars unless otherwise stated. Average exchange rates for Malayan dollars in 1966 were as follows: $ Malayan 100 = $ Aust. 29-56 = $ HK 189*35 = Yen 11,904-00 = $ New Taiwan 1,306 = £ Stg 11-72 (£11.14s. 5d.) = $ US 32-94 Percentages are expressed in round figures and therefore totals do not always add up to 100. viii Contents Page Preface v Editors and Contributors vii Exchange Values viii 1 From Entrepot Trade to Manufacturing Helen Hughes i 2 United Kingdom Investment Gethyn Davies 46 3 Australian Investment Helen Hughes 62 4 Japanese Investment Ryokichi Hirono 86 5 Hong Kong Investment Paul Luey 112 6 Taiwan Investment Paul Luey and Ung Gim Sei 140 7 United States Investment Peter H. Lindert 154 8 Conclusions Helen Hughes 177 Appendix: Pioneer Firm Statistics 211 Index 221 ix Tables Page 1.1 Population of Singapore
Load more

Recommended publications
  • THE POLITICAL ECONOMY of SINGAPORE's INDUSTRIALIZATION: National State and International Capital
    THE POLITICAL ECONOMY OF SINGAPORE'S INDUSTRIALIZATION: National State and International Capital The Political Economy of Singapore's Industrialization: National State and International Capital GARRYRODAN Leclurer in Politics Murdoch University, Australia Pal grave Macmillan ISBN 978-1-349-19925-9 978-1-349-19923-5 (eBook) DOl 10.1007/978-1-349-19923-5 © Garry Rodan, 1989 Softcover reprint ofthe hardcover 1st edition 1989 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, NY 10010 First published in the United States of America in 1989 ISBN 978-0-312-02412-3 Library of Congress Cataloging-in-Publication Data Rodan, Garry, 1955- The political economy of Singapore's industrialization: national state and international capital/Garry Rodan. p. cm. Bibliography: p. Includes index. ISBN 978-0-312-02412-3:$35.00 (est.) 1. Industry and state-Singapore. I. Title. HD3616.S423R64 1989 338.9595'7--dcI9 88-18174 CIP Dedicated to my parents, Betty and Ken Contents Acknowledgements viii Abbreviations ix List of Tables xi Prefatory Notes xii Preface xiii 1 Theoretical Introduction 1 2 Pre-Industrial Singapore: General Structural Developments up until 1959 31 3 The Political Pre-Conditions 50 4 Export-Oriented Manufacturing 85 5 Second Industrial Revolution 142 6 Singapore's Future as a NIC 189 7 Conclusions: Singapore and the New International 207 Division of Labour Notes 216 Bibliography 244 Index 258 VII Acknowledgements In their different ways, and to varying degrees, numerous people have contributed to the realisation of this book. The detailed critical comments and encouragement of my colleagues Richard Robinson and Richard Higgott have, however, made a special contribution.
    [Show full text]
  • Singapore: an Entrepreneurial Entrepôt?
    CASE STUDY Singapore: An Entrepreneurial Entrepôt? June 2015 Dr. Phil Budden MIT Senior Lecturer MIT REAP Diplomatic Advisor Prof. Fiona Murray MIT Sloan Associate Dean for Innovation Co-Director, MIT Innovation Initiative Singapore: An Entrepreneurial Entrepôt? Fiona Murray MIT Sloan Associate Dean for Innovation, Co-Director MIT Innovation Institute Phil Budden MIT Senior Lecturer, MIT REAP Diplomatic Advisor Prepared for MIT REAP in collaboration with the MIT Innovation Initiative Lab for Innovation Science and Policy June 28, 2015 DRAFT NOT FOR CIRCULATION "Singaporeans sense correctly that the country is at a turning point…We will find a new way to thrive in this environment…We must now make a strategic shift in our approach to nation-building. Our new strategic direction will take us down a different road from the one that has brought us here so far. There is no turning back. I believe this is the right thing to do given the changes in Singapore, given the major shifts in the world.” - Prime Minister Lee Hsien Loong, 20131 Nine years after accepting his role as Singapore’s Prime Minister (PM), Lee Hsien Loong spoke these words to an audience at the National Day Rally of 2013 at the Institute of Technical Education’s (ITE) College Central, commemorating his country’s 48th year of independence. PM Lee Hsien succeeded his predecessor Goh Chok Tong in 2004, a time when his nation was reconsidering its economic strategy in a world still recovering from the financial crises of the late 1990’s and the recession of 2001. Nearly a decade later, PM Lee Hsien was still faced with similar challenges: ensuring continued growth for a small nation in an increasingly competitive global economy.
