Singapore ranked Asia’s top City of Opportunity
SINGAPORE remains Asia's leading city of opportunity – and ninth among 26 worldwide – in a global study of financial capitals to identify 'holistic' cities with a balanced economy and a strong quality of life.
Notably, it edged out arch rival Hong Kong, ranked 10th overall in the latest Cities of Opportunity study by PricewaterhouseCoopers (PwC) and the Partnership for New York City, a network of business leaders. Singapore ranks within the top 10 for four of the 10 indicators, faring best at second spot for ease of doing business, thanks to relatively flexible labour laws, ease of entry, ease of starting a business, and a favourable operational risk climate. But it is pipped by Hong Kong, which comes up tops in being business- friendly.
In sixth spot, Singapore is also behind Hong Kong on economic clout – as it has fewer Global 500 headquarters and weaker stockmarket capitalisation. But Singapore is lauded for its financial and business services employment, strength of currency, number of greenfield projects, and level of shareholder protection. London, Paris and New York lead on economic clout. Singapore is also sixth for 'technology readiness', and eighth in 'health, safety and security'. The only Asian city to place among the top 10 here is Tokyo.
On the other factors, Singapore is 13th for lifestyle assets, 11th for demographics and livability, and 15th for sustainability. Remarking on Singapore's standing against well established 'centres of economic energy' like New York, London, Sydney and Hong Kong, PwC Singapore executive chairman Gautam Banerjee said: 'Singapore remains a leading business hub in Asia.' What the trends show is 'we have to continuously innovate and reinvent ourselves, and we have to ask ourselves, 'what do we want our city to be like in 10, 20 or 30 years' time?' 'Because a city is invariably about the people living in it, we need to cultivate energy, build resilience and encourage forward thinkers to create opportunities that will nourish our city.'
Source : The Business Times, 24 June 2011
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