Serial entrepreneur David Tee on life as a globetrotting entrepreneur, and experiencing Singapore as a business hub

Culture and Policy: Singapore has retained its Asian roots while embracing other cultures, now boasting of a blended culture with Eurasian, Malay, South Asian, and East Asian influences, earning itself the title of ‘Gateway to Asia’.

It takes pride in its racial harmony, with respect for diverse religious and personal beliefs heavily emphasized by the government. Racial Harmony Day is observed annually on 21st July to emphasize the importance of imparting racial harmony knowledge to the youths. Concepts of democracy, peace, progress, justice, and equality are upheld through vision and action.

The people are hardworking and resourceful and have much to take pride in. Widely known for its negligible crime rate, it is amusing to note that officials had to put out a warning saying “low crime does not mean no crime,” so as not to have people lulled into a false sense of security.

Notoriously also called the ‘Fine City’, dwellers are heavily fined for rule violations – for everything from smoking in public, littering to even just chewing gum outside your home. Travelers are advised to read up on the many travel websites that talk of Singapore’s rules to avoid getting on the wrong side of the law.

Business and other attributes: As per the 2021 Index of Economic Freedom, Singapore’s economic freedom score is 89.7, the highest-ranking in the world, second time in a row. With a business-friendly regulatory environment and a low unemployment rate, Singapore is one of the world’s most prosperous nations. Additionally, with it ranking 12th in the World Justice Project’s 2020 Rule of Law Index, it has attained the status of being one of the world’s least corrupt countries. With strong anti-corruption laws, ease of business has only seen an increase.

Singapore has seen more prosperity than its lagging neighbors due to its free open market economy. Despite limited natural and human resources, it has attained a steady GDP growth over the years (the government estimates a 4%-6% GDP growth in 2021) and is considered one of Asia’s four economic tigers alongside Hong Kong, South Korea, and Taiwan. The economy is heavily reliant on exports, particularly in information technology products, consumer electronics, pharmaceuticals, and the financial services sector. Thanks to its robust manufacturing, companies like Shell, Merck, and Micron favor the country for their manufacturing needs. This corporate benevolence has now made it the 4th largest global exporter of high-tech goods, as well as the producer of 5 of the world’s top 10 drugs.

The consistent high GDP per capita has ensured that Singapore becomes one of the wealthiest nations in the world.