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A letter from Singapore“Monaco of the East”By Daniel Martin.One constant throughout Singapore’s developmenthas been the government’s willingnessto use a firm guiding hand. Soon afterindependence in 1965, the governmentset about nurturing a manufacturing sectorthat could <strong>com</strong>pete in global markets. Manufacturerswere offered generous tax incentivesand foreign firms were wel<strong>com</strong>ed. Thepolicies were a success and as the governmentploughed money into education andinfrastructure, manufacturers continued tomove up the value chain, producing highertechnologyproducts. Today, electronicsmanufactures are the country’s largest export,while a thriving pharmaceuticals sectoraccounts for 18% of total manufacturing.But for most visitors to this city state, it isnot the factories that catch the eye. They arekept far from residential and <strong>com</strong>mercialareas – another reflection of the government’scareful planning. Instead, one isstruck by the towering skyscrapers, whichhouse South East Asia’s largest financial center.Openness to foreign banks, an efficientbureaucracy, and low tax rates have all contributedto the rise of Singapore as a financialhub, alongside its strengths as a global tradehub and biotech research center. But perhapsmore important has been the eagerness offoreign executives to relocate to this city, attractedas they are by its low crime rate, cleanair, uncongested streets, and lush greenery.With Asia set to remain the world’s fastestgrowingregion for at least another decade,Singapore’s financial sector will continue togrow, bringing more wealthy people to thecity. The private banking industry is benefittingfrom having more savings to manage,and, more broadly, the city is setting itself upto cater to the tastes of the rich. Its shoppingmalls are already among the most impressivein the world and there has been a markedrise in pricey rooftop bars, luxury apartments,and top restaurants in recent years.A seat in the grandstand at Singapore’s annualgrand prix, the only “street race” on the FormulaOne circuit other than Monaco, offersthe most striking view of the recent changes: animpressive array of yachts parked in a harborthat is overlooked by the newly built MarinaBay Sands Casino. This casino is one of twothat opened in 2010 and together they haveadded more than a percentage point to GDP.Singapore’s repositioning of itself as a “Monacoof the East” is perhaps the most surprisingof its reinventions. A city built on hardwork, prudent saving, and wise investmentis loosening up. And it’s not just the bankersDaniel Martin is an analyst for a range of Asian economiesat the Economist Intelligence Unit.who are attracted by the new environment.Firms of all ilks are finding it easier to recruitor move skilled workers to Singapore, andthe city is increasingly seen as the best locationfor regional headquarters. Interestingly,it seems that Singapore’s uptight governmenthas spotted another opportunity to moveforward – this time by having fun.<strong>DKSH</strong>’s magazine for Market Expansion Services 61
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