History of Singapore Economy
Singapore is a country which came into being after getting independence from Malaysia in 1965. It is one of the most visited countries of the world making it a tourist destination. Singapore is a hub of different cultures and ethnicities. When this country was officially recognized on the map of the world, it was not as stable as it is now.
It had a very small market and no international companies or any form of trade. Most of the people were not educated, and that added to the misery. The country did not seem like much at that time but the people knew they had to achieve greatness, and that is what they did. The Singapore government started the Economic Development Board.
The aim was to increase foreign investment and to make Singapore a tourist attraction. The board worked hard and over the years the hard work bore fruit. Singapore has one of the strongest economies now and foreign companies continue to increase their investment.
The Trade of Singapore
Trade is an important factor for any country now. It helps maintain good relations with other countries but most of all it helps make the economy strong. The exports and imports increase sales of a country’s products and the people have a greater variety of things to choose from. Singapore is currently the fifteenth largest trading partner of the USA.
Singapore’s main exports include petroleum items, food/beverages, chemicals, textile/garments, electronic components, telecommunication apparatus, and transport equipment. The major imports are aircraft, crude oil and petroleum products, electronic components, radio and television receivers/parts, motor vehicles, chemicals, food/beverages, iron/steel, and textile yarns/fabrics. The reason for such successful trade is that Singapore has always made trade agreements with different countries and that has helped it in reducing trade taxes and costs.
It has free trade agreement with ASEAN and pays reduced import duty to some other countries. Singapore has always dealt fairly in trade and commerce and is one of the fairest trade countries. This is because the government of Singapore is corruption free.
When a country is run by people who have no history of corruption, then naturally the international relations will also be corruption free. The governments of other countries build a relationship of trust with that of Singapore and hope to maintain this relationship in the future.
The Infrastructure of Singapore
What makes any country’s economy strong is its infrastructure. The infrastructure of the country provides opportunities for trade and development. The highly technological and advanced infrastructure of Singapore has attracted many multinational companies to open offices and factories in the country. The road and transportation network is highly efficient which eases the transportation of goods from one place to another.
The electricity supply and low cost of fuels is also another factor which encourages the foreign world to invest in such a country. It would be fair to mention the highly skilled labor and workers of Singapore. They have played an important part in building the country from the barren land it once was to a beautiful place it is now.