    [Show full text]
  • Economic Development of Malaya
    ECONOMIC DEVELOPMENT OF MALAYA The Institute of Asian Economic Affairs, MaraJ'a Shingap5ru no Keizai Kaihatsu (Economic Development in the Federation of Malaya and the State of Singapore), Tokyo, 1962, 348 pp. This book is the result of a joint study conducted by the follovving research group headed by Hiroshi Matsuo under the auspices of the Institute of Asian Economic Affairs : Shigeo Shimizu~awa, Assistant Professor of Meiji University (Chapter I) ; Hiroshi Matsuo, Professor of Meiji Utriversify (Chapters 11 & IV) ; Kikuo Yamaoka, Professor of Chiba University (Chapter 111) ; Yasuaki Yoshimura, chief of the research department of the~ C;verseas Mineral Resources Development Company (Chapter V) ; and Yasushi Oiwa, Yawata lron and Steel Co., Ltd. (Chapter VI). This comprehensive study examines the problems of economic develop- ment of the Federation of Malaya and the State pf Singapore based on data obtained through on-the-spot suiveys ofthe two countries. The study analyses the economic structure of the two countries, and other matters related to their economic development. This study does not purport to be the kind of theoretical analysis which makes use of the models and hypotheses of modern economics. The writers have discussed the following points : recognition of the peculiar characteristics of Malayan politics, economy and society ; study - of the historical process of economic developinent ; outline and character- istics of economic development plan ; examination of problems during the process of economic development ; role of foreign investments ; and status and future prospects of development 6f mineral resources. Economic development in any nation should be built on political, economic and social foundations.
    [Show full text]
  • ASEAN and Global Rice Situation and Outlook?
    ASEAN and Global Rice Situation and Outlook? Member states of the Association of Southeast Asian Nations (ASEAN) play a major role in the global rice market. In this paper, lead author Eric Wailes, agricultural economics and agribusiness professor at the University of Arkansas, presents the current and projected status of the rice economies in ASEAN countries until 2022. The baseline situation of the rice market is generated using the Arkansas Global Rice Model, a multicountry statistical simulation. The global rice ADB Sustainable outlook is also discussed with particular attention to other Asian nations with which ASEAN as a regional association has developed official relationships—the People’s Republic of China, Japan, Development the Republic of Korea, and India and Pakistan. The outlook estimates are not predictions but provide a framework to analyze the direction of supply and demand and the management of Working Paper Series risks of rice price volatility and their causes. Through the rice model, the paper presents a useful tool to assess intermediate and longer term challenges for the ASEAN region and to determine alternative pathways for designing policy actions for sustainable rice trade. About the Asian Development Bank ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to two-thirds of the world’s poor: 1.8 billion people who live on less than $2 a day, with 903 million struggling on less than $1.25 a day.
    [Show full text]
  • Introducing Target Into Singapore 1
    Running head: INTRODUCING TARGET INTO SINGAPORE 1 Introducing Target into Singapore Yealim Ko A Senior Thesis submitted in partial fulfillment of the requirements for graduation in the Honors Program Liberty University Fall 2013 INTRODUCING TARGET INTO SINGAPORE 2 Acceptance of Senior Honors Thesis This Senior Honors Thesis is accepted in partial fulfillment of the requirements for graduation from the Honors Program of Liberty University. ______________________________ Kendrick W. Brunson, D.B.A. Thesis Chair ______________________________ Nancy J. Kippenhan, M.B.A. Committee Member ______________________________ JJ Cole, Ph.D. Committee Member ______________________________ Brenda Ayres, Ph.D. Honors Director ______________________________ Date INTRODUCING TARGET INTO SINGAPORE 3 Abstract The global business trends point to international expansions with corporations increasingly turning to emerging markets for new opportunities to grow and create new sources of revenues. While the BRIC countries including Brazil, Russia, India, and China remain at the center of attention from global industries, the surrounding countries in Asia including Japan, South Korea, Malaysia, and Singapore emerge as potential markets because although smaller in size, the surrounding countries with fast growing economy and consumer demand for foreign goods suggest large profit potentials. Considering the increasing trend of going abroad in the retail industry (S&P, 2013), the paper is an analysis of the potential of Singapore as a desirable market for U.S. retail industry by conducting a feasibility analysis of implementing the Target store brand into Singapore. The analysis includes cultural analysis, economic analysis, and market audit as well as competitive market analysis which will, in turn, provide deeper understanding of the existing markets in Singapore; therefore, provided basis for potential market expansion of other domestic business into Singapore.
