Singapore is currently one of the most attractive investment destinations in the world thanks to how easy it is to do business here. In fact, the regional and global connectivity is unmatched, while its workforce is known for being both hard working and talented. Add to that the government’s business-friendly procedures and you’ve got the perfect destination for international business to flourish. To view current job offerings in Singapore, we recommend visiting My Careers Future. So, if you’re a budding or aspiring entrepreneur or job seeker that’s looking for ideas, here are the top trending industries in Singapore to look at:
1. Information Technology
At this point, Singapore has established itself among the world’s leaders in IT, which is why a lot of IT companies are making their way here. Twitter already has a foothold with one of its headquarters being located in Singapore, while Netflix is looking to also establish its presence by opening its first Asian regional hub.
Through its Smart Nation initiative, the Singaporean government aims to leverage technology as a tool to benefit its citizens both socially and economically. As part of its preparations, the government had already spent US$2.2 billion on IT infrastructure, data and web services and ICT tender by 2015.
Meanwhile, the IT market is said to have reached US$1 billion in 2017 alone, which is why the Singaporean government is encouraging entrepreneurs to go into industries like data analytics, web design, cybersecurity, cloud computing etc.
2. Professional Services
Singapore is the place to go in Asia if you want to find the best professional service firms in fields that include accounting, consulting, law and marketing. This is made possible by a combination of its broad-based workforce and a reliable regulatory framework.
Also, Singapore is often voted as the easiest place in the world to do business. This is why you’ll find that an increasing number of multinational companies are choosing to locate their regional or global headquarters in Singapore as it’s the perfect hub from which they can arrange regional strategies and carry out research and development.
The presence of these multinationals is also what feeds the demand for professional service firms that are able to provide a better understanding of the Asian market.
Singapore’s ideal setting in Southeast Asia makes it one of the most beautiful destinations in the world. Plus, it also helps that there’s Universal Studios, museums, zoos and beautifully preserved natural sights to see there as well. Singapore is also famous for having some of the most beautiful and luxurious hotels in the world, while their food is to die for! However, with over 400 hotels and counting, it’s fair to ask; where is the backing for all this development coming from?
The biggest demand seems to be coming from international visitors who travel to Singapore for business, medical purposes and gambling. Also, the tourism industry may not have done well in the past but there are plans in the pipeline to revive it in a big way.
4. Finance: FinTech
The financial sector in Singapore is well-respected around the world. However, it seems like there’s still room for growth in the FinTech sector. In fact, an investment of $225 million has been provided by the Monetary Authority of Singapore to facilitate the development of FinTech in Singapore.
This is being done through an accelerator program known as FINLAB, which involves a goal to finance 30 FinTech startups with a $30,000 grant each, and the opportunity is available to applicants from all around the world.
Singapore is fast becoming one of the world’s top shopping destinations and it’s not hard to see why. As household income continues to increase steadily, it’s safe to assume that retail consumption, especially for high-quality and luxury goods, is only set to increase even higher.