SINGAPORE

Market Brief

14 September 2015
BiSEA Meeting

building networks • connecting business • creating opportunities

 Macro-economic data

 Population: 5.47 million (2014 estimate)

 Singapore GDP per capita: US$ 52,108 (2014)
 Unemployment rate: 2% (2014 estimate)
 Inflation rate: 1.4% (2014 estimate)
 Literacy: 95.9%
 Easiest place to do Business for the 8th time (World Bank Doing
Business 2015)
 One of the two most competitive economies for the past 4 years
(Global Competitiveness Report 2014-2015)
 Celebrated 50 years of independence on 9 August this year

building networks • connecting business • creating opportunities

 Business Opportunities

 Strong opportunities in Financial services and Professional services

 Other key opportunity sectors:
 ICT / Creative industries
 FinTech industries
 Tourism
 Biomedical
 High-end manufacturing is still a key pillar: electronics, transport
engineering (air), chemicals engineering
 Clear government strategy to support companies to set up in those
areas with funding available

building networks • connecting business • creating opportunities

 Challenges to market entry
Singapore
 Small market
 Highly competitive market (FinTech)
 High cost of doing business
 Restrictive foreign labour policy
 Saturated market
 Ageing population

building networks • connecting business • creating opportunities

 Business Support Services
 British Chamber of Commerce Singapore can assist companies in all sectors
except Defence and Security.
 OBN Sector Specialists: Consumer Goods, Food & Drink, Retail, Financial
& Professional Services, ICT, Manufacturing, Construction and Engineering

building networks • connecting business • creating opportunities