    [Show full text]
  • The Political Economy of Development in Singapore
    Research in Applied Economics ISSN 1948-5433 2010, Vol. 2, No. 2: E4 The Political Economy of Development in Singapore Kalim Siddiqui University of Huddersfield, UK E-mail: [email protected]. Abstract Singapore has gone through a rapid transformation during the last forty-five years. From an entrepot predominantly towards commerce and services in the mid-1960s into an economy, which presently specialising in high value manufacturing activities, and regional financial hub for business services in East Asia. This paper aims to overview the issues of the role of state and foreign investment, which has played an important role in achieving rapid economic growth. For instance, in 2002 Singapore’s GDP was 24 times compared to 1965 levels. The average annual growth rate for GDP between 1965 and 2006 was nearly 8 % and GNP increased slightly higher over this period. The study examines the international environment and how it contributed to achieve higher rates of growth. It seems that these aspects are overlooked by the researchers. And with the end of the Cold War and with the recent surge in globalisation of production Singapore’s economy is being affected. The study will also argue that the historical factors seem to be important in determining a country’s development strategies. Keywords: Singapore economy, MNEs, FDI, The role of state and economic diversification 1 www.macrothink.org/rae Research in Applied Economics ISSN 1948-5433 2010, Vol. 2, No. 2: E4 1. Introduction Singapore has gone through rapid transformation during the last forty-five years. From an entrepot predominant towards commerce and services in the mid-1960s into an economy, which presently specialising in high value manufacturing activities, and regional financial hub for business services in East Asia (Richardson, 1994).
    [Show full text]
  • Different Industries and Sectors of Singapore
    A COUNTRY STUDY AND REPORT AND COMBINED SUMMARY OF SEMESTER IV WORK ON Different Industries and Sectors of Singapore Submitted to Gujarat Technological University IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE AWARD FOR THE DEGREE OF MASTER OF BUSINESS ASMINISTRATION Submitted by ___________________________________________________________________________ ___ Marwadi Education Foundation’s Group of Institutions MBA PROGRAMME Affiliated to Gujarat Technological University Ahmedabad May, 2012 SUMMARY OF WORK DONE IN SEM-4 AVIATION IN SINGAPORE MEANING Aviation is the design, development, production, operation, and use of aircraft, especially heavier-than-air aircraft. Aviation is derived from avis, the Latin word for bird. HISTORY There are early legends of human flight such as the story of Icarus, and Jamshid in Persian myth, and later, somewhat more credible claims of short-distance human flights appear, such as the flying automaton of Archytas of Tarentum (428–347 BC), the winged flights of Abbas IbnFirnas (810–887), Eilmer of Malmesbury (11th century), and the hot-air Passarola of BartolomeuLourenço de Gusmão (1685– 1724). The modern age of aviation began with the first untethered human lighter-than-air flight on November 21, 1783, in a hot air balloon designed by the Montgolfier brothers. In 1799 Sir George Cayley set forth the concept of the modern airplane as a fixed- wing flying machine with separate systems for lift, propulsion, and control. Early dirigible developments included machine-powered propulsion (Henri Giffard, 1852), rigid frames (David Schwarz, 1896), and improved speed and maneuverability (Alberto Santos-Dumont, 1901). Great progress was made in the field of aviation during the 1920s and 1930s, such as Charles Lindbergh's solo transatlantic flight in 1927, and Charles Kingsford Smith's transpacific flight the following year.
