Singapore. One look at the country's location on the world map would show you that it is indeed a very small country. It consists of one main island and 60 smaller isles. It has a total land area of 647.5 square kilometers with a current population of 4 million as of 2006. Considered to be the most crowded country in the world, approximately 15,200 persons occupy per one square mile (5,900 per square kilometer). However, despite its limited reserves, the country was able to turn its meager resources into a roaring economic giant. Now, Singapore is considered to be one of the most successful developing nations in the world.
From gaining capital through entrepot in the past decades, the country has risen to becoming one of the four Asian tigers along with Hong Kong, South Korea and Taiwan. It has stepped up the economic ladder from the bottom all the way to the top. To date, Singapore is the fourth largest Foreign Exchange trading center after London, New York and Tokyo. It is also considered to have one of the busiest ports in the world with over 600 shipping lines in operation, and a leader in shipbuilding and repairing.
Due to its inadequate natural resources, Singapore's economy largely depends on import/ export and manufacturing. Thus the country focused on manufacturing products such as electronics, petroleum refining, chemicals, mechanically engineered equipments and biomedical devices. It also houses more than 130 banks making it one of the most important financial centers in Asia. And in terms of tourism, Singapore has about 9.7 million visitors every year.
A closer look at Singapore's business trends would show that there are some methods or formula that precipitated their economic growth. According to Singapore's Permanent Representative to the United Nations Kishore Mahbubani, there are four relatively simple prescriptions. And these are: sustain a free and open economy, welcome foreign investment, aim for budgetary surpluses, and avoid any financial aid. Equipped with these factors, together with hard work, innovation and effective economic strategies, Singapore has become a country of strength and economic power.
