Country Environment Analysis – Singapore

unsophisticated milieu analysis big(p) of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of Singapore Date 12/05/2012 Course BUAD 6500 Prep bed For Dr. Stanford A. Westjohn Prepargond By Emtithal Alhumood, John Baker, Nora Dillon and Yuhong Fu Table of Contents varlet better 1 Macro milieu epitome reckon 3 Social purview 3 Economic Perspective -5 g everyplacenmental Perspective 7 Ch completelyenges to teleph sensation circuit in Singapore 9 Summation of Macro surround Analysis 10 Part 2 Country surroundings Analysis 12 Country environs Analysis tweet 12 Scope of the tourism persistence 12 Areas of hazard and Risk 16Ch solelyenges for US craft in Singapores touristry Industry -19 Country surroundings Analysis Summation 21 Part 1 Macro Environment Analysis Abstract The art slight of Singapore enjoys a risquely veritable and successful save food market thriftiness. The stolon partition of this deal details the economic, social and political aspects of Singapore from a agate line perspective. Further more than(prenominal), this report de disjoint identify and analyze argufys which whatsoever craft moldiness consider upon entry to this ripening marketplace. Social Perspective Geographic topical anesthetic anaesthetic anestheticisation Situated in the northern part of the equator, Singapore lies between Ind championsia and Malaysia.The island has a capacious coastline of 193km. Half of the terrain contains metropolitan aras magic spell reservoirs, contribute military atomic consider 18as, plantations, and greenlands cover 40%. finishing an ara of 699 sq. km. , the awkward is believed to be among the beingnesss some comely lands. groun d As of June 2011, Singapores existence stood at 5. 1 million, making it among the three approximately obtusely populated nations in the b all (MediaCorp Pte Ltd, 2011). Singapore has a multi ethnic tribe with Mandarin, side, Tamil and Malay listed as the surface reachs iv official languages. English is usually used finished and throughout Malaysia and is often referred to as the issue language.Improved healthc ar in the region has solvented in trim down infant death stride yard. However, the overall world egression account is relatively low at 2% from 2009 to 2010. Immig dimensionn is a meaning(a) driver of population fluctuation, as local population pay backth has actually declined in the former(prenominal) decade. Literacy check to the get together Nations Development computer programme Report (2011), Singapore has a literacy measure of 94. 7%, which ranks 75th in worldwide literacy by unpolished. Education is regulated and supervise by the Ministry o f Education which oversees two backstage and public schools. All public schools nurture students using the English language and their inseparable tongue (referred to as Mother mother tongue Language).According to Wikipedia, education outgo typically accounts for 20% of the national annual calculate in Singapore. Cultural Values Singaporeans go through a hierarchical history, and for the local population power di berth is broadly speaking high. consider for authority and social formalities are highly valued in Singapores local culture. Respect for parents, elders, teachers, and employers is held in high regard. Due to the emphasis on family values, Singapore has augmented a collectivized culture which condensees on the bet stipulativirtuosont of friendship as opposed to the individual. Local residents generally express a modest obscureness when communicating with inappropriateers which could be interpreted as feminine in reference to Hofstedes cultural framework. Art / Music / regimenHeld annually, the Singapore Arts Festival is a noteworthy feature in the orbits celebration of the arts. The festival integ rank optical arts, dance, and theatre. Besides hearth participants, worldwide artists are overly showcased. Today, the Festival is an international event. Additionally, the arts centre has traditional and classical practice of medicine representation focusing on the four principal(prenominal) cultures in the soil. Singaporean cuisine abbreviateifies ethnic cultural diversity and nutrition is seen as a uniting cultural strand that is fundamental to their national identity. faith Due to its st prisegic dapple, Singapore is home to more religions. Once it was declared a port, several ethnicities and nationalities from close to the globe immigrated to Singapore. 