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(Last updated: 19 Aug 2008)
The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Singapore. This is regularly updated, and should be checked before planning travel.
The City-State has been proactively working towards overcoming the threat of China and India as alternative lower cost locations by taking steps to reduce overhead costs for businesses in Singapore. These reductions include cuts in Central Provident Fund (superannuation) contributions by employers and Corporate Taxes.
For assistance and further information contact Austrade on 13 28 78.
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| Capital city: |
Singapore |
| Surface area: |
1000 sq km |
| Population: |
4.4 million |
| Official language(s): |
Chinese (Mandarin), English, Malay, Tamil |
| Head of State: |
H.E. President Mr S R Nathan |
| Head of Government: |
H.E. Prime Minister Mr Lee Hsien Loong |
| Australian exports to Singapore: |
A$4,629 million |
| Australian imports from Singapore: |
A$10,122 million |
| Singapore's principal export destinations: |
Malaysia, Hong Kong, USA |
| Singapore's principal import sources: |
Malaysia, USA, China | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Singapore has a well-developed and successful free-market economy, which has been built by sound macroeconomic planning and policies. In October 2001, Singapore Prime Minister Goh Chok Tong announced the establishment of the Economic Review Committee (ERC) to fundamentally review Singapore's development strategy and formulate a blueprint to restructure the economy. The final reports of the ERC were submitted on 6 February 2003. The recommendations of the ERC are expected to impact services, manufacturing and real estate industries the most.
Future outlook for the Singaporean economy remains positive as it is aiming to re-position itself as the ‘intelligence hub' of the region by moving into advanced financial and high-tech services. This transition is aimed at making Singapore a Knowledge Based Economy (KBE). The Singapore Government drew up a 10-year master plan - Infocom21 in August 2000 to position Singapore as a global capital of information and communications technology by 2010.
Key economic indicators and statistics for 2007:
- GDP – US$161.3 billion
- GDP per capita – US$35,163
- Real GDP growth – 7.7 per cent
- Inflation – 2.1 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
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Political climate
The government plays an active role in the life of Singaporeans. Singapore is a republic governed by an elected President as the head of state with a parliamentary system. The last general elections took place in May 2006 and returned the People's Action Party.
The Singapore Government has a comprehensive website with links to the various departments (or Ministries). These sites are useful sources of information for companies interested in doing business in Singapore.
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The Singapore Government is active in numerous international associations and agreements promoting free trade including the World Trade Organization, the Association of South East Asian Nations, and the Asia Pacific Economic Forum (APEC).
In addition, Singapore is pursuing a number of free trade agreements (FTAs). Singapore has signed FTAs with New Zealand (2000), the European Free Trade Association (Switzerland, Norway, Iceland and Liechtenstein) (2002), Japan (2002), the US (2003), the Republic of Korea (2005), Panama (2006) and Peru (2007). It has also finalised a comprehensive economic cooperation agreement with India (2005) and the Trans-Pacific Strategic Economic Partnership (Brunei, Chile and New Zealand) (2005) and is currently negotiating FTAs with Canada, China, Eygpt, Mexico, Sri Lanka and the Gulf Cooperation Council.
Singapore is a net importer of goods and is Australia’s largest trading partner in South East
Asia currently ranking eighth in total export of goods. Singapore is one of our fastest growing markets for the export of Australian services, which characterises the changing composition of Australia's exports to Singapore.
Major Australian exports to Singapore (2007):
- Crude petroleum – A$947 million
- Refined petroleum – A$600 million
- Non-monetary gold – A$458 million
- Milk and cream – A$169 million
Major Australian imports from Singapore (2007):
- Refined petroleum – A$5,778 million
- Non-monetary gold – A$881 million
- Computers – A$335 million
- Musical instruments – A$286 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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