Credit Management issue April 2021

AUTHOR – Adam Bernstein
Unique vertical gardens
resembling towering trees, with
large canopies & colorful lights
at night. These unique trees
can be found all around the
Gardens. Supertrees are tree-like
structures that dominate the
Gardens’ landscape with heights
that range between 25 metres (82
ft) and 50 metres (160 ft).
capitalise on this opportunity.’
And for UK exporters, it’s notable that in
December 2020, Singapore signed a trade
agreement with the UK.
…OF MANY OPPORTUNITIES
In terms of exports, a 2020 document from HSBC
highlights that top of Singapore’s export list is
machinery and equipment, chemicals, mineral
fuels, manufactured goods, pharmaceuticals,
electronics, non-electric engines and motors,
foodstuffs, and consumer goods.
Conversely, its top imports are machinery
and equipment, mineral fuels, chemicals,
gems and precious metals, foodstuffs, and
consumer goods.
It’s worth pointing out that Singapore
is incredibly important to exporters when
considering its position in the world imports
Pagoda in Chinese Garden – Singapore
Chinatown in Singapore at night.
‘Since it became
an independent
nation, Singapore
has, through land
reclamation,
grown in size by
almost a quarter: to
277 square miles
from 224. By 2030,
the Government
wants Singapore
to measure nearly
300 square miles.’
league. Based on data from the International
Trade Centre, in first place is the US which
imports goods worth $2,568bn, followed by
China at $2,068bn, the UK in fifth place at
$692bn. Singapore is in 15th place with imports
worth $359bn.
Now if we consider Singapore’s position as
an exporter, World Bank Data suggests that
China is in pole position with exports to the
tune of $2,643bn, the US is next with $2,498bn,
the UK is fifth with $891bn while Singapore is
9th on $645bn.
Financial services are important to
Singapore. A Business Times report in
September 2019, quoted a Global Financial
Centres Index survey by London-based think
tank Z/Yen and the China Development
Institute. It found that Singapore was in fourth
place as a financial hub; New York was in first
place, followed closely by London and Hong
Kong. It’s a strong base for insurers and those
in fintech. Incidentally, the survey believes
that Singapore’s financial sector is well placed
to benefit from Brexit in the long-term.
In other areas, and predictably considering
Singapore’s diminutive size, food security is
seen as a key issue which makes innovation
in agriculture and diversification of imports
central to planning; the sensitivity is the result
of a combination of rising demand and scarce
resources (there’s not much agriculture going
on… only seven percent is grown locally). And
just as with populations elsewhere around
the world, Singapore’s healthcare system is
having to deal with an ever-ageing population;
this makes the sector a natural target for
commercial exploitation.
Alongside this is scope for infrastructure
development opportunities. Remembering
that Singapore is small, it’s looking to new
solutions to maximise the limited space that
it has including underground transport and
housing innovation. It’s worth noting at this
point that, according to an April 2017 feature
run by the New York Times, the Government
owns 90 percent of all of the land, most of
which is less than 50 feet above sea level;
coastal roads are being raised; and there’s an
almost permanent quest to reclaim land.
So much so that the feature commented
that ‘several countries have tired of feeding
Singapore’s endless appetite for sand;
Indonesia, Malaysia and, most recently,
Cambodia have halted exports altogether.’
It follows then that waste material from
projects is recycled – most recently spoil from
underground tunnels.
The New York Times lays bare Singapore’s
efforts in land reclamation: ‘Since it became an
independent nation, Singapore has, through
land reclamation, grown in size by almost a
quarter: to 277 square miles from 224. By 2030,
the Government wants Singapore to measure
nearly 300 square miles.’
Article to be concluded in the May issue.
Adam Bernstein is a freelance business writer.
Advancing the credit profession / www.cicm.com / April 2021 / PAGE 25