Singapore 2

MINT MEDIA MARKETING INITIATIVE

SINGAPORE

Architecting the New Pillars

India Can Leverage Its Special Relationship with the Nation State as the Latter Recreates Itself for the 21st Century Some countries are showcases of excellence. Perhaps nowhere is this better reflected than in the case of the 21st century Singapore as it strives to take itself to the next stage. Today, two years short of its golden Independence anniversary, the nation state can celebrate its global leadership with elan’.

Consider just a small select snapshot of global rankings from a variety of dimensions: World Economic Forum in its Global Competitiveness Index 2012–2013, ranked Singapore 2ndout of 144 countries.

Singapore is rated No.1 worldwide for the ease of doing business by the World Bank for 2012, consecutively for 7 years.

Singapore is 4thon the Economist Intelligence Unit’s Asia’s Most Livable City survey.

It is also at the 8th position in the Global Innovation Index 2013 brought out by INSEAD and WIPO. In yet another category, it stood 29thin the World Tourism rankings by the World Tourism Organization.

Growing pains following Independence

But these accolades have not come easy nor have they accrued in a short period of time. After Singapore separated from Malaysia in 1965, it found itself in a precarious position. Saddled with a small, poorly-educated population, few natural resources, and an economy largely dependent on entrepot trade, there was little on its side. With such adverse conditions surrounding the small domestic market, it realized that import substitution was not sustainable.

What made it worse was lack of trained manpower and capital to develop domestic enterprises.

So how did it transform itself? Singapore turned to an export-oriented growth strategy, with foreign direct investment (FDI) as the pivot to generate the much-needed exports. As world trade and invest-

Park Royal

ment flows boomed, American and European firms seeking sites for offshore assembly plants began to see Singapore as a viable manufacturing venue, thanks to low labor costs and tariffs. The strategy worked.

This soon expanded to more business. As low-tech assembly work took off, capital-intensive industries also grew. Singapore soon became the largest petroleum refining centre in Asia. By the late 1970s, there were several global petroleum companies, including Shell and British Petroleum, which based their refinery operations here. But the oil shocks of the 1970s brought some setbacks to Singapore.

But over the next three decades it rebuilt itself as Singapore took a series of decisive strategies and initiatives. By 1997, when the Asian financial crisis struck, it was time for another economic restructuring of the Singapore economy so that it could move towards a knowledge-based economy. It also realized that its education system must change so that there is a much more ability-based, aspiration-driven system. In the process, it built a nation state that became the envy of the world.

Transforming Singapore on the Global Stage

But by 2008, another financial crisis of global dimensions loomed and signaled another important shift in the global economy. It was time to reinvent Singapore once again even as the world struggled to adjust to the new normal.

This had to be done within three broad constraints that faced Singapore. Firstly, as a small economy, Singapore had to stay open to remain relevant to the Marina Bay Sands

world. To engage India, for instance, it had to ask itself how relevant it could be to India as a much larger economy. Secondly, with virtually no natural resources, talent was its most important asset. Therefore, it took every effort to develop each citizen to the fullest through investment in education. Finally, as a multiracial, multi-religious and multi-cultural society, it was important to create a sense of togetherness as one people amidst this diversity.

It was in such a backdrop that Singapore went about

recreating itself to put the world spotlight on it once again. That required skills, education, a critical mass of talent and the ability to work together among the diverse population.

Singapore took some other far reaching steps too: the most important of them being to temper the rigours of the free market to make sure that it had a socially more optimal outcome. In the last few years, as it developed its economy, it has done so in many different ways. While it uses the free market mecha-

