Singapore is an island located at the southern tip of the Malaysian peninsula. Initially founded as a British trading colony in 1819, it developed into an important strategic trading post for the British Empire in the 19th and 20th century. The wave of decolonization following the Second World War led to Singapore joining the Malaysian Federation for a brief period of two years, where after it gained independence as the Republic of Singapore in 1965.
Singapore is a parliamentary republic with a directly elected parliament. The economy has been heavily dependent on exports (particularly electronics), making use of Singapore's excellent international trading links and one of the world's most busiest ports.
The Asian Financial Crises at the end of the 20th century led to a government initiative to diversify the economy, make Singapore more robust against international market turbulences and to turn Singapore into an established international banking hub.
In just four decades following independence, Singapore has developed into one of the world's most prosperous countries. It is highly praised for its stable political and economic climate, pro-business environment, excellent infrastructure and highly skilled workforce. Its geo-strategic location in the midst of the booming Asian economies offers access 500 million people in the South-East Asian market and the 2.8 billion strong Asian market.
FACTS AND FIGURES ABOUT SINGAPORE
Population: 4,8 million
Capital: Singapore (city-state)
Currency: US$ 1 = $1.46 Singapore Dollar
Government: Parliamentary Republic
President: Sellapan Ramanathan Nathan
Prime Minister: Lee Hsien Loong
Singapore is the only country in Asia with an "AAA" rating
Approximately $200 billion in private banking assets are currently managed in Singapore
Roughly 700 local and foreign banking and financial institutions are present in Singapore, providing services such as consumer banking, asset management, foreign exchange, investment banking and insurance services.
Singapore has one of the five most active foreign exchange trading centers in the world
2005: the "Banker" names Singapore as the "Financial Centre of the Future"
2005: Economist Intelligence Unit (EIU) Global Survey ranks Singapore as fourth most competitive business environment
2006: KPMG ranks Singapore as the most cost-competitive business location among nine industrialized locations (KPMG Competitive Alternatives Study)
2006-2007: World Economic Forum (WEF) ranks Singapore among the top 5 most competitive countries in the world, and the most competitive in Asia
2008: Swiss-based International Institution for Management Development ranks Singapore as second-most competitive country in the world in 2008 World Competitiveness Yearbook
2008: Singapore ranks fourth in MasterCard's ranking of most influential financial centers in the world
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