Singapore Named As Top International Trade-Conducive Country
Singapore has landed on top of yet another esteemed list as it was named by the World Economic Forum as the number one country for international trade and business.
According to the organization’s Global Enabling Trade Report for 2012, which was prepared by world-renowned analysts and economists, Singapore has emerged as the top country that’s conducive to world trade based on a set of criteria. This set of criteria includes the business environment, market access, infrastructure, and state of transport and communication of a certain country.
Singapore has overtaken long-recognized trade and commerce bigwigs such as Hong Kong, Sweden and Denmark in the said list. The country has also taken the number one spot in the list during the previous evaluation period. Analysts say that this is due to the fact that Singapore constantly reviews and simplifies its policies in all aspects of its economic clusters.
“The adoption of policies that enable trade will become increasingly important, not only for enhancing development in individual countries but also for generating prosperity in their trading partners,” said Harvard Kennedy School Professor for Trade and Investment Robert Z. Lawrence. Lawrence, a South African economist, is one of the editors of the report.
Singapore is known as one of the premiere destinations of global companies that are looking into expanding their business operations in Southeast Asia for its low corporate tax rate and favorable tax treaties.
In similar news, Singapore has recently taken the number one spot as the top convention city of choice of business leaders and economists for its world-class amenities and business climate.
The Global Enabling Trade Report is being updated by the WEF every two years. The WEF is a Swiss non-profit, independent organization that brings together over 2,500 economic leaders, analysts, and members of the media to discuss the world’s state of affairs. The forum is often held in Davos, a popular Swiss Alps mountain resort. The WEF holds around six meetings in different global regions annually. This year’s forum theme is titled “The Great Transformation: Shaping New Models.”