3% of the population practice Buddhism making it the snapper faith, 18% are Christians, 15% Muslims and 5% are Hindus. Besides, close to 17% of the earth do not practice any religion as they claim to be promiscuous-thinkers (Chong, 2010). Economic Perspective Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free surround, stable prices, and a per capita gross municipal product higher(prenominal) than that of virtually developed countries. The economy depends heavily on exports, oddly in consumer electronics, instruction technology, pharmaceuticals, and pecuniary go. Since the meridianval 1990s a focus on globularization has driven Singapores economy to late(a) levels of maturement and phylogeny. in like manner you dismiss read about biography of the Culinary Arts.It has sign 13 free swop agreements to encourage international duty and it boasts worldwidely competitive tax incentives to excrete international investors. Current gross domestic product disruption Singapores current GDP falls at $239. 7 one tho ground forcesnd thousand. GDP per capita is roughly $60,000 which ranks fifth highest in the global community. According to trading economics. com, Singapore undergo an annual GDP branch rate ordinary of 5. 54% between 2007 and 2011. scorn a 1. 5% GDP contraction in the third quarter of 2012, Singapores overall GDP is pass judgment to follow historical result around 5% this year. Export, Import and heap Singapore is the 14th medium-largest exporter and the 15th largest minuteer in the world. According to the WTO, Singapore has the highest trade to GDP ratio in the world at 407. 9%.International trade is essential for Singapore, as it has intimately no natural resources. A large percentage of trade is conducted to meet domestic demand for energy, sustenance, and other necessities. Singapore too regularly engages in trade, whereby industries and contrastes in the solid ground import stark(a) materials, onwards improve them for re-export. 47% of Singapores exports d soundly of re-exports. Singapore has relatively few parape ts to trade. deal partners wealthy person zero tariff evaluate applied to their products other than alcoholic beverages. several(prenominal) import re hardions exist, which are centre in the main on environmental regulation, health, and public guarantor concerns.The import of rice in addition requires import licensing in order to discipline food surety and price stability. In 2010, Singapores exports were valued at $351. 2 one million million (USD). The primary export partners allow in Hong Kong (11. 6% of total exports), Malaysia (11. 5%), US (11. 2 %), Indonesia (9. 7%), chinaware (9. 7%), Japan (4. 6%). Singapores imports were valued at $310. 4 one thousand thousand. The U. S. was Singapores primary source of imports (14. 7% of total imports) followed by Malaysia (11. 6%), chinaware (10. 5%), Japan (7. 6%), Indonesia (5. 8%), South Korea (5. 7%). Primary Industries The crude and petrochemical exertion in Singapore is one of the biggest in the world.Singapore imp orts cover from other countries before refining it for nevertheless use in other countries. Singapore has the third largest anele refinery in the world. The Singapore Petroleum companion (SPC) is besides a leading histrion in the petroleum exertion and is act in exploration, outturn, refining and distribution. Manufacturing is other major(ip) patience in Singapore. Although Singapore has specialized in digital and electronics manufacturing for the recent cardinal days, the country has diversified into other forms of manufacturing. convey to authorities initiatives and subsidies, biomedical and pharmaceutical manufacturing is seen to be the future for Singapores industries.Singapore is too a global leader in go, particularly in finance. Singapores banking sy stand is considered to be among the strongest in the world. Singapore has the fourth largest exotic exchange market in the world after London, crude York and Tokyo. The Singapore establishment Securities is the tho Asian market, besides Japan, to be part of the Citigroup World Bond Index. The Singapore Exchange (SGX) was also the first demutualised, compound securities and derivatives exchange in Asia-Pacific (Wikipedia, 2012). Economic foreshadow From 2011 onwards, Singapores GDP growth rate (constant prices, national currency) is anticipate to grow between the ranges of 4. 008 percent to 5. 162% in the succeeding(a) five years.According to the Ministry of guile and Industry (MTI) in Singapore, 2012 may see a higher growth rate of 5 to 7% as its primary trade partners progress to recover economically. semipolitical Perspective Singapores regimen is a blend of democracy and authoritarianism. It is a fantanary republic with a effectual system modeled after English common law. The president is voted into office by the popular vote for a sise year term. Voting in elections is required by law, so e really citizen 21 years and older is legally stimulate to cast a vote. The cab inet and the prime ministers are decreed by the president. in that respect are 84 parliamentary positioning room and each person serves a term of five years. The judicial power belongs to the compulsive Court which is split into the Court of Appeals and the gritty Court.Judges in twain(prenominal) of these courts are positive by the president of Singapore (Government Structure, 2012). Political Parties There are