Discuss the role Singapore can play in helping her ASEAN neighbours
develop their economies, and how this can benefit Singapore in the
long run.
The ASEAN community consist of member countries Singapore, Malaysia,
Indonesia, Philippines, Thailand, Cambodia, Vietnam, Brunei
Darussalam, Laos and Myanmar, whose collective will is through
cooperation and friendship and through joint efforts and sacrifices,
secure for their peoples and for posterity the blessings of peace,
freedom and prosperity. Upon the foundations as a major maritime and
air transportation hub for the region, Singapore has developed as an
“international financial capital”. At the same time, it is still
highly dependent on its neighbours due to its inherent resource
scarcity and small size, and despite its sound economic fundamentals,
including the largest per capita government surplus in the world, the
future economic success of Singapore depends largely on the success of
its ASEAN neighbours. Therefore it is in Singapore’s best interests to
help its neighbours prosper and this essay shall examine the role
Singapore can play in doing so, as well as how this can benefit
Singapore in the long run.
Singapore is the financial hub of Southeast Asia, and has been
consistently ranked at or near the top among preferred international
investment cities and top choice for a regional headquarters (FEER 13
December, 1996). With such an influence, Singapore can use its
economic wealth, expertise and reputation to help her ASEAN neighbours
develop their economies. Singapore has little barriers or obstacles in
doing so with the ASEAN Free Trade Agreement (AFTA) signed in 1992 and
the various collaboration councils initiated, such as the ASEAN
Industrial Cooperation scheme, Framework Agreement on Services,
e-ASEAN Task Force, etc. Hence Singapore has merely only to work and
participate through these avenues to boost her neighbours’ economies.
The first avenue for these is through AFTA which promotes
intra-regional trading. Singapore’s role is highlighted in the
dependency on major sources of imports from ASEAN countries. This
comes in the form of energy, Brunei earning substantial foreign
exchange from the exports of oil and natural gas as fuel sources for
Singapore. Moreover the growing size of value-added industry with
regards to oil refinery and oil-based products l...
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expertise to complement the other two parties. More of such
partnerships will be possible and profitable due to the removal of
restrictions between ASEAN member countries.
In the long run, such developments between countries are also
desirable because they help strengthen political relationships as well
since the countries are now binded by economic ties. Thus, we can
expect political stability within the region since it would not do any
party any good if there were to be any political upheavals that might
threaten to disrupt our development.
In conclusion, the development of the other ASEAN economies benefits
Singapore greatly as it creates endless opportunities and opens up new
markets and generates employment that tap on the managerial and
administrative expertise of Singapore. Strong regional economic
performance is definitely desirable for Singapore as it promises a
vibrant economy and prevents our economy from stagnating. It also
gives foreign investors greater confidence in Singapore and gives us
brighter economic prospects. Singapore will also prosper in helping
these economies develop because of the business opportunities that
they present.
On the 15th of February in 1942 one of the biggest defeats of the British Empire was accomplished by the Japanese, Singapore was surrendered. The Fall of Singapore was relatively destructive to the relationship between Britain and Australia. Australia relied on Britain holding Singapore as it was the last defence against the Japanese and it was feared that Japan would go on and invade Australia if it fell, Australia openly showed that they could not rely on the British for defence by becoming a strong ally with America and asking them to help with the feared Japanese invasion. Australia feared the threat of invasion constantly throughout the war, when Singapore fell the Australian government predicted a certain attack by the Japanese.
"United States Oil - Exports - Economy." Index Mundi - Country Facts. Web. 26 May 2011. .
Singapore as a country has had various transformations throughout its history, however the period 1950 and 1970 was quite critical. Much of these changes had a lot to do with the development of trade and manufacturing. This is without forgetting the financial sector where the intention was to come up with a financial hub that could be used in economic development. Looking at the case of Singapore, we would say that it is a productive economy with a very high market competition. This observation has been further clarified by the Swiss International Institute for Management Development, going with their report that they released in the year 2001 (Chellaraj & Mattoo, 2009). In this study, we intend to evaluate the case of political economy of development in Singapore and examine the tensions between the state and various economic institutions. In additions to examining this institution, we would also like to examine how these variables have contributed towards the attainment of favorable growth rates and economic prosperity.
