Links
Major Industries

You are here: Home » Incorporation » Major Industries

TOURISM

Tourism in Singapore is one of the biggest service sectors and attracts millions of the tourists each year. Its cultural attraction reflects its colonial history and Chinese, Malay, Indian and Arab ethnicities. Singapore is environmentally friendly, and maintains natural and heritage conservation programs.
Singapore tourism board aims to tripple their earnings to $30 billion and double their tourists by 17 million by 2015. With the development of tourism the other sectors also promotes like medical tourism, business tourism, retail tourism and many more. Various steps are being taken to make Singapore a must visit destination.
The Orchard Road district, which is consider as the center of tourism in Singapore which is a multiple-storied bulding with hotles and shopping centre. Other popular tourist attractions include the Singapore Zoo and its Night Safari are the two other most popular tourists attractions, which allows people to explore Asian, African and American habitats at night. hosting the Youth Olympics in 2010 etc make Singapore a great tourists place as a result of which there is tremendous growth in hotel and food & beverage industry.
Singapore airline voted best as best airline in the world and Asia, Singapore's Shangri-La as the Best Business Hotel Worldwide and Singapore's Changi Airport as the Best Airport in the World.

BIOMEDICAL SCIENCES

Biomedical sciences emerged as one of the strong pillar of Singapore's economy in recent times. Singapore has become a key center bio-medical activity such as basic research, clinical development, product and process development, manufacturing and health-care services. Singapore approach towards achieving excellence in these sectors- Industrial Capital, Intellectual Capital and Human Capital.
Singapore’s MerLion Pharmaceuticals made it to FierceBiotech’s 2007 industry is a worldwide biotechnology company. In annual Scrip awards in London, December 2007 company received the “Best Company in an Emerging Market” award.

In November, Singapore positioned as the home base for the two major newly launched biologics manufacturing industries.It helps to cut down the R&D cost and increase the development time. Presently there are now 2000 international researchers in Singapore working on drug discovery, medical technology and genetic research.
Due to Singapore's global connectivity, highly skilled workforce, world class infrastructure and pro business environment are some of the reasons as to why it is becoming a popular destination for biomedical and pharmaceutical companies.

LOGISTICS

Singapore upgrading its infrastructure and connectivity in order to remain a regional logistics hub. In 2007 Singapore ranked as the top logistics hub in the world by the World Bank. This provides a strong base for the Singapore to develop and delivers sustainable supply chain solution for the global economy.

Singapore's logistics industry is encouraged to adopt best practices, develop supply chain security guidelines and create an industry wide IT platform. Singapore is on 21 out of the 25 largest third party logistics companies in the world. Singapore established different regional centers in Singapore that includes Hewlett Packard, LVMH, Numonyx, Roche Diagnostics and Schering-Plough.
As the Singapore has the wonderful sea location its port is a junction, linking the nation to more than 700 ports in 130 countries. In its Harbor there are six terminals which can manage container ships, bulk carriers, cargo freighters, coasters and lighters.

For the air cargo Singapore's Changi Airport is also one of the busiest airports. Singapore provides 78 airlines with over 4000 flights connecting to more than 180 cities in 59 countries.
      Asia’s leading logistics education and research institute, The Logistics Institute - Asia Pacific, is based in Singapore and has more than 100 alumni. Since 2003, TLI-Asia Pacific has been conferred Asia’s Best Education Course Provider for six consecutive years at Cargonews Asia’s annual Asian Freight & Supply Chain Awards.

 

Banking and finance

In Banking and finance Singapore becomes the hub on Southeast Asia. Singapore is holding many international banks, wealth management firms and other financial institutions. Foreign exchange and insurance are the main development sectors of banking. A strong economy, straightforward infrastructure, pro-business environment, talented international workforce has made Singapore one of the major International Finance Centre of the world. Excellent Geographical location and communication make 24 hours trading possible in Singapore. Singapore is coming up in the 5 top most companies regarding foreign exchange trading centre in the world. Various institutions of banking and finance were set up to develop and expand this sector and get the expertise in this industry.

