[ad_1]
SINGAPORE: Even amid the COVID-19 pandemic, the Economic Development Board (EDB) managed to secure fixed asset investment commitments worth S $ 13 billion in the first four months of 2020.
That was one of the highest in recent years, reflecting business confidence in Singapore’s “high levels of connectivity, openness and trust brand,” according to the latest public sector report released on Thursday (Nov 26). .
It was an example showing how Singapore continues to rank among the world’s most competitive and business-friendly economies, according to the Singapore Public Sector Performance Review (SPOR).
The report, which is coordinated by the Finance Ministry every two years, looks at how the public sector and Singapore have fared in key areas of national concern.
Singapore has “strong economic fundamentals” and remains an “attractive place” for companies to grow and invest, according to the report.
He cited real gross domestic product growth of 2.9 percent per year and labor productivity growth of 2.5 percent per year from 2014 to 2019, as well as great international respect for the country’s business environment and workforce. .
Singapore was ranked among the world’s most competitive economies by the World Economic Forum in 2019, and by the International Institute for Management Development (IIMD) in 2020. This year, it was also the only Asian country in the world’s top 10 global talent. IIMD. classification.
“Singaporeans remain resilient and competitive in the workforce, able to take advantage of new job opportunities,” the report says.
READ: IN FOCUS – After COVID-19, where is Singapore’s workforce and economy headed?
“They are assisted by a wide range of supports including Adapt and Grow, SkillsFuture and other employment support schemes, as well as initiatives to ensure fair consideration for Singaporean job seekers.”
As of August, SGUnited’s Jobs and Skills Package to respond to the COVID-19 pandemic has made 117,500 opportunities available, with more than 33,000 placed, according to the report.
Between 2014 and 2019, more than 100,000 job seekers obtained jobs through Adapt and Grow, and more than 14,500 retrained for new jobs through Place-and-Train programs, he added.
READ: IN FOCUS – Graduating in a COVID-19 job market – short-term challenges and long-term issues?
SEIZE BUSINESS OPPORTUNITIES
Singapore companies have been “looking beyond immediate challenges and preparing to seize longer-term opportunities by harnessing growth in Asia, going digital and promoting innovation,” the report also said.
This could be seen in the 37 percent increase (in five years) in direct investment in Southeast Asia by Singapore-based companies. Most of the 600 projects that Enterprise Singapore facilitated globally last year were in China and Southeast Asia, the report added.
He noted that 216,000 businesses have registered with PayNow Corporate and can now send and receive electronic payments instantly.
The report also highlighted an increase in business spending on research and development, at a compound annual growth rate of 3 percent from 2014 to 2018, as well as sales revenue from R&D marketing that increased from S $ 25. , 2 billion a year to S $ 31.8 billion. one year during the same period
READ: Groups spearheading Singapore’s post-COVID-19 economic plans announce new ideas
THE EASE OF DOING BUSINESS
Singapore also continued to be highly regarded as a place to do business, according to the report. This year, the country ranked second on the World Bank’s Ease of Doing Business Index, after consistently ranking in the top three for the past 14 years.
The country also performed well on two other indicators, ranking fourth in the world for starting a business and first in the world for enforcing contracts, according to the report.
“Simplified regulations and improved Government-to-Business (G2B) services facilitate the creation and growth of a business, as well as the pursuit of innovation. It only takes 1.5 days to start a business in Singapore, ”the report says.
The country also ranked first in digital infrastructure in the Economist Intelligence Unit’s 2018 Asian Digital Transformation Index, and has built “a strong foundation of strong digital connectivity over the years,” according to the report.
He said that “enhanced and secure digital connectivity” was underway, including the Online Trading Platform, which functions as a one-stop shop for all trade and customs-related services, as well as improvements in cyber security and 5G testing.
Most businesses and citizens, at 77% and 86% respectively, also described themselves as “very or extremely satisfied” with the quality of government electronic services last year, according to the report.
Singaporeans now enjoy easier access to digital government services, such as through the LifeSG app, the report adds.
READ: Singapore’s economy ‘turns the corner’, but recovery is still a long way to go – Chan Chun Sing
“RESILIENCE POCKETS”
Noting that Singapore’s economy is expected to contract between 6 percent and 6.5 percent this year, the report said this reflected a “sharp deterioration in the national and global economic environment” caused by COVID-19. .
“However, pockets of resilience remain in Singapore’s economy, such as biomedical manufacturing, information, communications and the media,” the report said.
“With our openness to talent and respect for fair consideration, Singapore remains an attractive hub where companies can build their best teams and create good jobs for Singaporeans,” he added.
“Singapore is built on strong economic fundamentals that will help us recover from this crisis and seize new opportunities.”