An Arty Sojourn for the Business Traveler in Singapore Singapore offers a world of opportunities by part- launch, AIM will showcase 14 galleries dotted nering with meeting planners and event organiz- around Singapore, which are located in dedicated ers to create winning solutions for your business arts and heritage districts including the Bras Baevents. Surrounding Singapore’s financial center sah / Bugis Cultural Precinct, Gillman Barracks, is a variety of leisure havens perfect for kicking Old Hill Street Police Station, Raffles Hotel Arcade, up those business shoes and winding down af- and TanjongPagarDistripark. Arts enthusiasts and ter business hours. Singapore’s unique culture is art lovers can expect participating galleries to exemplified in its diversity, which is reflected in feature both established and up-and-coming artthe broad spectrum of museums and exhibitions ists from Singapore, Asia, and around the world. that populate the city. You’ll find traditional and (www.agas.org.sg/aim_event.acv) modern venues that showcase everything from Titled If the World Changed, the Singapore Biennale features works by art and culture to sci82 artists and artistcolence and history. lectives from 13 counWhether you’re an tries and draws on the art fiend or a history combined expertise of buff, The Singapore its team of 27 curators, a Art Week (13 to 19 significant 93% of works January 2014) is one are by artists or collecsuch educational tives from the region, platform for all to resulting in the strongget familiar with the est Asian representabeauty of the loArt Science Museum (Photographer: Vincent Chong) tion to date. The engagcal arts and culture. ing works of art here During this week, aims to deepen ones Singapore art comunderstanding of the munity will showcase sociocultural, economic, 60 visual art events aesthetic and ideologialong with internacal complexities of the tional fairs like the South Asian region. With Art Stage Singapore. the works tightly located Art Stage Singapore around the city centre, focuses on putting viz., National Museum Southeast Asian of Singapore, Peranakan Contemporary art in Art Stage Singapore 2014 Museum, Fort Canning the relevant context through its international platform, and is currently Park, National Library Building, Singapore Manthe only international art fair to do so. So visit agement University and Waterloo Centre as well Singapore’s very illustrious Marina Bay Sands for as Our Museum @ Taman Jurong.; art lovers will The Art Stage Singapore and witness world class be able to conveniently access and explore one of the most inspired range of works with ease. works of art. (www.artstagesingapore.com) The Art Galleries Association Singapore (AGAS) is (www.singaporebiennale.com) organizing the first-ever bespoke tour of art gal- Make the most of your business trip in this vibrant leries across Singapore – ART IN MOTION (AIM). city that suit your moods, likes and preferences.

The two day event is a multi-venue arts and cul- Be it business or leisure Singapore has it all. tural experience that will be held in conjunction For more information log on to www.yoursingapore.com with Art Stage Singapore 2014. In its inaugural

MINT MEDIA MARKETING INITIATIVE Gardens by the Bay

India & Singapore: A special relationship

Singapore is a global financial hub that offers sophisticated financing solutions backed by strong financial infrastructure that allows fund raising and support from international banks. nism, the government has played a more active role in education. It provides subsidized and good quality healthcare to the entire population. In housing, Singapore has enabled 85 to 90 per cent of the Singaporeans to live in public housing and, of those owning their own houses, they now have substantial equity to their name. Even the lowest 20 per cent of the population have US$100,000 networth per household on their home.

In the last five years following the 2008 crisis, Singapore has rebuilt its edifice and pillars to emerge as a stronger nation state.

From a political and regulatory stability standpoint, Singapore has strong credentials.. It is important to know that this virtual AAA rating for Singapore is unique in Asia. It is a stable, consistent and clean counterpart for other countries and global institutions with transparency as a non-negotiable element of its DNA. The true Singapore success story has been in developing a highly-educated, efficient and productive workforce throughout the years. It is also a country where intellectual property rights are well-protected and an effective location for the pursuit of knowledge, research and development.

Singapore is a global financial hub that offers sophisticated financing solutions

backed by strong financial infrastructure that allows fund raising and support from international banks. On top of being a wealth management hub, with more than US$1.8 billion managed out of Singapore, the Singapore Stock Exchange (SGX) has 40% of its listings from foreign companies and is a top listing venue in Asia for Business Trusts. It is Asia’s bond centre with more than 1,300 bonds, of which 11.8% are issued from Indian companies. Singapore is also a foreign exchange hub with an average daily trading volume of US$337 billion and recently became the second clearing centre for the Chinese renminbi.

In reinventing itself, it has done things which are valuable to it and interesting to others. But for the next 20 years it has to continue to move ahead of other cities and countries because in that period, Singapore needs to continue to reinvent itself as other countries continue to advance in their competitiveness.

In fact, it is predicted that a country like India may perhaps have 30 to 50 cities that would be of global scale and importance.

Helix bridge

That recognition of mutual benefit and need has been the bedrock of the Singapore-India relationship over the decades and increasingly in recent times. India’s transition in the last two decades of economic reforms and Singapore’s transformation and economic growth model have been benchmarks for each other in pursuing shared dreams and values. It is also a partnership that stands on the foundation of shared values on regional and international issues. Indeed, it was India’s early relations with Singapore that led to the possibility of the “Look East’ policy that has now become a crucial part of the diplomatic initiative in the region. It is also two decades of India’s relationship with the ASEAN region and again, India’s traditional ties with Singapore have only strengthened its role in the ASEAN bloc.

