How did Singapore go from a International Trade Hub to a Global Innovation Hub?

It is not secret that Singapore’s is one of the world’s most important trade hub. Supported by a strong ecosystem, Singapore is one of the leading trading centres for just about anything.

Singapore as a World-Class Trading Hub

The city-state’s important geographical location—which is at the crossroads of important trade routes—together with forward-looking leadership and vision have been vital in enabling Singapore to become one of the key nations in the global trade industry.

Critical to state of the economy, sustaining the growth of Singapore as a global trade hub have been one of the most pivotal objectives of the Singapore government for many years. Therefore, beyond the natural attributes, Singapore’s development into a global hub port within the first 50 years of nationhood is no accident.

Going Forward

Pushing for further growth in the ultra-competitive and ultra-connective world we live in today, is a monumental task. Being the ever-ready pacesetter looking to reap first-mover advantages, Singapore is ready to take to push beyond the “recognized limits” of today to solidify its status as a global leader in International Trade.

Innovation-First Initiatives

The Next Generation Port 2030 (NGP 2030) is a multiagency effort led by Maritime and Port Authority of Singapore (MPA) to create an intelligent and sustainable port at Tuas through improving space utilisation, land-use, productivity and efficiency. By harnessing data and utilizing forefront technologies such as adopting machine-learning models, the NGP 2030 is set to become the world’s next revolution in shipping hub. Capable of catering the mega vessels, operations will also be largely automated from a central control centre which greatly improve port productivity like never-seen-before.

More Innovation-first Initiatives

Silicon Valley, home to the largest technology corporations in the U.S., is undisputedly the area that is most synonymous with technology innovation in the past 2-3 decades. The government of Singapore have understood the benefits for an economy for innovation to be associated closely with its society. Pushing on numerous new initiatives, Singapore is rapidly climbing the Global Innovation Index in recent years. The only Asian country in the top 10 ranking, Singapore ranked 5th in the world.

What does this mean for PR Applicants?

Beyond this, it is clear to see that Singapore is committed to supporting innovation as the key to unlocking economic growth. That means that applicants for Singapore PRs in R&D and innovation roles/industry should stand at a bigger advantage compared to the rest of the candidate pool.