Singapore is a highly developed market economy ranked as the most open in the world, with low taxation and the third highest per capita GDP in the world in terms of Purchasing Power Parity (PPP) and that is one reason why Singaporean consumers are among the biggest spenders on luxury goods.
Singapore’s IP regime is considered as one of the best in the world and Singapore ranks as the sixth most innovative nation in the world and top in Asia.
That is why it’s Singapore has business-friendly IP regime that attracts international companies as the prime destination for investment and R&D.
Singapore is also a shopping heaven and it ranks 5th largest destination countries by value of tax free shopping value after France, Italy, UK, and Germany.
Singapore consumers are resilient and brand conscious and they tend to perceive international brands to have better quality assurance, prestige and exclusivity.
Singapore also accesses APAC, ASEAN market and the economic integration (AEC).
Singapore remains an attractive gaming market, especially in the mass segment. Visitor arrivals to Singapore are also encouraging, growing 13.8 per cent year-on-year in the first quarter of this year.
- The most open market economy in the world
- 3rd highest per capita GDP in the world (PPP)
- 6th most innovative nation in the world and 1st in Asia
- 5th largest destination countries by value of tax free shopping