Not long ago, the economic community and policymakers in Singapore were complaining about the scarcity of businesses, so much so that the leaders of large companies shook hands to find the next a Sim Wong Hoo for Singapore. Sim Wong Hoo is the founder and chairman of Creative Technology. He is regarded as a hero by Singaporeans.
In 2002, the US working group of the Singapore Overseas Network sent a series of petitions to the Singapore Economic Commission, which proposed breaking the concept of “iron rice bowl” (job security) in the civilian field by firing underperforming people, cutting civil servants’ salaries so that potential business people no longer have the incentive to stay on the team. Those proposals were not accepted, but since then, Singapore’s business and investment environment have progressed with leaps and bounds.
According to the recently released World Bank 2016 Business Report, Singapore tops the group of countries most friendly to start-ups and runs businesses. This is also the 10th consecutive year that Singapore holds this position. To rise to that position, Singapore was determined and determined the right strategy.
The Singaporean government and related organisations consider business development a top priority in their program of activities, thereby creating an enabling environment for those who want to start and do business here.