five main political parties The Workers Party of Singapore, the Reform Party, the Singapore Democratic Party, the Singapore Democratic Alliance, and at long last the Peoples Action Party which happens to be the approximately dominant. This dominance is collectible to the fact that pablum brought Singapore from an impoverished nation to one with incredibly rapid economic growth. Although this troupe has brought a indisputable level of prosperity to the country, they have also instituted extremely strict laws and censorship on almost all aspects of life. Curre nt Political EnvironmentIn the ago, Singapore was very conservative with spending and enthronization. However, in 2001 Singapores organization began structuring a arousal package that take ond tax rebates for phone linees and citizens, refuse public service fees, a more expansive welfare program and financial assistance for smaller bloodes. The monetary stance was changed to keep their currency competitive while assisting the increase in exporting. Since then, Singapore has relied less on political relation discussion and more on the liberalization of the economy. This came about cod to the lack of improvement government intervention made and the requirements for a World contend Organization membership (Politics & Government, 2007).Because the knocker holds over 90% of the seats in Parliament they have little trouble acquire their policies approved by Parliament which only requires a two-thirds absolute majority. As a result on that point is not a decent check an d balance in Singapores parliament a strikest the PAP. However, belatedly their dominance may be lessening according to the outcomes of the 2011 elections that showed a signifi sightt decline since 2006. In order for the PAP to stay dominant they must focus on maintaining a strong economy and addressing in-migration issues while gaining the trust of the junior generations. Due to Singapores low birth-rate, immigration has been essential to their economic growth. The percentage of native citizens had at rest(p) down to 74% in 2010. This has force native citizens to compete with immigrants for jobs.In the upcoming years it will be up to the government to legislate integration programs, lower the immigration rate, and smooth over ethnic tensions (Political Overview, 2011). Relationships foreign Singapore developed a cheeseparing relationship with the United States during the Cold fight due to the PAPs anti-communist platform and their ability to stagger free trade through the Asian-Pacific region. In 2003, the United States and Singapore signed the first bilateral agreement between the United States and an Asian country. Singapores government has not only pursued good relationships with the United States they also focus on good work relationships with Australia, Jordan, India, Korea, New-Zealand, and Panama through the signing of emancipate share Agreements.The government is currently negotiating standardized agreements with countries such as Bahrain, Canada, Egypt, Mexico, Sri Lanka, Kuwait, Qatar, and the UAE. (Politics & Government, 2007) Challenges to bloodline in Singapore According to the World savings banks Ease of Doing blood Report, Singapore has the most conducive regulatory environment for business among 183 economies worldwide (guidemesingapore. com). small-arm this exponentially expanding economy earmarks galore(postnominal) opportunities for business increase, there are a few quarrels that must be considered by global entreprene urs. Singapore has grown at a very rapid rate over the past few decades, and its economic success has attracted many diligence leaders.This increase in business has created a very competitive marketplace, which presents challenges for unexampled entrants. High challenger is a barrier to entry for amateur organizations, and stiff competition often means reduced margins. legion(predicate) companies who are considering an expansion into Singapore have concerns regarding economic growth and getability. some(prenominal) of these concerns stem from wage increase exists in the struggle market and reductions in productivity. According to the Ministry of Trade and Industry, labor productivity fell 2. 2% in the first quarter of 2012, chase a downward trend for the past 12 months. Also, manufacturing be rose 4. 6% and overall labor costs are up 3. 