Industries thriving nowadays in Singapore

By Karen Milde

Are you considering doing business in Singapore? If so, it would be beneficial to find out which industries are currently thriving in the area.

Currently service industries are enormously successful in Singapore, constantly growing and providing new opportunities for entrepreneurship and investment.

Here are a few worth noting:

- Financial Services: 12% of Singapore’s GDP and 5.5% of the total workforce are involved in the financial services industry. Over the last decade remarkable financial centers, offering a broad range of financial services such as banking, treasury services, insurance and investment banking, have been established in Singapore. These centers serve not only the domestic economy, but the wider Asia Pacific region.

- Consulting Services: Nine of the top ten global HR consulting firms and eight of the top ten global business and management consulting firms are based in Singapore. One explanation for this is Singapore’s close location in regards to many Asian countries, like China and India.

- Legal Services: Since 2007 the number of registered legal services firms has significantly increased in the area. Eight of the world’s top ten law firms by revenue have established their practice in Singapore, according to Contact Singapore, which shows the enormous potential this country has economically.

- Engineering Services: In 2011 Singapore’s engineering services industry contributed to about 1.2% of its GDP and employed roughly 35,000 people. Today this industry is working towards developing innovations in engineering that will help the industry worldwide.

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