Economic Development Board (EDB) is expanding its efforts to attract global businesses to establish their headquarters in Singapore. As reported in The Business Times on 9 December 2009, EDB will broaden its strategy of focusing on the traditional G3 multinational companies and work to lure innovators and entrepreneurs from Asian countries to use Singapore as home base for their businesses. The strategy is really to "ensure a more diversified and robust range of industry sectors," said Mr Yip, chairman of EDB.
Singapore is no longer just the gateway to Western markets. It also provides links to many important markets within Asia. EDB plans to capitalize on the economic growth in India and China -- and Singapore's existing ties with them -- to encourage Asian companies looking to compete internationally to use Singapore's unique position to help them cultivate a global presence by moving here.
Asian businesses such as those in China and India have reached a level of maturity and are now ready to reach out to the markets worldwide. Many of these businesses are asking how to tap into the global market. Given its unique position, Singapore provides one the most attractive marketplaces for any company looking to expand globally. There are over 7,000 MNCs in Singapore, including many from India and China. China’s sportswear giant Li-Ning and miniature acoustic components maker AAC, for example, have chosen to set up their international headquarters in Singapore.
Singapore has a remarkable business infrastructure. Its wealth-management sector is second only to Switzerland, and Singapore is the fourth largest foreign exchange trading centre in the world. Singapore's stable environment and business-friendly approach have it ranked No. 1 in the world in ease of doing business and No. 2 in protecting investors, according to the World Bank Group's annual rankings for 2009 and 2010.
Mr Yip told The Business Times: ‘Other than access to a global and regional business network, Singapore also offers these companies the opportunity to hire international talent. If we can keep offering such value, we could see more of these up and coming Asian companies call Singapore home. And these could well be in the Fortune 500 in 10 to 20 years,'
Part of EDB's strategy includes promoting Singapore's livability. Building up the lifestyle offerings -- such as the arts, fashion and sports -- will help make Singapore more attractive to both international companies and talents.
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