Smart city and nation Singapore and its business opportunities

Smart city and nation Singapore and its business opportunities

Smart nation Singapore and its business opportunities

Who would have thought that a fishing village can grow into one of the most expensive cities to live in ? The once famous Boat Quay is now lined with banks, nightlife hotspots, and restaurants. The Orchard Road, which was once a street holding a stretch of nutmeg and fruit trees, is now a shopping district, with luxury hotels and malls sprouting from one corner to another. The Marina Bay which used to hold boats now houses the ever famous three towers – the Marina Bay sands.

Singapore’s road to progress is definitely one for the books. It is no longer that small ordinary city-state.  It has transformed itself to become the burgeoning metropolis that it is now – a perfectly vibrant example of growth.

With the many achievements it has managed to accomplish, Singapore still has one goal: To become the first Smart Nation in the world. It may be an ambitious and comprehensive vision but for an economically-stable country like Singapore, it is definitely attainable.

What is a smart nation?

The Smart Nation initiative is described as ‘harnessing technology to the fullest to improve the lives of citizens’. This also includes creating more opportunities and building better communities.

To attain the vision, Singapore needs the help of universities and medical facilities, multi-billion investments, and tech start-ups, among others.

A road map to this Smart Nation initiative is to be released in the near future. It will include areas such as healthcare, transportation, green building and safety & security.

Business opportunities in Singapore

According to market research by the World Bank, Singapore is the easiest country worldwide to start a business. This is due to Singapore’s commitment to maintain a business-friendly community. It is also known to be one of the least corrupt countries in the world, making it easier for companies to enter and succeed in the Singaporean market.

Here are some of the top business opportunities in the country:

Food business

Singaporean cuisine is well known and a major attention point for tourists and visitors. The food business is completely recommendable in this city-state because of increasing tourist arrivals and their openness to global foods.

Biotechnology

Singapore has been pushing to develop its biotechnology industry for the past few years. The government has supported market research activities, recruitment of top scientists, and product development within this industry, making it a promising and budding one.

Electronics

Singapore’s electronics industry is the largest manufacturing sector, making it one of the best business ventures to invest in and get associated with.

Online retail

With Singapore’s busy lifestyle, it’s best to tap a market that will surely fit every Singaporean’s lifestyle. Busy streets and crowded malls have led to the burgeoning of the online retail sector making it a successful one.

Financial services

Owing to Singapore’s fast economic growth, its financial services divisions have gained immense demand. Services such accounting, auditing, and bookkeeping are the most sought after.

With the Smart Nation initiative, the country’s overall business climate will continue to improve as it entails bringing together sectors needed for development. The initiative will also address Singapore’s urban challenges including urban density, elderly population, transport requirements, and energy demand. With its highly comprehensive plans to make a better community, Singapore as the Smart Nation will definitely come to life in the near future presenting many opportunities for local and international players.

This entry in Asia was updated on September 24, 2016 by specialist.