Brief History of Singapore. A massive industrialization program was launched with the extension of the Jurong industrial estate and the creation of smaller. Singapore Country Profile . A group of Chinese stand outside a store on an impeccably paved street, selling fresh dim sums. On the opposite side, an Indian hotel sports a shiny sign, its name displayed proudly in English and Tamil. Two women dressed in typical Malaysian headscarves walk down the small street and emerge onto the main road, which offers a view of the splendid skyline of modern Singapore. Situated on the southern tip of the Malaysian peninsula, this multi- cultural city with lights, pubs and money also charms tourists with its corners of ancient temples, slivers of history and imposing colonialism. Known for its clinical neatness and stringent rules, the Republic of Singapore is a haven for tourists and business people alike.
Confluence of cultures. The island of Singapore was a part of the Javanese Sri Vijaya Empire and originally had the name Temasek or Sea Town. First mentioned in the 1. Javanese chronicle Nagarakretagama, Temasek was a bustling trading port which decayed soon into oblivion. Legend has it that a Malay prince encountered an animal resembling a lion and named the island Singapura or Lion City, considering it to be a good omen. Singapore prospered, but soon was invaded by the Javanese Majapahit Empire and the Thai kingdom of Ayutthaya. The close- up of a glazed ceramic mural at the Chinese Chamber of Commerce in Singapore. Established just over one hundred years ago, the organization has a membership of 4,0. Chinese enterprises. These forces drove out King Paramesvara who eventually found the kingdom of Malacca. This realm not only became one of the busiest seaports of the 1. Islam. The 1. 6th century saw Singapore changing hands of ownership and becoming part of the Sultanate of Johor in the Malay Peninsula. Trading outpost to the British. Historical growth: It was only in the 1. British that Singapore regained its prominence as a trading post. The British had a robust trade going with China and they needed a landing base for goods. In 1. 81. 9, Sir Stamford Raffles signed a treaty with the temenggong. Abdu’r Rahman on behalf of the British East India Company to secure Singapore as a British trading post. Industrialization of Developing Countries Analyses by Japanese Economists —The 21st Century COE Program Joint Report— University of Tokyo “Manufacturing. Chapter 8 Infrastructure Development in Singapore Hank Lim Singapore Institute of International Affairs March 2008 This chapter should be cited as. Singapore thrived under Raffles. Shipyards, markets, churches and other infrastructure quickly sprung up changing the sleepy seaport into a commercial town. Immigrants began pouring in from all around, attracted by the now tariff- free port, and a flourishing colony with a military and naval base was established. Chinese were the highest number of immigrants, and by 1. Singapore becomes an important port: Singapore’s prosperity pressed ahead with the opening of the Suez Canal in 1. The arrival of the automobile industry created a demand for rubber and tin from Singapore and other South East Asian countries, which was a big boost to its economy. It also became a successful port due to entrepot trade, which allowed the entry of commodities with no taxation and minimum restrictions. Singapore became the export center for rubber by the end of 1. This allowed goods to be imported duty- free solely for export. Numerous ships brought in medicines, gold, silk, spices, tea, porcelain and other commodities including opium from India. War, peace and independence. Singapore continued to rise until the Japanese invasion during World War II in 1. Between 1. 94. 2 and 1. Japanese occupation, its economy suffered a huge setback. Food and other basic commodities were in short supply, while inflation ballooned to enormous proportions. In 1. 94. 5, Japan surrendered to the British who came back to Singapore to find their colony in shambles. But Singapore was blessed by the sea, and it soon began to recover with worldwide demand for tin and rubber. By 1. 94. 9, its economy had stabilized and immigrants flooded in from India, which was undergoing its own struggle for independence. Separation from Malaysia: Singapore awoke not just economically, but also politically. Increasing sentiments of nationalism were voiced, giving rise to numerous parties. In 1. 95. 9, the People’s Action Party (PAP) was elected with Cambridge- educated Lee Kuan Yew as the Prime Minister who ruled for the next 3. In 1. 96. 5, Singapore and Malaysia formed a Malaysia Solidarity Convention, but it dissolved in a few months. With differences growing between the two sides, Malaysian Prime Minister Tunku Abdul Rahman decided to separate Malaysia from Singapore, leading to its independence on August 9, 1. The same year, Singapore joined the UN and the Commonwealth of Nations, and became a republic with Yusuf bin Ishak as its first President. During the early 1. Singapore improved relations with Malaysia and Indonesia, and cooperation agreements were signed. Economic ties were renewed with Malaysia, and Singapore became a major investor in the Malaysian economy. By the 1. 