The 2005 Comprehensive Economic Cooperation Agreement (CECA) between India and Singapore led to increasing trade and investment between the two countries, with 2012 bilateral trade figures reaching US$24 billion. It is India’s largest trade and investment partner in ASEAN and has been a valuable partner in India’s infrastructure development with investments from Ascendas business parks and Hyflux’s desalination plant. Singapore is India’s largest outbound investment destination, according to RBI, with Indian investments into Singapore grown to almost S$29.8 million in 2012 and more than 4,500 registered Indian companies in Singapore. Today, about half a dozen Indian cities are directly connected by air to Singapore. In the air corridor, there are more than 430 flights between India and Singapore.

While cultural ties between both the countries span decades, linkages continue to be strengthened between the museums and educational institutions of both countries. Singapore has been a great supporter of the ambitious Nalanda University Project and has recently inked a Memorandum of Understanding (MOU) to cooperate on Vocational Education and Skills Development with Singapore’s Institute of Technical Education.

Thousands of Indians work in Singapore and an equally large number study in the nation state every year.

If the 21st century, as many people predict, is going to be the Asian Century, some experts posit radically that perhaps it is not right to think about just one Asia, but two Asia’s: one, a China-centered Asia and the other, an India-centered Asia. Crucially, Singapore will have a key and strategic role in both these emerging scenarios.

To be sure, Singapore and India has already taken note of the possibility of two Asia’s. Today, many Indian companies are setting up businesses in Singapore as it is a highly liveable city. Further, in recent years, many Indian business leaders and CEOs have also established their headquarters in Singapore, such Tata Consultancy Services, Punj Lloyd, Tata Communications and Fortis.

It is in the backdrop of the strong ties that already exist between Singapore and India that the contours of new relationships between the two countries are being carved in stone. They include: Innovation and enterprise beyond the knowledge economy; urban solutions that tap sustainable design, waste water management, green architecture and city planning; Singapore as a travel destination that is a new global hub for aviation and cruises and Singapore as an Asian logistics and supply chain centre.

In short, Singapore is an ideal location for companies and international leaders to conduct business, exchange knowledge, network with each other while at the same time, enjoying the myriad leisure activities that Singapore has to offer.

These are the new dimensions that will create the 21st century Singapore as it reinvents itself once again.

Singapore Airlines: Take-off with the best inflight services

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ingapore Airlines has earned a reputation as an innovative market leader, combining quality products with excellent service. Singapore Airlines currently operates 63 weekly flights to Singapore from 6 cities (Mumbai, New Delhi, Kolkata, Ahmedabad, Bangalore, Chennai) in India. The high standards of care and service provided by its internationally recognisable icon - The Singapore Girl, combined with the youngest aircraft fleets ensures that each traveller enjoys a safe and comfortable environment. In-flight services include epicurean offerings thoughtfully designed by its renowned International Culinary Panel complimented with a carefully curated list of alcoholic and non-alcoholic beverages from around the world. KrisWorld, the inflight entertainment system offers more than 1000 on-demand options to keep you abreast of news, travel information, movies

and other interactive applications.

SilkAir, the regional wing of Singapore Airlines, is a fullservice airline that currently operates 44 weekly flights to Singapore from 8 cities (Kolkata, Bangalore, Chennai, Hyderabad, Kochi, Coimbatore, Thiruvananthapuram, Visakhapatnam) in India Travellers on Singapore Airlines and SilkAir can get reacquainted with the joys of relaxation by availing of up to 12.5% discount; when journeying on First and Business Class from India to Singapore or Australia. On sale till December 21, 2013, this offer is valid for travel from Dec 1 - 31, 2013. Transit passengers to Australia can also collect a complimentary SGD 40 Changi Dollar Voucher for use at all participating shops, restaurants and lounges at Singapore’s Changi Airport. For bookings and further details, log on to www.singaporeair. com or www.silkair.com

For bookings and further details, log on to www.singaporeair.com or www.silkair.com

Business Class

People visiting Singapore, here’s your chance to win gift vouchers from XY – Just log on to (provide URL) to answer some questions and the first [50] entries will win $XX vouchers each.