    [Show full text]
  • WECONNECT INTERNATIONAL ACTIVITY in Singapore July 2019 - June 2020
    WECONNECT INTERNATIONAL ACTIVITY IN Singapore July 2019 - June 2020 221 women-owned businesses (registered or certified) 622 1,299 22,399 Trained women business Facilitated connections Facilitated connections owners in the skills and between women business between women business knowledge necessary to owners and owners grow their business corporate buyers Industry Breakdown Manufacturing 14% Professional By WEConnect International’s Services certified Singaporean Information 22% Technology women-owned businesses 14% Social Services 7% Business Support 7% Advertising 36% Key Economic Data - Singapore GDP (billion USd) GDP per capita (PPP) $101,376 2nd Worldwide ranking of GDP per capita GDP growth rate (%) The economy of Singapore is the 34th largest in the world measured by nominal GDP and 37th largest by purchasing power parity (PPP). • Singapore is home to 26 billionaires as of 2020 - this marks Singapore as the 14th 2nd largest country by billionaire population • in worldwide Ease of • Singapore’s major stock exchange, Doing Business ranking the Singapore Exchange, had a market capitalization of $570.95 billion as of 2020 Top Exports Labor Force Top Industries • Integrated circuits 3.5 million • Electronics • Refined petroleum • Agriculture: 1% • Chemicals • Gold • Industry: 15% • Financial services • Medicaments • Services: 84% • Oil refining and distribution There is no mandatory minimum wage in Singapore. Practical Information on Doing Business in Singapore Singapore’s worldwide ranking (out of 190 economies) in... • Starting a
    [Show full text]
  • Beyond Singapore Girl Anderson, B
    Exploring the gendering of national subjects in Singapore The branding of Singapore International Airlines with the im- H Beyond age of a beautiful, petite and servile ‘Oriental’ woman dressed in U figure-huggingsarong-kebaya is one of the world’s longest running DS the and most successful advertising campaigns. But this image does not simply advertise a service; it is part of a global and national O Singapore Girl regime of symbolic constructions of gender that today is seen as N outdated and sexist, and bearing little relation to modern Singa- BEY Discourses of Gender and Nation in Singapore pore where women have good access to education and increased life choices resulting from engagement in the wage economy. The nation’s economic success has been a force for their liberation. O CHRIS HUDSON One catastrophic consequence of women’s changed lives has been T ND the plunge in fertility rates. Singapore has one of the world’s low- est despite energetic government campaigns encouraging women to have more babies – and men to be more ‘masculine’. The failure H of these campaigns and rethinking of the Singapore Girl highlight E S a key premise of this book: there are limits to the power of discur- sive constructions of gender in the national interest. I NGAP ABOUT THE AUTHOR Chris Hudson is a research leader in the Globalization and Culture Program at the Global Cities Research Institute as well as Associate OR Professor of Asian Media and Culture at RMIT University in Melbourne, Australia. E G IR L GENDERING ASIA a series on gender intersections www.niaspress.dk Hudson-pbk-cover.indd 1 01/08/2013 11:39 BEYOND THE SINGAPORE GIRL Hudson book.indd 1 01/08/2013 11:27 GENDERING ASIA A Series on Gender Intersections Gendering Asia is a well-established and exciting series addressing the ways in which power and constructions of gender, sex, sexuality and the body intersect with one another and pervade contemporary Asian societies.
