The "Hot Spots: Benchmarking Global City Competitiveness" report also identified Singapore as the third most competitive city in the world, after economic and financial hubs New York and London.
The report covered a total of 120 global markets, assessed on the basis of 21 qualitative and 10 quantitative indicators.
It defines competitiveness as the "demonstrated ability to attract capital, business, talent and visitors".
Asian cities dominated the economic strength category, the most highly weighted category. Fifteen of the top 20 cities for economic strength are from Asia, with 12 in China.
Singapore rated highly in categories of physical capital (joint 1st), financial maturity (joint 1st), institutional effectiveness (6th) and global appeal (4th).
Mr Leo Yip, chairman of the Singapore Economic Development Board (EDB), said in a statement: "Singapore's favourable ranking is testament to our appeal as a global business location, plugged into the heart of a growing Asia.
"Our strong attributes of trust, knowledge, connectivity and liveability have underpinned our ability to attract investments, business, talent and ideas."
He added that Singapore's competitiveness has made it an attractive location for MNCs and global mid-sized companies to manage their business, innovation and talent, in order to tap growth opportunities in Asia.
He said Singapore is also becoming a strategic location for Asian companies to build capability to grow in international markets.
Mr Michael Zink, head of ASEAN and Citi country officer for Singapore said: "The report comes under our Citi for Cities strategy, which aims to enhance prosperity in cities around the world."
"We hope the report will help enhance understanding of market competitiveness and enable Singapore to identify ways to strengthen its reputation as a world-class financial and business hub and a great place to live," he added.
However, a researcher from the Economist Intelligence Unit who was involved in the survey said Singapore is currently lacking in some areas.
Mr Sudhir Thomas Vadaketh, senior editor, Asia, Economist Intelligence Unit, said: "In order to keep up its performance, it needs to continue to plan, to continue to invest in physical infrastructure, and continue to have open transparent policies.
"In terms of overtaking New York and London, I think some of the areas where Singapore falls short are its performance in terms of social and culture capital, and human capital.
"In terms of specific indicators, I think Singapore does not score very highly in entrepreneurship and risk-taking mindset. It does not score highly in terms of population growth, and it doesn't score highly in terms of freedom of expression and human rights.
"I think these are all several things that have been challenges that Singapore has been facing for some time now. I think everybody is aware of them.
"We have been making efforts to address them, to increase and improve the entrepreneurial culture of the city for instance. These do not happen overnight.
"I think Singapore still has some way to go in terms of improving these measures vis-a-vis New York and London. It requires not just investments and policies, but broader societal changes in attitudes and mindsets."
- CNA/al
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.
No comments:
Post a Comment