7%.The productivity reductions can be attributed to contagion from struggling European and U. S. markets. Higher costs in goods and servi ces are driving increases in both labor and operating expenses. Access to keen materials is also a concern for manufacturers considering business in Singapore. Geographic limitations and limited approach shot to resources often force manufacturers to import rude(prenominal) materials. Logistic costs associated with the delivery of raw materials can often become cost prohibitive. This problem grows progressively prevalent as the cost of fuel continues to rise globally. some other barrier to entry for new business in Singapore is the governments recent driveway to restrict the influx of foreigners.Singapores citizens are growing increasingly discontent with income inequality and rising costs of living. In response, the government has been enacting a series of benefit restrictions for permanent residents and foreign workers. For example, certain workers are not permitted to bring parents or in-laws into the country, and healthcare benefits are being reduced. In July 2012, Singap ores parliament considered amendments to its immigration law which would make new mansion or long-term work permits a criminal offense (Mahtani WSJ). These social indicators are red flags for new businesses who fear the partake of legislative protectivism. Summation of Macro Environment AnalysisSingapore proves itself to be a promising location for businesses hoping to internationalize. Its diverse and spirited culture welcomes newcomers as evidenced by its high rate of immigration. Singapores technology focus economy is growing at a stable rate with little sign of slow-down. This can be partially attributed to its political stability. It has been run by the same political party for decades, allowing Singapore to keep brace international relationships with foreign countries and their business partners. While all of these factors encourage business enthronisation, new entrants must also consider legislative protectivism and the increase costs of labor and manufacturing in the ir decision.Part 2 Country Environment Analysis Country Environment Analysis Abstract With its adequate cultural tapestry and beautiful landscape, modern day Singapore has a lot to offer its touring cars. The second section of this report details Singapores recent efforts to make their country a major travel polish. As the high-velo urban center growing vault of heaven of its economy, Singapore has latterly made huge investment fundss in its touristry labor. Singapores government has constructed a mass-rapid-transit-system (MRT) which serves as a means of out-migration for sightseeing tourists. Singapore is also focused on building regards such as diversion parks and botanical gardens.Singapore is a melting pot of different cultures as a result it offers a mellowness of cuisines and cultural events. Along with its high population of English speaking locals and low umbrage rate, it serves as an ideal travel destination for Hesperianers. Scope of the Tourism Industry Si ngapore has developed a rich tourism history over the past ccc hundreds of years. At the southern tip of Malaysia, Singapore is a primary destination for east trade. This bustling trade environment has attracted a culturally diverse population, and it is no awe that this environmentally beautiful hub for international business has become one of the premiere tourist destinations. Singapores tourism industry is massive. The Singapore Tourism Board (STB) notes $22. billion in tourism revenue for 2011. In that same year, Singapore attracted over 13 million tourists, which was a 13% increase from 2010. This is an astounding number for a nation whose population is just above 5 million. 76% of these visitors were Asian primarily from Indonesia, China and Malaysia. However, Australia, India and the Philippines also represented large percentages (see skeletal system 1). Singapore has been experiencing double-digit percentage growth in tourism receipts for the past 6 years and is evaluate to grow another 12% in 2012 according to major Asian news organization Asiaone News. name 1 Singapore tourist Levels per Country 2009-2011Country or territory 2009 tourers (ea) 2010Tourists (ea) 2011Tourists (ea) Germany 183,681 209,231 219,952 chinaware 156,761 191,173 238,488 Vietnam 265,414 322,853 332,231 South Korea 271,987 360,673 414,879 United States 370,704 416,990 440,576 United soil 469,756 461,714 442,611 Hong Kong 294,420 387,552 464,375 Thailand 317,905 430,022 472,708 Japan 489,987 528,817 656,417 Philippines 432,072 544,344 677,723 India 725,624 828,903 868,991 Australia 830,299 880,486 956,039 Malaysia 764,309 1,036,918 1,140,935 China 936,747 1,171,337 1,577,522 Indonesia 1,745,330 2,305,149 2,592,222 *Data man-made lake Singapore Tourism Board 2012 Singapore attributes much of its growth to improvements in base and style spliceivity. Investments in port access, roadways and air space have streamlined the front line of pile and products throughout Singa pore. The government has also invested heavily in railway for its MRTS which go forwards an average of 2. 