Singapore’s government policies are designed to create a business-supportive, industry-friendly environment which has resulted in a highly developed and successful free-market economy generating one of the highest per-capita GDPs in the Asean region.
Its strategic location on major sea lanes has meant that the Port of Singapore is the world’s largest cargo seaport. Despite having no natural resources, it is a net exporter of oil and boasts the third largest oil refinery in the world.
Singapore has an export-driven economy with major industries including electronics (semi-conductors, precision-engineering), pharmaceutical, chemicals, construction, and ship-building with the manufacturing sector contributing between 20-30% to Singapore’s GDP annually.
The banking and finance sector is major financial hub in the Asia Pacific region and a driving force of Singapore’s economy currently contributing about 12% of GDP
Singapore has attracted major investments in pharmaceuticals and medical technology production and has ambitions to establish itself as Southeast Asia’s financial and high-tech hub.
S& P rating: AAA/A-1+