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The Japan Times
WORLD EYE REPORTS
SINGAPORE |
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©THE JAPAN TIMES
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Thursday, October 30, 2003
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An evolving “entropolis”
Singapore turned 38 this year and, not unlike a human rapidly approaching 40, it seems to be facing the question: Where do I go from here?
What’s next for Singapore? It’s actually a question Singapore has been asking itself and successfully answering since the country claimed independence in 1965.
A small island-nation with an area of 692.7 sq. km. and a population of about 4.6 million, Singapore has found that catering to the needs of the rest of the world has been key to its survival.
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eBox
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Singapore Tourism Board. The vision of Singapore as a tourism capital embodies an exciting and memorable destination. It is a vision of a vibrant and progressive city-state, yet filled with Asian warmth and hospitality; a place where East and West meet, and the old and new co-exist in harmony; a gateway for travellers and business professionals to make their voyage into the region and beyond. www.stb.com.sg |
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The Ministry of Trade and Industry. Singapore is a highly trade-dependent economy, with the highest trade to GDP ratio in the world. Not only is it heavily reliant on imports as our only source of food, energy and industrial raw materials, its small domestic market also means that industries must rely on overseas export markets to absorb their outputs. www.mti.gov.sg
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 A bit of old with the new: singaporeans take time out for a game of cricket in the shadow of the city's modern skyline. |
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“We do not have any resources so we must provide superior value-added services to compete,” says George Yeo, the country’s minister of trade and industry. “Our advantages are the high level of trust, excellent infrastructure, wonderful connectivity and a deeply embedded culture that is outward looking and cosmopolitan. We have a very international approach and understanding.” FULL STORY
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A message from Singaporean Prime Minister Goh Chok Tong
“Since Singapore’s industrialization in the 1960s Japanese investments in the country have grown by leaps and bounds. Today Japanese companies make up the second largest group of foreign investors in Singapore. It has been a productive and profitable partnership As we move forward, Singapore is remaking itself to adapt to an increasingly competitive world. We aim to be an even more valued partner for Japanese and other foreign companies.
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 Goh Chok Tong, prime minister of Singapore |
Domestically we are investing heavily in the education and training of our people. We are encouraging new mindsets that foster greater efficiency, initiative and creativity, while preserving our traditional values of hard work, family and societal unity. We are equipping the Singapore workforce with the knowledge and skills to harness the latest technologies, and increase their productivity. Second, we are diversifying the economy into new growth areas, like biotechnology. Third, we are bringing down business costs: government fees, taxes, land costs and rents, and statutory contributions to workers’ Provident Fund (1). Singapore is making painful, but necessary adjustments so as to compete successfully in today’s crowded marketplace. FULL STORY
 Motonobu Takemoto, president of Toyota Motor asia Pacific |
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Going car crazy in Asia
Defining the Southeast asian automotive industry is not an easy undertaking. Markets vary from country to country and react quickly to fluctuating political and economic stability. The sector's long-run tendency is to manufacture where vehicles are sold and increase local sourcing to remain buoyant and weather the storm.
As a whole, the Asian automotive sector has yet to fully recover to its pre-crisis peak level from 1996. Many countries are on their way to recuperation while others are still staggering behind. Since then, governments have mandated an increase in local production and trade liberalization. Due to this, the trend seems to be leaning toward domestic manufacturing and assembly, as opposed to the importation of parts and products.
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Given that the varied markets are fragmented between cars and trucks, production volumes of individual vehicles are still considered small. Nevertheless, the industry is poised for significant expansion and is viewed to be the potential leading sector for the region. FULL STORY
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Singapore
Area: 685.4 sq km
Population: 4.17m
Currency: Singapore dollar (SGD)
Average exchange rate: $1=1.79
Total GDP: $86.99billion
GDP growth rate: 2.2%
GDP per capita: ($) $20,856
Inflation rate: –0.4%
Unemployment rate: 4.3 %
Total exports: $ 125.08 billion
Total imports: $ 116.37 billion
Top five imports: Machinery and equipment, Mineral fuels, Chemicals, Foodstuffs
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Top five exports: Machinery and equipment (including electronics), Consumer goods, Chemicals, Mineral fuels
Main exports markets: (percentage share) Malaysia (18%), US (17%), Hong Kong (8%), Japan (7.5%), Taiwan (6%), Thailand (4.3%), China (4%), South Korea (3.6%), Germany (3%), Netherlands (3%)
Main import markets: Japan (17%), Malaysia (17%), US (15%), China (5%), Taiwan (4.4%), Thailand (4.3%), South Korea (3.6%), Saudi Arabia (3%)
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 Sources: Singapore Department of Statistics, singapore Ministry of Foreign Affairs |
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