Labor Force
Due to Singapore’s open recruitment policies, comparatively low personal taxation, and a quality standard of living, foreign professionals have found the country attractive for employment. Expatriates have since occupied a significant slice of the country’s industry networks. Foreigners form 30.9% of the city-state’s total employment pool as of December 2006. Singapore is ranked 1st for having the best labor force (BERI Labour Force Ranking 2005-2007) and 2nd for the most attractive environment for highly-skilled foreigners (IMD World Competitiveness Yearbook 2005).
Growth Sectors
Electronics, chemicals, and engineering are the three industrial pillars of Singapore. The sectors of chemicals, biomedical sciences, electronics, precision engineering, banking and financial services, information and communication, interactive digital media, healthcare, legal, maritime, and tourism are the current growth sectors offering career opportunities in the country.
Hottest Industries
The existence in Singapore of many of the world’s largest and most reputable financial institutions makes the country a leading global wealth management and fund management center. The country’s financial services industry has always been in boom. Singapore is said to be the preferred banking destination of global investors eyeing to take advantage of Asia’s inevitable growth. Banking and finance account for more than 10% of Singapore’s GDP, employing more than 5% of the country’s total labor force.
The biomedical sciences sector contributes about 18% or S$18 billion to Singapore’s manufacturing output, and 5% to the country’s GDP. The industry employs more than 10,000 individuals. Singapore continues to be home to leading biomedical companies and world-class research institutions. The country’s aim is to achieve S$25 billion in manufacturing output for the biomedical sciences sector by 2015, with an employment of 15,000. The new niche areas are genomics, cell and molecular biology, bio-processing, bio-informatics, and bio-engineering. There are also conscious efforts to focus on translational and clinical research.
Via Economist.com/The Chief Officers’ Network
