Numerous cities in Asia, including in India and Malaysia, are emerging as major markets but Singapore stands firmly as the region’s major strategic hub. Be it a major American corporation or a company from Europe, they regard Singapore for having the most conducive environment for business and being accommodative.
InCorp Global, a leading corporate services provider, believes Singapore’s strategic location, within a six-hour radius of any Southeast Asian country, makes it an ideal hub to access the region and its growing consumer market. And the Changi Airport, year-after-year, gets ranked as the world’s best airport, accommodating more than 100 airlines flying to over a 100 countries across the world. Its sea-port infrastructure also cannot be missed.
And China has recognized Singapore’s significance given the volume of trade as it facilitates international trade and investment. Singapore is included in the list of cities like New York, Shanghai, London, Tokyo and Hong Kong having emerged as modern economic hubs. They have largely benefited from globalization.
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Singapore Home to Global Companies and MNCs
Various reports highlight that about 43 percent of Southeast Asia’s unicorns are based in Singapore. Since 2018, more than 40 corporate ventures have launched successfully in Singapore. According to McKinsey & Company, scaling new ventures is important for the country, as it can leverage it to increase its share of globally competitive businesses. Singapore has worked hard to establish robust funding, a large network of established companies, connectivity and infrastructure.
The Singapore Economic Development Board launched the Corporate Venture (CV) Launchpad in May 2021 – a USD7.4 million pilot program to support eligible large and established Singapore-based companies new to corporate venturing. And in March 2022, the Ministry of Trade and Industry extended the CV Launchpad to support a wider range of companies.
Singapore Records Moderate Economic Growth 2023
But Singapore is not immune to global inflation and economic slowdown. The Asian Development Bank said Singapore economic growth will moderate to 2.0 percent in 2023, manufacturing will slow and external demand will weaken.
There will significant improvement in 2024 as inflation will take a downward trend
