Economic sectors of Singapore

To maintain its competitive position despite rising wages, the government seeks to promote higher value-added activities in the manufacturing and services sectors. It also has opened, or is in the process of opening, the financial services, telecommunications, and power generation and retailing sectors up to foreign service providers and greater competition. The government has also attempted some measures including wage restraint measures and release of unused buildings in an effort to control rising commercial rents with the view to lowering the cost of doing business in Singapore when central business district office rents tripled in 2006.

Banking

Singapore is considered a global financial hub, with Singapore banks offering world-class corporate bank account facilities. These include multiple currencies, internet banking, telephone banking, checking accounts, savings accounts, debit and credit cards, fixed term deposits and wealth management services. According to the Human Rights Watch, due to its role as a financial hub for the region, Singapore has continually been criticised for reportedly hosting bank accounts containing ill-gotten gains of corrupt leaders and their associates, including billions of dollars of Burma's state gas revenues hidden from national accounts. Singapore has attracted assets formerly held in Swiss banks for several reasons, including new taxes imposed on Swiss accounts and a weakening of Swiss bank secrecy. Credit Suisse, the second largest Swiss bank, moved its head of international private banking to Singapore in 2005.

Tax evasion is illegal in Singapore; however, according to an Organisation for Economic Co-operation and Development official, Singaporean authorities tend to cooperate with other countries' tax authorities only when evasion of Singaporean taxes is involved.

Biotechnology

Singapore is aggressively promoting and developing its biotechnology industry. Hundred of millions of dollars were invested into the sector to build up infrastructure, fund research and development and to recruit top international scientists to Singapore. Leading drug makers, such as GlaxoSmithKline (GSK), Pfizer and Merck & Co., have set up plants in Singapore. On 8 June 2006, GSK announced that it is investing another S$300 million to build another plant to produce paediatric vaccines, its first such facility in Asia. Pharmaceuticals now account for more than 8% of the country's manufacturing production.

Energy and infrastructure

Singapore is the pricing centre and leading oil trading hub in Asia. The oil industry makes up 5 per cent of Singapore's GDP, with Singapore being one of the top three export refining centres in the world. In 2007 it exported 68.1 million tonnes of oil. The oil industry has led to the promotion of the chemical industry as well as oil and gas equipment manufacturing. Singapore has 70 per cent of the world market for both jack-up rigs and for the conversion of Floating Production Storage Offloading units. It has 20 per cent of the world market for ship repair, and in 2008 the marine and offshore industry employed almost 70,000 workers.

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Economic sectors of Singapore

Biotechnology

Energy and infrastructure

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