Hub of the global economy

Singapore – an investors’ paradise

Changi Airport, Singapore, October 25, 2007. The world’s largest passenger jet, the Airbus A380, prepares for takeoff on its first-ever scheduled flight. For the city-state situated to the south of Malaysia, this is also a highly symbolic event with a distinct message: Singapore is flying high! Its construction industry is booming and incomes are rising. The number of people in employment has reached a record level, as has tourism from all over the world. Singapore’s economy grew by more than 9 percent in just the first three quarters of 2007.

The goals are lofty. In order to hold its own against regional giants China and India, Singapore is driving its development into a highly efficient production center. At the same time, the island nation is making its mark as a base of knowledge and expertise for the entire region. As it strives to become a cosmopolitan city capable of attracting both investors and skilled labor, Singapore is attempting to do away with its image as an authoritarian “no-chewing-gum zone.” The key word to describe this expansion is “hub.” With one of the world’s largest container ports, a vibrant business district and the redevelopment of entire sections of the city, Singapore is taking its place among the economic and cultural centers of Southeast Asia.

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