Singapore Tops Asia-Pacific Future Cities
Singapore has topped the 2015-2016 Asia-Pacific Cities of the Future list published by the Financial Times. This is the third year in a row that this thriving island city-state has garnered this award, with Tokyo coming in at close second. Through the years, Singapore has managed to secure its place as a competitive front-runner in the global market, paving the way to success for thousands of international businesses and companies. The ranking was conducted and put together by authorities from fDi Intelligence, an FT unit.
Singapore never failed to outshine neighbouring cities thanks to its ever energetic foreign investment atmosphere, totalling 7.3% of all inward investment. Taipei and Seoul came in third and fourth place respectively. Tokyo managed to snag second place because of its 10-year plan to transform the city into a global financial centre. This result was also made possible through the capital’s National Strategic Special Zone program which was implemented to improve Tokyo’s international competitiveness. The FDI strategy category saw these moves as highly intelligent and strategic, causing Tokyo to soar through the ranks. In recent years, however, Tokyo was not even included in the top 10 of this category.
Taipei is another city that deserves attention for climbing up the ranks to its position at third place. This capital managed to snag first place for midsize Asia-Pacific cities. It also topped two of six major categories in the assessment, namely business friendliness and economic potential. This is because Taipei has a very secure economic atmosphere, with a GDP of an estimated $44,173. In recent years, Taipei has become an attractive location for small, start-up businesses to set-up their bases, thanks to the low export and import costs, the affordable property registration fees, and the budget friendly construction permits. The ease of establishing a business in this Taiwanese capital is easy relative to other cities, which is why it attracts so many investors.
The fDi ranking is compiled every two years and grades cities depending on their performance in six categories. Two of these categories include economic potential which measures performance based on GDP, and connectivity, which scores based on speed of internet access and the ease and accessibility of transportation methods. This is the fifth ranking published by the fDi and this year, they managed to take 163 different cities into consideration.
This ranking aims to motivate Asia-Pacific cities to perform their best as a holistic city, and also gives foreign investors and companies a better idea on what city would best fit their needs and preferences. Singapore has consistently shown great ambition and unparalleled success in many facets of cityhood, and so has been awarded with the top rank three years straight. It hopes to continue on this path with continued success in the fields of foreign investment, economic growth, transportation convenience, internet speed, and over-all population happiness and satisfaction. Now, it’s no question Why You Should Expand Your Business in Singapore.
Many other Asia-Pacific cities are also vying for the position at the top of the list, putting together plans and strategies to help them achieve better outcomes.
About the Author:
Morris Edwards is a content writer at A1 Business Pte Ltd, where he writes most content on the company blog. A1 Business Pte Ltd is a One Stop Business Solutions for Singapore companies who specializes in Company Incorporation and Business Formation.