A comprehensive overview of the Singapore market globally.
When entering a local market, it is essential to have a basic understanding of the land.
Introduction to Singapore
In a nutshell: Singapore is a small place with a small population but high population density. The market is open, but the market capacity is limited and not fully competitive. It has political stability and a developed financial sector. It is a multicultural country with interconnectivity between the East and the West.
Singapore is a city-state located at the southern tip of Malaysia, separated from the Riau Islands of Indonesia by the Singapore Strait. It became independent from Malaysia and established the Republic of Singapore on August 9, 1965. At that time, Singapore was just a poor and desolate swampy land. The per capita GDP was only $428, but by 2023, the per capita GDP is $0.091 million, with a compound annual growth rate of 10%. It is truly a miracle.
Small population: Singapore has a population of 5.6 million, with about 4 million citizens. However, the population density reaches 8,634 per square kilometer, second only to Morocco and ranking second in the world.
Multicultural: Singapore's 4 million citizens are composed of Chinese, Malays, Indians, and other ethnic minorities, forming a multicultural society. Different ethnic groups coexist harmoniously, creating a diverse cultural society. There is also a wide variety of religions and beliefs. This cultural diversity is reflected not only in social life but also in food, arts, and festive celebrations.
The way of survival and development in Singapore is to "connect the world." Singapore produces very limited things itself, and most of them are imported. It is absolutely impossible to have closed-loop if you want to develop...