Singapore has risen to become a global hub for trade and commerce. As a result, the country is becoming more trade attractive and more multinational companies seek to invest here. Are you one of the many who seek the opportunities and want to establish a scalable business in Singapore? Here are the key sectors in Singapore that you can invest in.
The manufacturing sector has always been a cornerstone of Singapore’s economic growth. Despite the country’s lack of natural resources, the country has made a significant industrial advance for the past decades. Even with such many constraints, the manufacturing industry contributes 20% to 25% of the country’s annual GDP.
Foreign investments in this industry played the biggest role in the industrialization of Singapore. The government’s emphasis on high productivity projects increased productivity and paved for the long-range economic development of Singapore. Moreover, small-scale companies are still given importance and support through institutional assistance.
Singapore is set on escalating the level of technology in the country. And with the past years’ initiatives, Singapore’s information technology sector now produces high calibre services and products. Furthermore, the sector is expected to grow more as the government gives information technology an important role in pushing the progress of every other industry in Singapore.
Now, Singapore stands as an information and technology hub in the Asia Pacific. With this, the country becomes a base for the world’s top Infocomm multinationals. These include Microsoft, Oracle, Amazon Web Services, and Google. With a push on the IT and other technology sectors, Singapore strives to become a Smart Nation with better living, stronger communities, and more opportunities.
The Electronics sector has become one of the key sectors in Singapore with the transition from labour-intensive products to technological content. Electronics contribute to 4.4% of the country’s annual GDP. Humbly starting as a TV assembly plant in Southeast Asia, the electronics industry in Singapore rose to become a vital node in the global electronics market.
Today, Singapore’s electronic sector provides technology, manufacturing, and business solutions to enable development in other sectors. The industry attracts over $2.2 billion fixed asset investment in the country. As Asia becomes a hub for this industry, Singapore becomes a favourable location for electronic companies to create and manage new products, processes, and technologies.
The country is a world leader for cochlear implants that help deaf-born children to hear. And not only this, Web Biotech‘s Spyder Personal allows medical doctors and patients to monitor the heart’s electrical activity and irregularities in it. Singapore is paving a path to a more advanced medical solution with the rise of medical technology.
Since identifying this sector as a growth sector for the economy it has tried to reinvent itself as a biomedical centre for Asia. To allow the industry to flourish, the government enacted substantial tax breaks for companies in this field. That is to retain and attract biomedical companies and skilled researchers into the country, Further, funds were also allocated for scientific research.
Currently, Singapore is also a financial centre. This is due to the Singapore banks and other financial institutions’ excellent financial services. In the 2017 Global Financial centres Index, Singapore placed third in the competitiveness of the financial sector. The government plans to develop the sector even further by building private market funding policies.
Invest in Singapore’s Key Industries
Investing and opening a business in Singapore is much easier now. With the help of our expert professionals in 3E Accounting Singapore, we can help you undertake a business under the key sectors in Singapore. Well, we can also help you with ACRA company name search.