How Did Singapore Become One of the Richest Countries in Asia?

Singapore, once upon a time While it was just a colonial trading port Today, it has become one of the most developed financial centers in the world.

However, there is no instantaneous rise behind this; the right decisions they made, One of the reasons we are talking about Singapore.

It all started in 1965.

When Singapore gained independence in 1965, first prime minister Lee Kuan Yew and other founding leaders are facing economic problems They noticed.

Small island country without natural resources, for economic development had to develop its manufacturing industry.

Singapore’s strategic location; Strait of Malacca, Indian Ocean and South China Sea It provided a great advantage thanks to its access. They aimed to reduce high unemployment by transferring labor to intensive industries.

However, Lee Kuan Yew; production, just more He saw it as a step in the transition to a developed economy. He established a fundamentally sound financial and legal system, a stable and largely clean government, and an efficient public transportation system.

Lee Kuan Yew began laying the foundations of Singapore’s financial sector, its biggest source of wealth, in the 1980s.

Following in the footsteps of countries such as the USA and the UK the financial services sector with lighter regulations liberalized it. The legacy of this approach is clearly visible today.

4,200 multinational companies have regional headquarters in Singapore. Low tax rates also play a big role in this We wouldn’t be wrong if we said so. Singapore’s corporate tax rate is just 17% and can be 13.5% or lower for some activities.

Singapore’s location meant it had to establish itself as a destination.

Ambitious launched in the 1970s Land reclamation projects have filled with offices and apartment buildings over the years. At the same time, entertainment centers were built and the city’s skyline changed. Events such as the F1 night race and casinos were part of the strategy.

But of course, everything wasn’t all roses, Criticizing the government under Lee Kuan Yew It was a scary thing for people.

As a matter of fact, today Singapore’s new Prime Minister, Lawrence Wong, More responsive to the changing demands of the public He is known for his management style.

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