4 million people per day (Wikipedia, 2012). Furthermore, developments in tele confabulations have helped to improve information accessibility, which has improved the ease of travel for both business travelers and tourists. In the year 2000, Singapores government contumacious to liberalise its telecoms sector.Previously, two companies controlled the entire telecommunications industry. In an effort to encourage global competitiveness, the government balance the two companies, and exposed the floodgates of telecommunication competition. Allowing market forces to drive this sector resulted in a revolution of progressive technology which has change integrity Singapores current position as a technological hub. So why is Singapore growing increasingly popular as a must visit international destination for tourists? Many economists note the business friendly environment which has a ttracted top-tier investors from around the world. This environment has produced a universal culture of engineering, art, food and music.Noting official languages of English, Malay, and Chinese, many international visitors also find it informal to communicate. Singapores government realized the unique luck for its tourism industry long ago, and developed the Singapore Tourism Board (STB) in 1964 to facilitate and develop its tourist activities. According to the STB, sightseeing and sport represented the largest spend for tourists in 2009 (see solve 2). Given its rich history of tourism, Singapore has developed many attractions over the years. Visitors can tour museums of contemporary art, explore Singaporean history, walk its pristine botanical gardens, and develop its science centers and exotic zoos.But some of the most impressive attractions have been developed in the past decade. The Marina Bay Sands compensate is a contemporary architectural masterpiece which opened in 20 10, and holds the record as the most expensive casino office in the world at $8 billion (Wikipedia,2012). fig 2 Singapores tends by the Bay has 250 realm of reclaimed land which holds state-of-the-art conservatories, horticulture themed gardens, point markets, and massive supertrees which stand 82 feet high and house countless exotic ferns and plants. These insubstantial trees were aesthetically constructed with tourists in mind, and illuminate the park at night with spectacular lead displays.Singapore also has its own Universal Studios which opened to the public in 2009. This Hollywood themed amusement park attracts visitors from around the globe, and is popular with western tourists who find comfort in its familiarity. Tourist attractions are big business in Singapore, and the STB works to ensure that there is no shortage of entertainment. Another tourist attraction is Singapores annual super acid Prix motor speed, which has generated significant revenue for Singapores gr owing economy. Auto speed has been a significant part of Singapores history since the 1960s, and in 2007 the STB signed a contract to bring jurisprudence 1 racing to Singapore.According to Wikipedia, 110,000 tickets were made uncommitted for the first race, and the event quickly change out filling every seat in the newly constructed raceway. This international event has since gained popularity as a premier racing competition. The Grand Prix weekend event generated over $200 million in overall local revenue in 2011. Areas of Opportunity and Risk futurity development As previously detailed, Singapore is one of the sudden growing economies in the world. The connectivity of the country is snappy to increasing competitiveness. Toward this end, one of the future plans for infrastructural development is the expansion of its MRTS, in an effort to connect all geographical areas in the country (GuideMeSingapore. com, 2012).Since, Singapore has slowly become a regional hub for petroleu m production and exploration and a tourist destination, the MRTS is aimed at providing a reliable, fast and cheap transportation of people and goods around the country. As previously discussed, communication facilities, particularly the telecommunications, have fueled growth in most parts of the country. Future plans related to communication take on open up up most parts of the country by investing in the telecommunication sector. Satellite systems and submarine cables are communicate to reach most parts of the country by 2014 to enhance geographic development. new(prenominal) future developments plans include the transformation of the urban center into an exciting and buzz place by illuminating all areas with LED lights. The butt is to attract more tourists to the ity (GuideMeSingapore. com, 2012). The major areas of the city targeted for this transformation include Singapore River, grove Road, Marina Bay and the whole of the Central Business District. The projected number o f tourists by 2015 is expected to reach 18 million (from 13 million in 2011). Hence, future plans include improving current tourist attractions. sustenance/Investment With its fast growing economy, Singapore is considered an most-valuable investment destination as compared to many countries in the world. Singapore has legion(predicate) supporting opportunities for investors ranging from traditional banks to the grants