 

CHEMICALS

As the demand for chemicals, from basic petrochemicals to specialties, are increasing rapidly in recent years as Asia economies continue to develop at different paces. Singapore is considered as the one of the world's leading chemical hubs. According to Singapore's Economic Development Board, Singapore is now among the top 10 petrochemical hubs in the world. Together, Singapore's petrochemicals and specialties sectors contributed to S$33.7 billion of the manufacturing output in 2007.
It is estimated that with the new launch of ExxonMobil and Shell will increase Singapore’s total ethylene output in coming 2011 from two million tonnes per annum (tpa) to four million tones per annum.
The Institute of Chemical and Engineering Sciences (ICES) which is Located on Jurong Island, doing world class research programmes in developing new processes and applications for the chemical industry. Also it trained new entrants to the chemical industry so as to enhance the capabilities of existing professionals. 
Currently over 1000 specialty companies are there in Singapore, many of which are very high profile companies such as 3M, Evonik Degussa, Huntsman and Siltronic.

According to the Minister of Trade and Industry of singapore, Mr. Lim Hng Kiang, "Singapore is investing heavily in our technology infrastructure, and working with companies to establish new innovation centres to develop new products that serve the Asian and global markets”. Singapore is not a producer of the oil or gas, the raw materials for petrochemicals in spite of that Singapore continually evolves to meet ever changing market requirements.

 

CONSTRUCTION

Singapore's construction industry has been growing tremendously in recent years. The new two coming up Casino Resorts, new shopping malls, hotels, residential projects, building business parks and a sports hub, will ensure that the construction industry grows strongly in the coming years. No effect on the Singapore construction due to current economic recession. The construction industry is expected to lead Singapore's economic growth in 2008-09, as per a poll by 19 economists. In 2007 the construction sector grew by 20.3%.

 

 

EMERGING INDUSTRIES

CASINOS

From the last 40 years the casino industry had been strictly banned in Singapore but now two major projects of world class casinos are slated to open by 2009 and 2010 respectively. According to the Singapore government the casinos are believed to boost the tourism and hospitality sector, along with other service industries. The government believes that this will be a stepping stone towards shedding and increases the countries economy. The emerging of casinos expected to boost about S$30 billion by the year 2015 and also the job market expand by 30000 direct and indirect jobs. New educational institute with high specialized course on Casino operations and management has already began.

HEALTH CARE

Singapore poised to become Asia’s best healthcare system, and its standard of medical practice ranks among the best in the world. The Joint Commission International (JCI) has proposed ten hospitals and three medical centres in Singapore.
Due to Singapore’s world-class healthcare facilities more than 400,000 foreign patients are there in 2006. This demand is expected to grow and improves the economic growth across the region. Singapore’s objective is to increase the number of foreign patients to 1 million by the year 2012. With the affordable, quality and premium health-care more patients are coming. Thus, the health-care sector is growing and presents many opportunities to become a strong pillar of the Singapore.

 

Education

Presently Singapore is a global education hub. Due to its strategic geographic location, reputation for academic excellence, a safe environment and opportunities for institution-industry collaboration attracts the students to get in there. As the language of study is English hence there is a great chance of large number of students of other countries. Several internationally renowned institutions like INSEAD, James Cook University, University of Chicago Graduate School of Business, and Stanford University have set up campuses in Singapore. Singapore’s Economic Development Board convey that there are more than 16 leading foreign universities from Europe, USA and Asia with substantial activities in Singapore.

 

Info-communications and Media

Info-communications and Media contributes a large part in Singapore’s economy. Singapore wants to become a 'global media city’. Now the partnerships with foreign businesses boost industry in the international media scene. Singapore’s own channels are now famous in worldwide.
Action-comedy drama 'Rouge', a 14 part TV was produced in partnership with MTV Asia.
A documentary co-produced by Singapore and Canada  'Samurai-Behind the Blade', was telecast on National Geographic Channel.
The feature film, 'My Magic' has the world premiere held at the Cannes Film Festival in May 2008.Singapore's media industry is expected to grow by 9.6% within the next three years.
Mr. David Ng, Deputy CEO of IAH Games said, "Using the very strong infrastructure that we have in Singapore, we're able to reach out to all the countries in the region, so we target 20 million gamers within the next five years."

Singapore presently has about 500 local and foreign media companies with animation, post-production and distribution being their focus areas. Some of the world famous channels like BBC, CNBC Asia, Discovery Channel Asia, MTV Asia, Walt Disney, Star Sports, ESPN etc. have opened their offices in Singapore. With the upgrading of media, telecommunications and computing, the Digital Media and Entertainment sector (DME) has developing tremendously in recent times. High-speed connectivity, excellent infrastructure, strong Intellectual Property rights regulation are the main qualities of this industry.

In the World economic Forum’s Global IT report 2007-2008 Singapore ranked fifth globally, as the Most Networked Economy. Computer usage increases in 2007.

 

©2010 GNV Consultancy Pte Ltd. Co Reg. No: 200919713D
All rights reserved.