Singapore is the second most competitive economy in the world (IMD, 2022), as well as the most advanced and stable country both in political and financial terms in the Southeast Asia. It ranks second in the world for investment potential, and third in openness to international trade.

On top, the proactiveness of its government to attract FDI, its commercial aperture, tax incentives, stability, fierce legal protection of intellectual property rights, intelligent design, lack of corruption and being the only Asian country with AAA credit rate; has made of Singapore one of the most attractive destinations for traders and investors globally, as well as the main business Hub in Southeast Asia for finance, oil and gas, construction, shipping, medical services, green solutions and technology.

The local business culture heads towards ecology, green building, functionality and connectivity; being necessary to obtain all the pertinent Green Labels, licences and local partners established by its legislation before being able to operate in the Country.

The commercial mindset is deeply rooted in Singaporeans, always with a win-win-win mindset, with personal networking and proven track records being of great importance to enter the market.

INTERNATIONAL RANKINGS

Singapore’s public investment and legislation reflects its long term plan to become the first Smart Nation in the world, and the World’s Greenest City, allocating 25 billion dollars to R&D in its 2025 Plan, mandatory green building legislation for all developments in 2008, more than 1300 km of lanes for personal mobility devices by 2030, and investing strategically to keep on building an “intelligent infrastructure” with interconnected sensors and innovative analysis technologies.

To manage its growth while achieving its goals, the Government has established a closely interconnected net of branches such as the Urban Redevelopment Authority (URA), which designs the purpose of the entire land, the House Development Board (HDB), which develops over 80% of all housing in the Country, the National Environmental Agency (NEA), or the Smart Nation Platform, among others.

For all the above, together with its commitment to innovation and life quality standards, Singapore is considered a “Living Lab” for innovation, where key companies can implement their solutions and ideas and test their potential global use for the smart city in data-driven public safety, resilient energy, intelligent transportation, and infrastructure, civic engagement, and sustainable planning and administration.

SMART CITY

Singapore is a mature market with a pool of very well established players controlling the main import and distribution channels. Thus, penetration through direct sales is unlikely to happen. Local companies require strong commitment and direct investment from suppliers in order to include them in their portfolio.
For all this, the most used penetration formula is through distribution or agency contracts where suppliers commit actively to participate closely with their local partner in both the marketing and commercialisation of their products.

If Singapore is your dream Smart City, drop us an email with a brief explanation of your product or project, including questions, objectives etc. so we can study whether we are the right partner for you and come back with a customised proposal.

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