Tuesday, March 13, 2012

Singapore ranked most competitive city in Asia: EIU report

SINGAPORE: Singapore has been ranked the most competitive city in Asia, according to a report by the Economic Intelligence Unit.

The "Hot Spots: Benchmarking Global City Competitiveness" report also identified Singapore as the third most competitive city in the world, after economic and financial hubs New York and London.

The report covered a total of 120 global markets, assessed on the basis of 21 qualitative and 10 quantitative indicators.

Singapore rated highly in categories of physical capital (joint 1st), financial maturity (joint 1st), institutional effectiveness (6th) and global appeal (4th).

Mr Leo Yip, chairman of the Singapore Economic Development Board (EDB), said in a statement: "Singapore's favourable ranking is testament to our appeal as a global business location, plugged into the heart of a growing Asia.

"Our strong attributes of trust, knowledge, connectivity and liveability have underpinned our ability to attract investments, business, talent and ideas."

He added that Singapore's competitiveness has made it an attractive location for MNCs and global mid-sized companies to manage their business, innovation and talent, in order to tap growth opportunities in Asia.

He said Singapore is also becoming a strategic location for Asian companies to build capability to grow in international markets.

Mr Michael Zink, head of ASEAN and Citi country officer for Singapore said: "The report comes under our Citi for Cities strategy, which aims to enhance prosperity in cities around the world."

"We hope the report will help enhance understanding of market competitiveness and enable Singapore to identify ways to strengthen its reputation as a world-class financial and business hub and a great place to live," he added.

The report defines competitiveness as the "demonstrated ability to attract capital, business, talent and visitors".

View the original article here

Source From Channel News Asia

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