Policies
Singapore’s economic policy is to promote the creation of national wealth through sustained and stable economic growth. A guiding principle of economic policy is the free market system, that is, to allow market forces to determine the pattern of trade. The Singapore Government seeks to ensure that the trading system is open and transparent. Customs and trade documentation procedures are streamlined for smooth flow of goods in and out of Singapore. Singapore does not have any sector-specific policies or trade instruments to promote exports.
The private sector is encouraged to play a leading role in economic development while the Government provides an environment conducive for private sector business activities. Fiscal policy is aimed at supporting the private sector in economic development. On the revenue side, the objective is to raise sufficient revenue to finance expenditure while maintaining a competitive tax structure. The implementation of the Goods and Services Tax from April 1994 was to enhance competitiveness of Singapore’s tax structure.
On the expenditure side, efforts are made to maintain a small and efficient public sector to release maximum financial and manpower resources to the private sector. Hence, certain operations are being privatised to give them greater autonomy to be run according to commercial practices. This includes telecommunications, broadcasting, electricity and gas etc.
The privatization programme in Singapore was undertaken to achieve the following objectives:|
- to withdraw from commercial activities which no longer need to be undertaken by the public sector;
- to add breadth and depth to the Singapore stock market by the flotation of government linked companies and statutory boards and through secondary distribution of government-owned shares;
- to avoid or reduce competition with the private sector;
- to improve efficiency of services through market discipline; and
- to increase the assets of Singaporeans through share ownership in the privatised companies.
Opportunities
Singapore’s economic achievement has its origin in trade. Long before its independence, Singapore has served as a port of call between the East and the West. This strategic link is more important now than ever before with the globalization of economies and increasing economic inter-depedence. Accelerated economic development in Asia will emphasize Singapore’s role as a gateway to the region.
The key to Singapore’s flourishing international trade has been its free trade policy. Virtually all goods enter Singapore duty-free. Singapore’s political stability, excellent business infrastructure, strategic location, sound legal framework, work class financial services and a pro-business approach have attracted many internation companies to do business with Singapore and to use Singapore as a base for their regional expansion.
Singapore’s Web site offers information on business and trade opportunities in Singapore. This includes company listings, calendar of trade events, fairs and conventions.
Statistics
Comprehensive statistics on various aspects of Singapore are listed in the Singapore Web site. Demographic statistics and economic and social indicators are compiled by the Department of Statistics. The Singapore Trade Statistics is published monthly by the Singapore Trade Development Board. Imports and exports are listed by country of origin and by destination. Summary time-series trade statistics is also available.
Directories
The Singapore Web site provides a comprehensive listings of Singapore’s industries, companies, government bodies and trade associations. The data are provided by the Singapore Government, the Trade Development Board and by various other organisations. Also included is a directory of Web sites containing useful business information in Singapore.
For further information on any of the above topics, you may wish to go to Singapore Web Server
