Prime Minister of Singapore Lee Hsien Loong has always been serious about improving the economic base of Singapore, finding new ways to improve business relationships all over the world, and to build a “bulletproof economy” that can whether all of the financial storms that countries around the world are really struggling with today – and with new initiatives rolled out by his government in just the last few years he’s been able to do exactly that!
One of the biggest pushes of the government of Prime Minister Lee Hsien Loong has focused around finding ways to attract major global technology companies from all over the planet to Singapore, doing absolutely everything that the government can to improve the infrastructure, to cement international relationships, and to entice these business leaders to move their base of operations to Southeast Asia (and Singapore in particular) to the mutual benefit of everyone.
Recently returning from a weeklong visit to the United States where the prime minister met with representatives from all of the major companies in Silicon Valley, the Prime Minister was proud to announce to his people that major tech companies like Google, Facebook, and Apple already have large operations in Singapore but also have plans and intentions to roll out even larger operations in the coming years.
Expect the Singapore economic growth rate to skyrocket in the near future
This is fantastic news for those that are a little bit concerned about the slowing growth rate of the Singaporean economy.
According to information published in 2015, the economy had slowed by between 1% and 3% over the last five years, a little bit of concern for those in Singapore – even if it wasn’t the disastrous economic collapse that many nations had to contend with in the early 2000’s.
Singapore has been able to really insulate itself from that kind of disastrous economic gut punch while at the same time really pushing forward initiatives that ingratiate and intertwine their economy with the global economy. This is a delicate tightrope walk that not all countries could successfully pull off, but one that the theory business forward and business friendly Singapore government has been able to walk successfully for decades.
With the recent commitment from major tech companies in the United States to further expand their operations in Singapore many expect the economic growth rate to absolutely skyrocket in the near future and maintain that level of growth for years and years to come.
The tech sector is obviously one of the most exponentially growing areas of the global economy, and it certainly isn’t going to reverse trend anytime soon. When major technology giants that are already planning 10, 15, 20, 25 years in advance are committed to increasing their operations in Singapore it’s only a sign of fantastic things to come.
Google alone announced that they would acquire a number of local and “homegrown” businesses in Singapore in an effort to kickstart their Singapore engineering team, and Apple really wants to further invest in the region to streamline their supply chain and improve their operations.