    [Show full text]
  • 2018 Edition the Economies of ASEAN and the Opportunities They
    ASEAN Business Guide The economies of ASEAN and the opportunities they present 2018 edition 1 Table of Contents ASEAN: An emerging economic powerhouse 02 Brunei Darussalam Myanmar 11 57 Cambodia Philippines 19 65 Indonesia Singapore 27 75 Laos Thailand 37 87 Malaysia Vietnam 45 97 KPMG in ASEAN 106 1 ASEAN: An emerging economic po werhouse ASEAN is a region of geostrategic year till 2022, will be required to At the same time, given the importance to the world. Each keep pace with rapid urbanisation differences between individual year, some US$5.3 trillion worth of while the openness to adopting markets, companies need to global trade pass through ASEAN’s technology is changing the way understand the local business waterways and close to 15 million business is being conducted. ecosystem, build global-minded, barrels of oil pass through the The ASEAN-6 alone – Indonesia, culturally diverse organisations. Malacca Straits daily. Malaysia, Philippines, Singapore, Thailand and Vietnam – are More importantly, they need to This region also presents a projected to run a digital economy customise their products, services compelling proposition for worth US$200 billion by 2025. and business models to suit local businesses looking to grow. Its conditions. combined gross domestic product These are exciting times we live (GDP) of US$2.4 trillion makes it the in and ASEAN has much to offer, Frontrunners will be companies third largest economy in Asia and especially as it integrates to form an that are prepared to forge formal the seventh largest, globally. economic bloc. and informal business-to-business relationships, open to collaborating Across the region, we see Companies looking for growth with local companies and adept at opportunities driven largely by should capitalise on the ASEAN correctly positioning themselves urbanisation, demographics and growth story with its low-cost within the local business ecosystem.
    [Show full text]
  • Challenges Faced by Singapore Economy in the Future
    I M Sreehari, Tharman Akanksha, International Journal of Advance Research and Development. (Volume 3, Issue 1) Available online at www.ijarnd.com Challenges Faced by Singapore Economy in the Future Sreehari I M1, Akanksha Tharman2 12Christ University, Bengaluru, Karnataka ABSTRACT The article aims to figure out the challenges Singapore possibly faces in the future to be the super economy in the future. Singapore was one of the poorest countries at the time of their independence, after a forced independence and a country with fewer resources Singapore have managed to become one of the wealthiest countries in the world. Singapore achieved all its fortunes through a long-term vision and strict government control. But the situation and circumstances are not the same in the future as Singapore has already reached its peak of its development. Now Singapore has to concentrate on maintaining their position. Like every other countries Singapore also has to face a lot of challenges to maintain its economy. The technological advancement, changes in labour allocation, the shift in job patterns, and change in the education system are few of the challenges which Singapore possibly face. The world is full of opportunities and the ones who grab it becomes the winner. Now Singapore has all the facilities and tools to seize each and every opportunities available. Singapore is now a prosperous country which is the ninth largest country in terms of GDP Percapita. Singapore focuses on manufacturing sector, shipping and business. Now Singapore economy should target to climb up the ladder and maintain their position as a super economy.
    [Show full text]
  • Singapore: Growing Wealth, Poverty Avoidance and Management
    UNRISD UNITED NATIONS RESEARCH INSTITUTE FOR SOCIAL DEVELOPMENT Country Overview Paper No. 6 Singapore: Growing Wealth, Poverty Avoidance and Management Chua Beng Huat Asia Research Institute and Department of Sociology National University of Singapore prepared for the UNRISD project on Poverty Reduction and Policy Regimes July 2008 ▪ Geneva 1 UNRISD was established in 1963 as an autonomous space within the UN system for the conduct of policy-relevant, cutting-edge research on social development that is pertinent to the work of the United Nations Secretariat; regional commissions and specialized agencies; and national institutions. Our mission is to generate knowledge and articulate policy alternatives on contemporary development issues, thereby contributing to the broader goals of the UN system of reducing poverty and inequality, advancing well-being and rights, and creating more democratic and just societies. UNRISD, Palais des Nations 1211 Geneva 10, Switzerland Tel: +41 (0)22 9173020 Fax: +41 (0)22 9170650 [email protected] www.unrisd.org Copyright © United Nations Research Institute for Social Development This is not a formal UNRISD publication. The responsibility for opinions expressed in signed studies rests solely with their author(s), and availability on the UNRISD Web site (www.unrisd.org) does not constitute an endorsement by UNRISD of the opinions expressed in them. No publication or distribution of these papers is permitted without the prior authorization of the author(s), except for personal use. 2 Singapore is a very new nation, gaining political independence from British colonial government and subsequently separation from Malaysia in 1965. However, in the short forty-years as a city-state-nation, it has elevated itself from a declining trading post in the twilight of the British Empire to a first world, capital exporting economy.
    [Show full text]