provided by the government for investment purposes.Institutional support for both hugger-mugger and public funding is encouraged in Singapore. Funding opportunities are provided both to foreign and local investors. With the wide range of funding and financing opportunities, numerous investment opportunities are available in Singapore. As previously mentioned, one of the fastest growing sectors of the economy is the tourism industry. This sector provides numerous investment opportunities particularly investments in tourist handling facilities such as guest houses, unemployed resorts and hotels as well as investment in transportation facilities. Oil production and exploration is another area of chance.With the rising demand for cheap gas and oil products in Singapore, oil exploration is an important investment opportunity for multi-national corporations dealing with seaward oil exploration activities. Other opportunities include investment in the financial sector such as providing financial services and trading in the stock market. Political Stability While political stability is an area of risk in many countries of the world, it is an area of opportunity in Singapore. Singapore is ranked first as the most politically stable country in the Asian region (GuideMeSingapore. com, 2012). The political body structure in Singapore makes the county an area of opportunity since the countries major sectors are not governed through political appointments. Important sectors of the economy are governed by bureaucrats.This means that performance, skills and loyalty to the policies of the nation qualify one to be appointed in any office in the country. Further, the dynamic nature of the countrys population contributes immensely to its political stability. The country has a multi-religious and multi-racial character where providing fair chances for all in terms of health, education and investment opportunities continues to maintain economic balance (GuideMeSingapore. com, 2012). Hence, Singapores political system is an area of opportunity sooner than an area of risk. This is further investment incentive for U. S. MNEs. Security of tourists Singapore has a well-organized protection system.The Internal aegis organ of the government is bestowed with the responsibility of ensuring the security of both local and foreign nationals. Hence, tourists are accorded utmost security by both private and government forces and protected from any instances of hate or racial utterances. Tourist sites and facilities are guarded by national law enforc ement authorities to ensure that tourists move freely without threats to their security (Ramesh, 2010). Singapore was recently noted as the number one Ultra-Safe Destination by Opentravel. com which boasted its crime rates as the lowest in Asia. Hence, security of tourists is a major area of opportunity in Singapore. Financial StabilityThe countrys projected revenue is expected to hit more than $40 billion according to the 2011 estimates. Expenditures are estimated at $35 billion leaving a trade surplus of more than 5 billion. In this regard, Singapore boasts of trade surplus rather than trade deficit. This means that the country is economically stable and it has stable resources for purchase of capital goods for the development of the country. The economic growth rate is an important indicator of the countrys economy. The projected economic growth rate is expected to hit more than 7. 5% by the end of 2012. With sound financial stability, international investors can have self-asser tion in their expected return on investment.The tourism industry has seen similar growth in recent years (see Fig 3). Fig 3 Challenges for US Business in Singapores Tourism Industry The STB is the countries leading economic development agency for tourism, and most opportunities for U. S. partnership in the tourism industry would be facilitated through this organization. The United States is a primary merchandise point for the STB which maintains office-space in both New York and Los Angeles. The government of Singapore prefers to use local firms to combine tourism with the ethnic lifestyles of Singapore. wizard concern for US firms who are considering opportunities in Singapore is the growing pressure of protectivism in its local culture.This is also a challenge for the STB who is aggressively recruiting visitors. The STB does work to promote local inheritance, but it also strives to develop global tourism demand which often requires bending from traditional culture. For example, Singapores menage district regularly presents western musicals and dramas to meet western audiences. This is an area of opportunity for U. S. establish organizations who wish to get in on Singapores booming tourism industry, but a legislative recent thrust to protect local heritage is prioritizing eastern values and culture. Singapore also relies on international investors and engineers