Singapore Ranks Third In World For Competitiveness

By Tengku Noor Shamsiah Tengku Abdullah SINGAPORE, March 13 (Bernama) -- Singapore is the world's third most competitive city out of a field of 120 global markets, said an Economist Intelligence Unit (EIU) report commissioned by Citigroup Inc. The report said the ranking placed Singapore in the company of New York (1st) and London (2nd), long acknowledged as economic and financial global hubs. It said Singapore ranked particularly well in the categories of physical capital (joint first overall), financial maturity (joint first), institutional effectiveness (6th) and global appeal (4th). The report defined competitiveness as the "demonstrated ability to attract capital, business, talent and visitors". The cities are assesed on the basis of 21 qualitative and 10 quantitative indicators. Singapore Economic Development Board chairman, Leo Yip, said Singapore's favourable ranking was a testament to the country's appeal as a global business location in 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 said. Yip said the republic's competitiveness has made it attractive as a strategic location for multinational companies and global mid-sized firms to manage their business, innovation and talent, in order to pursue growth in Asia. "It is also becoming a strategic location for Asian enterprises to build capability to grow in international market," he said. Head of Asean and Citi country officer for Singapore, Michael Zink, said cities were the engines of global economic growth and would help cities like Singapore be more innovative, efficient and competitive. "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. -- BERNAMA