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Business Opportunities in Singapore

Singapore celebrated its 50 years of independence in 2015, marking a new chapter for the country. The city-state experienced a remarkable growth in the first 50 years of its independence. Early on, the island has been a preferred trading post due to its strategic location in the South China Sea. Over the years, the economy has also transformed from a labour-intensive, low-skill, low-wage production to high-skill, high-wage enterprise.

As the country is preparing for further growth, the economy is shifting towards one of higher productivity. There is a push towards reducing dependency on manpower to increasing reliance on technology, machines and automation. Increased connectivity, smart and sustainable urban planning approaches and ICT-enabled ‘smart applications’ permeate all aspects of urban living in Singapore. Not only is the country well-positioned to take advantage of these trends, it is also necessary in order to enable further economic growth.

We see numerous business opportunities in Singapore related to these shifts within sectors that have traditionally been a pillar in supporting the economy. These sectors include professional services, financial services, manufacturing, maritime, oil and gas, banking and finance, civil security and defence technology, healthcare, consumer goods and retail. Within each are there is an increasing adoption of smart technologies, including for instance smart manufacturing, new retail technologies, telehealth, fin-tech, ed-tech, smart home solutions and more.

With smart and connected solutions increasing, there are also standards that are being drafted to ensure interoperability. Pilot projects or test bedding is a common business development model adopted in order to customize an approach that is well-suited to the local context and trialed prior to large-scale roll out and widespread adoption, not only in Singapore, but also as a stepping stone to reach the wider region. In approaching these shifts, stakeholders within the government, private sector and academia is highly involved and play complementary roles, where projects often comes in different commercial models.

Contact us to find out more about key trends, stakeholders, regulations and considerations within your business area. When considering internationalization, trading or exporting to Singapore, or even with matters such as relocation, recruitment and employment passes, Business Sweden can provide assistance or advisory services in facilitating the process. 

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