By Michael Jones (email@example.com)
Well, everyone, it’s been one long month for me. Since my last blog article, I’ve been on travel in Japan visiting many different cities. Things have been very busy, which is why I haven’t updated the blog in a while, but my mind has been abuzz with new ideas for updates. I hope that you will enjoy reading them as much as I enjoy writing them!
Since I’ve arrived at my university in Japan, I’ve met a lot of different people. That got me thinking: what are some of the golden opportunities that our clients could have in this region? Of course! While it may seem obvious, getting an introduction to the 4 Asian Tigers (Singapore, Hong Kong, Taiwan, and South Korea) is something that is absolutely essential for anyone in the field of international trade. Starting with Singapore, I hope to show you the vast potential that this region has for the savvy businessperson.
Singapore is a remarkably welcoming country for foreign business: it has consistently placed highly on the Index of Economic Freedom, and most recently, took the spot of number 2 in the entire world, despite having a fairly totalitarian political system. Actually, Singapore’s political situation is a plus for business. With a strictly efficient system in place, corruption in Singapore is virtually nonexistent. Additionally, Singapore also has a large pool of skilled labor for your company to access, and low taxes and developed infrastructure sweeten the deal even more. Singapore’s credit rating is also pristine: AAA across the board (the only example in Asia).
Now for the hard numbers: Singapore’s GDP is currently $318.9 billion dollars, which is growing at a rate of 5.8% per year. Out of its population of roughly 5,400,000 people, 3,400,000 are participating in the labor force, where the GDP per capita is roughly 62,000. Notably, Singapore does not have a minimum wage law in place, but Singapore is a developed economy so labor is not cheap relative to surrounding less developed countries. However, most of the labor force speaks English, so they will likely be easier to work with than some other Asian work forces. Some important sectors of the Singaporean economy include banking, biotechnology, and energy, while other sectors like petroleum refining, chemicals, and electronics are growing strongly.
TSI Global Consulting has had considerable experience in the Asia-Pacific region of the world, and we understand the specific challenges that face those who look to do business here. Please give us a call at 210-757-0618 for a consultation on how you can get started, and please check back soon for part 2 of this new blog series.