99. 0s, Singapore was known for its tough, even extreme, measures to maintain civil order. Since 1. 99. 1, the Singapore government has executed over 4. Go to Top. The making of Singapore Inc. The popular narrative about Singapore’s economy is that it emerged on the global economic map as soon as it separated from the Malaysian Federation on August 9, 1. National Day. More than a century of serving the commercial interests of its colonizer, the British Empire, had already turned the little island into a bustling port and a key trading entrepot in South East Asia. The primary step, they realized, was to open up the small, domestic market. The result of their efforts was the creation of a mixed economy which stood for free- market policies, yet one in which the government exerted control. Soon after, Singapore could become a byword for a stable, efficient, clean, corruption- free environment. The model thus created has come to be known as the Singapore model which many a small nation has tried to emulate, albeit without success. A close look at how the economy has developed during the 5. Singapore Inc. Luring some of the world’s best minds to join its workforce and tapping their expertise to get the local people trained, and a ruthless efficiency which left absolutely no room for worker dissent were among the salient features of this economic transformation program. Huge tax breaks, low costs of operation, superior quality of life, and an English- speaking population were the big draws for foreign corporations. Moreover, the multinationals brought along their own market and distribution networks, giving Singapore a lesson in the how the rest of the world functioned. This knowledge would come in handy when Singapore started exporting its own wares to countries located far and wide. For a rich and prosperous country, one would expect Singapore to be generous with public welfare. The government will step in only if it is convinced that a person is truly in need of help, like a student who can’t fund his education or a struggling, elderly person. To be fair, the government provides primary education for all Singaporean citizens. Likewise, workers who are fired are not entitled to benefits. The bottom line is simple: the onus is on citizens to save up for their future. American essayist Emerson’s idea of “self- reliance” seems to be the underlying motif which drives various government schemes with their focus on making people “job- ready”, not making them lazy with hand outs. Despite rising inequality, poverty is hard to find in the country. Politically too, the city- state appears to take prudent steps. It has no enemies, only trade partners. Geopolitical squabbles do not concern the nation, which is firmly rooted in Asia yet Western in its outlook. The economy and the people seem to work in tandem. Services and industry drive growth. For a country which originally made its name as a trade entrepot, exports are crucial to its growth. Thanks to the investor- friendly and export- oriented policies adopted by the government after Singapore’s independence, growth averaged 8% per annum between 1. The country’s geographic location also helped Singapore emerge as the one of the busiest ports in the world, giving the likes of Rotterdam and Hong Kong a run for their money. The complete lack of natural resources such as energy and food prompted Singapore to focus on its export- import sector. The significant feature of the country’s exports is its re- exports wherein the firms and industries operating in the country import raw materials and processes them before re- exporting. Interestingly, as Economy Watch pointed out, 4. Singapore’s exports consist of re- exports. Singapore’s buzzing petrochemicals industry is a case in point. Without producing a single drop of oil, Singapore imports the commodity from other nations, refines it, and exports it to economies which require those products. Hong Kong, Malaysia, Indonesia, U. S., China, and Japan are Singapore’s major trading partners. From its humble origins as a small seaport trading tin and rubber, Singapore has been ranked the world’s busiest port by shipping tonnage since 1. By the early 7. 0s, Singapore’s manufacturing sector had undergone a sea change, thanks to foreign investments, mainly from the U. S. Companies were either foreign- owned or tie- ups with local firms. Along with foreign money came technical knowhow which Singapore made use of fully to improve productivity in sectors such as electronics and petrochemicals. The economy, which started off with exports of textiles and basic electronic goods in the 7. Small wonder that manufacturing and industry came to contribute about 3. Singapore’s gross domestic product. As the economy expanded, the demand for more value- added services also grew. Singapore has emerged as the fourth- largest offshore financial center in the world, thanks to the open, welcoming investment culture, low taxes, and the ease of setting up a business which attracted multinational banks and financial institutions in droves.
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