| ECONOMY. Singapore is the most advanced | | | | has efficiently managed seaports and airport |
| economy among the Southeast Asian countries | | | | which are used as regional hubs by many sea and |
| with a GDP per capita of US$25,207 in 2004 | | | | air carriers.INTERNATIONAL TRADE. Singapore |
| which is comparable to many advanced | | | | has one of the busiest ports in the world and a |
| economies in the European Union. Singapore lacks | | | | regional hub for entrepot trade. Singapore's major |
| natural resources but is a regional hub for | | | | trading partners are Malaysia, US, Hong Kong, |
| international trade, shipping and air transport. Many | | | | China, Japan, Taiwan, Thailand and South Korea. |
| US, European and Japanese multinational | | | | Many of the goods imported from and exported |
| companies have established Singapore as a | | | | to Malaysia and Indonesia are re-exports from |
| regional office for their business | | | | other countries. Major exports from the |
| operations.Singapore's GDP grew at an average of | | | | Singapore include electrical and electronic products, |
| 2.7% annually from 2000 to 2004 to reach | | | | machineries and equipments, processed foods, |
| US$106.9 billion by 2004 while inflation remaining | | | | consumer goods, chemicals and mineral fuels. |
| below 2.0%. Though Singapore's economy is the | | | | Major imports include machineries and equipments, |
| most advanced among the Southeast Asian | | | | mineral fuels, chemicals and foods.CONSUMER |
| countries, unemployment increased from 1.8% | | | | USAGE OF TECHNOLOGY. More than 90% of all |
| during the Asian economic crisis of 1997 to 5.3% | | | | homes have mobile phones putting the country on |
| in 2004. To diversify and expand the country's | | | | par with Sweden, Norway, Austria and Norway. |
| economy, the government is developing | | | | Nearly all homes have at least a fixed-line |
| Singapore into a regional hub for finance and high | | | | telephone, television and refrigerator. The |
| technology.The service sector accounted for | | | | penetration of computers is also high with 70% of |
| 66.2% of Singapore's GDP in 2004 while the | | | | all homes having a computer and there are nearly |
| manufacturing sector accounted for 33.7%. | | | | 2.5 million internet users for a population of 4.3 |
| Agriculture plays a minimal role in Singapore's | | | | million. Furthermore, there are more than 2.5 |
| economy and accounted only 0.1% of the | | | | million credit cards in the county and online |
| country's GDP. Major industries in Singapore include | | | | payments are well established. However, only |
| electronics, chemicals, financial services, petroleum | | | | 35% of all homes own a car due to the |
| refining, food processing, ship repair, offshore | | | | extremely high cost to own a car in |
| platform construction, biotechnology and entrepot | | | | Singapore.RETAIL MARKET. Singapore has one of |
| trade.DEMOGRAPHY. Singapore's population of 4.2 | | | | the highest standards of living in Asia after Japan |
| million in 2004 is predominantly Chinese accounting | | | | and Singaporeans are keen shoppers. Estimated |
| for 77% of the population. Other ethnic | | | | retail sales in Singapore in 2004 were US$11 billion. |
| communities include Malays (14%) and Indians | | | | Unlike other countries in Southeast Asia, retail |
| (8%). Major religions practiced include Buddhism, | | | | chains dominate over the industry by sales value. |
| Taoism, Hinduism, Christianity and Islam. The | | | | These include shopping malls, hypermarkets, |
| Chinese are generally agnostic, Buddhist, Tao or | | | | supermarkets, department stores, convenience |
| follow the Christian faith while Malays are mostly | | | | stores and speciality stores. Singapore has many |
| Muslims and Indians generally Hindus, Christian or | | | | established international retailers and brands |
| Muslims. Main languages used are English (widely | | | | attracting tourists from Southeast and Northeast |
| spoken and used in business and by the | | | | Asia. Many shopping malls have also sprouted in |
| government), Chinese (mainly Mandarin and | | | | the suburban areas existing side-by-side with the |
| Hokkien), Malay and Tamil. | | | | "mom and pop" establishments.FOOD CULTURE. |
| Singapore is a city-state and therefore nearly all | | | | Singapore's multi-ethnic communities has had |
| its population live in an urban community. Most | | | | influenced on Singapore's food culture. |
| Singaporeans live in high-rise apartments or flats | | | | Furthermore, Singaporeans are accustomed and |
| accounting for nearly 90% of the households | | | | often frequent various western and Japanese |
| while the remaining 10% live on landed | | | | food service establishments including fast food |
| property.Singaporean consumers have the high | | | | outlets. Eating out is popular among Singaporeans |
| level of disposable income compared to | | | | and the current trend is to eat out rather than at |
| consumers in other Southeast Asian countries. | | | | home. Thus, Singaporeans spent 9% of their |
| High-income households account for nearly 27% | | | | income on foods for cooking at home and 12% |
| of the total households while middle-income | | | | for eating out.Khal Mastan is a Senior Consultant |
| households account for 32%. Low-income | | | | with Pegasus Business and Market Advisory ( |
| households i.e. those earning than US$1,900 per | | | | based in Malaysia. He involves himself in business |
| month account for 41% of the total | | | | and marketing research and provides consulting |
| households.INFRASTRUCTURE. Domestic and | | | | services on markets in Southeast Asia namely |
| international telecommunication services are | | | | Malaysia, Thailand, Singapore, Indonesia, Philippines |
| excellent and one of the best in the region. | | | | and Brunei. He has more than 20 years |
| Internet broadband services are efficient and | | | | experience in the region and work experience in |
| widely available. Singapore's road system is | | | | various industries. He holds a bachelors degree in |
| efficiently managed and the city-state is well | | | | Biochemistry and an MBA. He can be contacted at |
| served by a public transport system. Singapore | | | | or +6 (03) 7726 5373 in Malaysia. |