Singapore is one of the major business hubs in Southeast Asia known as the economic tiger in the region. The country got the relatively small market with a population of 5.6 million. Although the geographic strategic location of Singapore is very important and the country is used as the entry point or as a regional headquarter for engaging business with China, India, and other South-East Asian countries. The economic development board of Singapore provides support and good incentives, English language speaker and well-experienced workforces. The country has strong law and order for protecting intellectual properties and transport focal points. For these reasons, Singapore is the home of approx four thousands multinational companies and among them, sixty percent of them got regional headquarters based in Singapore.
For potential business opportunities in Singapore, the country has a small landmass and major food and beverage items such as dairy, meat, fruits, and vegetables are imported from overseas. So there is a good business opportunity in Singapore for the agro base product exporters. The living standards of Singapore are high and there is the increasing trend that focuses on health and wellness, brand awareness from food items. Also, there is an increasing focus on the product labeled as ‘Halal Item’ that got Halal certifications. These factors are affecting the purchasing decision of the customers in Singapore.
The retail sector is another dominating sector in Singapore and supermarkets are growing at a very fast rate. These markets provide eco- products due to the growing demands from the customers. Restaurants environment in Singapore are also changing and many companies are replacing shark base seafood with ten other kinds of seafood such as red snappers and mussels. Customers in Singapore look for time-limited easier options at the end of a busy day. So ready to cook food is also very popular in Singapore and thus got the potential business opportunities in Singapore. Many Singaporean chooses frozen cut meat over the fresh cut meats because of twenty percent more expensive on fresh product and thus increase the demand for frozen meat. According to the data provided by the Singapore Agri-Food Veterinary Authority (AVA) the imports of the frozen product rises from 59 percent to 70 percent in the last year.
Another important segment of Singapore economy is the aviation Sector and the country is one of the major key players for maintenance, repair and overhauling aerospace vehicles. So there is a potential business opportunity in Singapore in aviation sector manufacturing the spare parts for aircraft, paneling aircraft’s interior, manufacturing aircraft’s seats, tools. Any overseas companies may become the partner with Singapore companies to develop their credibility in the market and provide a complete solution. These activities also open the door to new business opportunities in Singapore such as provide engineering training.
Healthcare also a key economic sector in Singapore and this sector are going through a transformation in recent years. The budget for health care become $4.7 billion to $11 billion in recent years and the country is keen to develop platform such as Futuristic Hospitals, Futuristic hospital at home type healthcare service. To enable this technological platform the country requires a mature health IT market with the technology such as electronics, engineering, telecommunication and this raises the business opportunities in Singapore for tech companies. In the future year, the government of Singapore is developing a smart system that combines institutions that provide healthcare facilities, such as nursing homes, elder care homes, rehabilitation homes, community hospitals, and general practicians. So more IT and healthcare opportunity are available in the public healthcare sector in Singapore. The ministry of health in Singapore is ready to innovate new technology and invest and other opportunities are available that combines primary care network with long-term care in telehealth sector.
Another important economic sector in Singapore is information and communication technology sector. The ICT sector in Singapore generates $189.6 billion of Singaporean dollar in the recent year. The government of Singapore announces $2.82 billion of Singaporean dollars worth of ICT tenders and the country is looking for increasing the efficiency of IT operations, security in transactions and improve the productivity. So there is a potential business opportunities in Singapore for the mobile telephony developing companies that develop messaging, gaming, mobile commerce, and mobile payment system. Also, there is good potentiality for the companies that develop mobile applications, location-based mobile services, and mobile content developers for TV, movies, and music and also a mobile health service provider. Currently, Singapore is getting connected with the worldwide market by ultra-high-speed fiber cable that is going to support the new industries that are working in the field of biomedical science and digital media. The opportunity of providing mobile communication and services for the tech retailers is very high and there are also the chance to develop new product and services for the tech savvy population of the country.