ASEAN was formed to promote economic growth, understand each other cultures and to enhance and sustain own country’s living standards so as to allow their citizens to maximize their full potential. These countries will also arrange a meeting regularly so as to discuss on how to improve on ASEAN Trade and also with more interaction, they are able to synchronize among them and it has the benefit to ensure that civil peace are always in place.
The 21st Century has witnessed Asia’s rapid ascent to economic prosperity. As economic gravity shifts from the Western world to the Asian region, the “tyranny of distance [between states, will be] … replaced by the prospects of proximity” in transnational economic, scientific, political, technological, and social develop relationships (Australian Government, 1). Japan and China are the region’s key business exchange partners. Therefore these countries are under obligation to steer the region through the Asian Century by committing to these relationships and as a result create business networks, boost economic performance, and consequently necessitate the adjustment of business processes and resources in order to accommodate each country’s
...onal trade and investment agreements Thailand is more open than before but the production of dairy products, automobile engines and motorcycle assembly are still subject to local manufacturing content, Thailand restrictions.
Ever since the implementation of the foreign talent policy in 1997, foreigners are allowed to migrate to Singapore to work.
We will find out how Singapore manage to raises it economic development in such rapid growth aftermath of war and separation.
The industry is divided into three distinct sectors including the upstream, midstream and downstream sectors. The upstream sector includes the exploration and production of crude oil as well as the exploration and production of natural gas. This sector has experienced the largest amount of deals in terms of mergers and acquisitions, which will be further discuss in section III. The midstream sector involves the transportation of extracted petroleum from the upstream sector through pipelines, rail, barge, truck as well as storage. Finally, the downstream sector connects the end consumers through derived products such as gasoline, liquefied natural gas (LPG), liquefied natural gas (LNG), kerosene (aircrafts), and diesel…
Asia-Pacific Economic Cooperation (APEC) began in 1989 in reaction to the developing interdependence among Asia-Pacific economies. At first this organization was a group that met unofficially. APEC now has become the crucial provincial conduit for encouraging open trade and realistic economic cooperation. It’s objective is to progress Asia-Pacific economic vitality and the essence of the people.
Eight high performing Asian economies (HPAEs)-Japan; the "four tigers": Hong Kong, the Republic of Korea, Singapore, and Taiwan; and the three newly industrializing economies (NIEs) of South- east Asia, Indonesia, Malaysia, and Thailand have achieved tremendous economics growth in the last forty years of development, because of east asia has a remarkable record of high and sustainable economic growth between 1965 to 1990 its 23 economies grew faster than those of all other region. This achievement is attributable to seemingly miraculous growth in.
…world economic expansion should be least robust in a multipolar world where countries cannot be sure of stable alliances, more robust in a bipolar world because alliances are more predictable, and most robust in a unipolar or imperia...
And also it makes a good relationship between two countries. I know about the culture and people of other countries and also about that demand their desire. And just because of this people demand every businesses wants to supply their products and services to the other countries. I also know about that through this assignment most of the countries members of different free trade agreement. Trading blocs is group of countries within geographical region that protect themselves from imports from non-members. So that one is the most important knowledge I got through this assignment which helps me in my future to do something new.
During the twentieth century, the world began to develop the idea of economic trade. Beginning in the 1960’s, the four Asian Tigers, Hong Kong, Singapore, South Korea and Taiwan, demonstrated that a global economy, which was fueled by an import and export system with other countries, allowed the economy of the home country itself to flourish. Th...
In addition, after the 2011 Singapore general election, the government of Singapore has greatly changed its economic approach and it seems to be better for the economy of Singapore so far. On the other hand, measures have also been taken to cool down the property market which has constantly affected inflation rates, also tightened the foreign labour policies that constantly influence the labour market and unfold its impacts onto the Singapore’s economy as it comes back in one round. The unemployment rate in Singapore has been maintaining itself as being one of the lowest numbers in the world. The majority of Singapore’s labour force is well educated and highly skilled. Even primary education is a must for all citizens (Economywatch.com, 2010). In addition, for the year 2010, Singapore had the 8th largest current account balance in the world at US$49.454 billion. To conclude, Singapore has come so far from its sunken economy since independence in 1965 to become a booming and prosperous economy that it is