SINGAPORE’S ECONOMIC DEVELOPMENT OVER THE PAST 50 YEARS
Singapore assumed its independence on August 9, 1965. As a young nation with poor infrastructure and limited capital, the city-state’s future was fraught initially with challenges and uncertainty. But it was recognised very early on that for national survival, Singapore’s economy needed to be open to foreign trade and investment, in order to create good jobs and foster economic growth.
The Gateway to Asia
Located at the heart of Asia and at the crossroads of major trade routes, Singapore’s future is closely and invariably intertwined with our Asian neighbours and the global economy. We are committed to playing our role as a responsible global citizen and as part of the Association of Southeast Asian Nations (ASEAN) family. Singapore was one of the founding members of ASEAN when it was formed on August 8, 1967. Singapore strongly supports the organisation’s goal of building a strong, cohesive and prosperous community of nations in order to promote development and prosperity for our region.
Trusted Business Environment
We have built social stability and a largely corruption-free system, based on a strong legal and regulatory environment which is conducive for business. This has engendered trust in our economy and given investors and businesses the confidence in making long-term investments in our economy.
We have a skilled workforce because we believe in investing heavily in education and talent development. Today, Singapore has a globally adaptive workforce that is well-equipped to serve the diverse needs of high-value businesses.
Liveable City
Singapore is more than just an investment destination. Singaporeans and visitors alike appreciate the safe streets, good education, clean and green environment to be found, along with good quality of life and cultural vibrancy. As a highly liveable city, Singapore attracts talent from across the world to live, work and play. This brings expertise to our shores and further boosts the quality and capability of our workforce.
Advancing into the Future
Singapore celebrates its 50th birthday today. Through the hard work and the foresight of our pioneers, a new country has been built. Today, we stand together with our neighbours in the ASEAN community as a responsible global citizen, building on the countless and immeasurable contributions of our founding generations. Like many other societies, Singapore does not take future success for granted. Increasingly, we have to navigate through social, economic, technological and geopolitical forces to stay relevant and competitive in the global economy.
Nonetheless, we are confident that so as long as we stay guided by the grit and gumption of our forefathers, our best is yet to be.