Singapore Government introduced an investment plus savings scheme as CPF or Central Provident Fund, which is a retirement plan and mandatory to have. The country spends a greater share of its budget in technological development and educational upliftment. The government own TLCs or Temasek Linked Companies, which are part of government investment wing. The TLCs are especially from manufacturing vertical and responsible for 60% of countries GDP. Singapore as a country positioning itself as high tech hub of East Asia and also as a financial centre.
Despite its small area size, the sea positioning and developed industry has helped the country to emerge as an economic superpower. In the year 1965, Singapore got separated from Malaysia and gone through a struggling period to achieve what it is today. The Government nurtured a business friendly environment and adopted an economic policy that is export-oriented and encourages foreign investment. Medicine is another sector where the government has introduced its regulation and modernized the sector.
Singapore offers a non-corrupt government, highly skilled workforce, modern infrastructure, which encouraged around 3000 Multinational companies to invest in the country and projects. These companies are responsible for more than two third of manufacturing result. Electronics is the major industry in manufacturing segment and record 48% or industrial output. Government is also giving priority to biotechnology and chemical industries. Other sectors which are upcoming now are financial services, power generation, retail and telecommunications. The government encourages manufacturing companies to offer value added product to maintain and gain competitive advantage in international market. Singapore as a nation has offered a sustainable economic model to the world which is highly successful in practice. Many nations are trying to follow Singapore model, especially those which does not have much production capacity and depend on other nations for the raw material supply.
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