Singapore's industries and immigration policy
Singapore’s industries and immigration policy
Singapore has a highly developed state capitalist mixed economy. It has an open business environment with an innovative economic system, which has given it the nickname Singapore Model. Some aspects that compose its high economic productivity are the country’s industries and immigration policy.
A well-established industry in Singapore is petroleum refinement. After Rotterdam and Houston, Singapore is the world’s third largest refining center. This Petrochemical Corporation is a government-linked company, which means that is government-owned but operates commercially. Overall, Singapore’s main industries include electronics; financial services; chemicals; oil-drilling equipment and petroleum refining; ship repair; rubber processing and products; offshore platform construction; life sciences; and entrepot trade.
With a strong belief in human resource as the most valuable and important tool in the country's economic growth, Singapore adopts an open immigration policy. The government has spoken of the need to attract foreigners whom the government calls "Foreign Talent". Service provided by immigrants is less expensive than the one that the locals can compromise to. Therefore the government has established initiatives to attract the so called “Foreign Talent” to work and live in Singapore. Lastly, north Americans do not need a visa requirement to enter, reside or work in Singapore.
Finally we can reassure that Singapore is a worldwide economic and business leader due to all its economical sources that include even more than the previous mentioned. As a closing fact, Singapore has the fastest growing economy in the world, with a growth rate of 17.9% for the first half of 2010. Definitely, this country is a model to others who has brought up the stakes for an economical suffering planet.
Singapore has a highly developed state capitalist mixed economy. It has an open business environment with an innovative economic system, which has given it the nickname Singapore Model. Some aspects that compose its high economic productivity are the country’s industries and immigration policy.
A well-established industry in Singapore is petroleum refinement. After Rotterdam and Houston, Singapore is the world’s third largest refining center. This Petrochemical Corporation is a government-linked company, which means that is government-owned but operates commercially. Overall, Singapore’s main industries include electronics; financial services; chemicals; oil-drilling equipment and petroleum refining; ship repair; rubber processing and products; offshore platform construction; life sciences; and entrepot trade.
With a strong belief in human resource as the most valuable and important tool in the country's economic growth, Singapore adopts an open immigration policy. The government has spoken of the need to attract foreigners whom the government calls "Foreign Talent". Service provided by immigrants is less expensive than the one that the locals can compromise to. Therefore the government has established initiatives to attract the so called “Foreign Talent” to work and live in Singapore. Lastly, north Americans do not need a visa requirement to enter, reside or work in Singapore.
Finally we can reassure that Singapore is a worldwide economic and business leader due to all its economical sources that include even more than the previous mentioned. As a closing fact, Singapore has the fastest growing economy in the world, with a growth rate of 17.9% for the first half of 2010. Definitely, this country is a model to others who has brought up the stakes for an economical suffering planet.