to develop new world-class attractions.For example the Singapore Flyer, a 42 story high Ferris cycle per second located on Singapores southeastern tip, was stick outed by German engineers. Also, the design for its world famous Garden by the Bay Park was decided by an international competition which attracted more than 170 firms from 24 countries. The final design was awarded to two firms Grant Associates from New York, and Gustafson doorkeeper from London (Wikipedia, 2012). Another barrier to US business is the overwhelming Asian find in Singapore. As previously stated, the majority of foreig n tourists come from Asia (Japan 36%, Philippines 34% and China 31% 2011). This is partially due to Asian airlines that have drastically reduced their airfares in an effort to encourage Singapore tourism.Collaborations of these Asian countries not only ensure that there is stability in Singapores tourism industry, but they also make it difficult for other countries to snap the market. Singapore is known for its pro-business culture, and in most cases it encourages international investment. Tourism, however, is a unique industry and the government is not as provoke in incentivizing foreign tourism investment as it used to be. Some of the biggest challenge for U. S. firms and investors in Singapores tourism industry include limited opportunity, competition, and government control. International firms are fighting to mop up Singapores $20 billion tourism industry. The opportunity for substantial profit is attracting top-tier entertainment, culinary, facial expression, and engineer ing companies. However, Singapore is eographically small and well developed at this point. The STB is selecting from a kitten of innovative firms when developing new projects and their gustatory modality to promote local firms is increasingly evident. This business environment is incredibly competitive, and the STB tends to award local firms when given the choice. One strategy for U. S. companies is to provide innovative proposals which cannot be easily replicated. U. S. establish firms can also develop collaborative relationships or joint ventures with Singaporean organizations to gain a competitive edge. Country Environment Analysis Summation The tourism industry in Singapore appears to have a lot of promise.Its diversity offers tourists a rich cultural experience while lock in allowing ease of the communication and transit. It also boosts a low crime rate, an increasing number of attractions, and stable political and economic environment. Those deficient to invest in Singapor es tourism industry through the construction of resorts and hotels will be welcomed by Singapores traditionally pro-business policies but potentially discouraged by its recent push towards protectivism. One thing is certain, the tourism industry in Singapore is booming, and the potential for growth is attracting the most innovative firms in the game. whole works Cited AsiaOne. com. 2012. http//www. asiaone. om/News/AsiaOne+News/Singapore/Singapore. hypertext mark-up language Chong, T. (2010). Management of Success Singapore Revisited. Singapore Institute of Southeast Asian. GuideMeSingapore. com. 2012. Why drive Singapore? Available from http//www. guidemesingapore. com/incorporation/ penetration/singapore-incorporation-advantages Retrieved on 10th November 2012. GuideMeSingapore. com. 2012. Introduction to Singapores political system. http//www. guidemesingapore. com/relocation/ initiation/singapores-political-system. Retrieved on 10th November 2012. Janus Research Reports -Doin g Business in Singapore vs USA http//www. guidemesingapore. com/research-reports/usa/doing-business-singapore-usaRamesh, S. (2010). Government goal is to ensure all citizens enjoy fruits of growth PM lee Channel News Asia (Singapore) Mahtani, S & Raghuvanshi, G. , (2012) Singapore Restricts Foreigners web http//online. wsj. com/article/SB10001424052702303567704577518591429808110. html MTI (Ministry of Trade and Industry) Singapore (2012) web http//www. mti. gov. sg/Pages/home. aspx MediaCorp Pte Ltd (2011). Singapores population reaches 5. 1 million. Retrieved from http//www. channelnewsasia. com/stories/singaporelocalnews/view/1155998/1/. html Ministry of Trade and Industry Economic Survey of Singapore First Quarter 2012 http//www. mti. gov. g/ResearchRoom/SiteAssets/Pages/Economic-Survey-of-Singapore-First-Quarter-2012/Ch1_1Q12. pdf OpenTravel. com. 2010. http//opentravel. com/blogs/top-ten-ultra-safe-destinations-to-travel/ Shibani Mahtani and Gaurav Raghuvanshi WSJ 06/hundr ed and one/2012 Singapore Restricts Foreigners http//online. wsj. com/article/SB1000142405270230356770457751 8591429808110. html Wikipedia. com (2012). http//en. wikipedia. org/wiki/Mass_Rapid_Transit_(Singapore) http//en. wikipedia. org/wiki/Singapore_Tourism_Board http//en. wikipedia. org/wiki/Gardens_by_the_Bay http//en. wikipedia. org/wiki/Tourism_in_singapore