Singapore Basic Information

By | July 21, 2022
Basic data
Capital Singapore
Population 5.45 million
Language Official languages ​​English, Malay, Mandarin, Tamil
Religion Buddhism (31%), no religion (20%), Christianity (19%), Islam (16%), other (14%)
State system parliamentary republic
Head of State Halimah Yacob
Head of government Lee Hsien Loong
Currency name Singapore Dollar (SGD)

Singapore Basic Information

Travel
Time shift -7 hours (in summer -6)
Economy 2021
Nominal GDP (billion USD) 631.8
Economic growth (%) 7.6
Inflation (%) 4
Unemployment (%) 2.7

So a basic summary for a general idea of ​​the country: who has executive power and a brief description of the state establishment, legislation (briefly), the economy and opportunities for Czech companies, or problems when entering the market, if any. If the specific business culture can be described in a maximum of two sentences. Add a view into the future.

Singapore is an island city-state founded in 1819 as a British trading colony and an important naval base on the route between the Suez Canal, India and Australia. After the declaration of independence in 1965, Singapore achieved dynamic economic growth, from the point of view of finance, technology and international trade, it is today a country of great importance. Thanks to a stable friendly business environment, low taxes and an advanced legal system, Singapore has long been ranked among the top in the Doing Business rankings. Although it is a parliamentary republic with democratic elections, power has been in the hands of the People’s Action Party since its inception, which guarantees the stability and sustainable development of the country through the control of the executive and legislative powers.

For companies, especially with advanced products and services, Singapore is an interesting territory with high purchasing power and a high reputation throughout the region, but high competition and entry costs must be taken into account. For most government tenders, but also for B2B and B2C business, it is necessary to consider the need to find a reliable local partner. In recent years, Singapore has invested massively in modern technology, research, but also the highest quality human capital, which is a trend for the near future as well.

Basic information about the territory

Subchapters:

  • System of governance and political tendencies in the country
  • Foreign policy of the country
  • Population

The system of governance and political tendencies in the country

State name: Republic of Singapore (English: Republic of Singapore)

Head of state: The head of state is the president of the republic, who is elected for a period of 6 years, while at the same time rotation according to the ethnic-religious principle is respected. The President of Singapore has been Mrs. Haliman Yacob since September 2017. Check equzhou to learn more about Singapore political system.

Composition of the Government: Singapore’s government has 19 members, headed by the Prime Minister, who is the chief executive figure in the country. It is typical for the Singapore government that one minister covers several departments, or acts as a representative minister for another department. The current government of Prime Minister Lee Hsien Loong/a (son of the first prime minister and the founder) is called the government of the so-called third generation. In view of the Prime Minister’s age, a generational change was announced in April 2022, so that Mr. Lawrence Wong, the current Minister of Finance, will lead the PAP into the election.

Current cabinet composition at: www.cabinet.gov.sg

Foreign policy of the country

Singapore’s foreign policy focuses on continuously strengthening its role as a global trade, investment and financial services and transport hub. The city-state continues to develop trade liberalization, which includes in particular the expansion of the network of free trade agreements; it even occupies a world-leading position in the field of Digital Economic Agreements (DEA), having already completed these agreements with five countries by the end of 2021. Singapore generally strives to maintain good relations with all countries and strict neutrality, but this is becoming increasingly difficult especially as to the problematic relations between China and the USA – the two most important economic and diplomatic partners – and in connection with the Russian-Ukrainian war. Singapore is also promoting a more unified and integrated ASEAN, i.e. a community of geographically closest partners. Check recipesinthebox for Singapore defense and foreign policy.

Population

Singapore is the third most densely populated country on the planet (8358 people per km 2 ), and yet it maintains a rapid population growth, mainly due to high immigration – of the current 5.45 million inhabitants, about 1.45 million are foreigners. During the covid pandemic and in connection with drastic pandemic measures, the total population of the country decreased by about 5%. The composition of the population is diverse, with Singapore based on the peaceful coexistence of races and ethnicities that respect each other. About 76% of the population are ethnic Chinese, 15% Malay and 7.5% Indian. Religious freedom is guaranteed and respected in the country, with the composition of the population according to religion: Buddhists (31%), no religion (20%), Christians (19%), Muslims (16%) and others (14%).