According to the World Economic Forum’s Global Information Technology Report (2009-2010), Singapore currently ranks as the world’s second most network-ready country and the first in Asia.
The report also ranks Singapore highly in a number of other categories, including:
- Market environment – number 2
- Political and regulatory environment – number1
- Individual readiness – number 1
- Government readiness – number 1
- Government usage – number 2
While a detailed statistical analysis of the Global Information Technology Report is outside the scope of this short article, there are a couple of points worth taking into account. For example, a breakdown of the individual readiness ranking shows that Singapore’s population is ranked highly in terms of quality of maths and science education and buyer sophistication. It’s an important consideration when companies are making the decision whether or not to invest in Singapore.
Foreign Direct Investment in Singapore
Essentially the Global Information Technology Report highlights the fact that the country is well placed to take advantage of ICT investment, whether it comes from Singaporean government initiatives or from Foreign Direct Investment (FDI) in Singapore’s information technology sector.
Leading Asian Economy
Of course this leading Asian economy is already making the most of its position in the global information technology marketplace. The Singapore Economic Development Board (EDB), one of the driving forces behind Singapore’s economic growth, is very clear about the importance of technology based business solutions. It said, “The huge presence of leading hardware, software and Internet companies in Singapore creates significant synergies for the industry…Singapore has the breadth and depth of capabilities that allow companies to undertake a full suite of business activities from headquarters functions, research and development…to the deployment of solutions to the global market.”
Doing Business in Singapore
UK Trade and Investment (UKTI) pose the question, “Why Singapore?” As the country's largest investor with around 700 companies already doing business in Singapore, the UK is well positioned to make the most of Singapore’s information technology revolution.
A few statistics from the UKTI sector briefing, "ICT Opportunities in Singapore," go a long way in answering the above question. The report acknowledges that Singapore’s infocomm sector is a key contributor to the country’s economic development with a forecast growth in ICT (2010) of an impressive 4.6%. In terms of value the Singapore ICT market is predicted to be worth US$ 6.43 billion (2010), an improvement on the previous year. UKTI also highlight the presence of more than 90% of Fortune 1000 technology companies in Singapore, surely an indicator of an excellent working environment.
What are the Opportunities for UK Companies to Invest in Singapore’s ICT Markets?
Singapore’s Infocommunications Development Authority (IDA) has identified a number of development areas spread across a range of sectors that UKTI has urged British companies to take advantage of. The development areas include:
- Digital Content
- Value Added Mobile Services
- Infrastructure for Wireless and Wired Networks
- Multimedia Processing and Management Web Services and Portals
- Security and Thrust Infrastructure
- Web 2.0 Services
- Cloud Computing
- Business Analytics
- Business Process Outsourcing
In conclusion, Singapore’s IDA posted a reminder that ICT is not just for business. They say, “As our future [Singapore] becomes more digitally driven…infocomm becomes a powerful leveler that can help the needy, the elderly and the disabled enrich the quality of their lives. IDA’s aim is to bridge the digital divide and create an integrated society in Singapore where infocomm awareness is pervasive and is available for one and all.”
It’s a laudable sentiment but also an opportunity for UK Business to invest in Singapore’s ICT future.
Sources:
Dutta S, Mia I (editors), The Global Information Technology Report 2009-2010, World Economic Forum, site accessed 9 February 2011
UKTI, Sector briefing: ICT Opportunities in Singapore: Why Singapore? site accessed 9 February 2011-02-09
Singapore Economic Development Board, Industry background: Information Technology, site accessed 9 February 2011
Singapore Infocomm Development Agency, News, site accessed 9 February 2011
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