Singapore is blessed with a highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices, and the fifth highest per capita GDP in the world. Singapore is the busiest port in the world with over 600 shipping lines sending super tankers, container ships and passenger liners to share the busy waters with coastal fishing vessels and wooden lighters. One of the world’s major oil refining and distribution centres, Singapore is also a major supplier of electronic components and a leader in shipbuilding and repairing.

It has also become one of the most important financial centres of Asia, with more than 130 banks. Business dealings are facilitated by Singapore’s superb communications network which links the Republic to the rest of the world via satellite, 24-hour telegraph and telephone systems. Singapore’s strategic location, excellent facilities, fascinating cultural contrasts and tourist attractions contribute to its success as a leading destination for both business and pleasure. Exports, particularly in electronics and chemicals, and services are the main drivers of the economy. Mainly because of robust exports, especially electronic goods, the economy grew 10.1% in 2000. Although the growth rate has suffered a setback recently due to worldwide economic slowdown it is already showing signs of recovery