SINGAPORE: Singapore has been ranked the most
competitive city in Asia, according to a report by the Economic
Intelligence Unit.
The "Hot Spots: Benchmarking Global City
Competitiveness" report also identified Singapore as the third most
competitive city in the world, after economic and financial hubs
New York and London.
The report covered a total of 120 global markets,
assessed on the basis of 21 qualitative and 10 quantitative
indicators.
Singapore rated highly in categories of physical capital (joint
1st), financial maturity (joint 1st), institutional effectiveness
(6th) and global appeal (4th).
Mr Leo Yip, chairman of the Singapore Economic Development Board
(EDB), said in a statement: "Singapore's favourable ranking is
testament to our appeal as a global business location, plugged into
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 added that Singapore's competitiveness has made it an attractive
location for MNCs and global mid-sized companies to manage their
business, innovation and talent, in order to tap growth
opportunities in Asia.
He said Singapore is also becoming a strategic location for Asian
companies to build capability to grow in international
markets.
Mr Michael Zink, head of ASEAN and Citi country officer for
Singapore said: "The report comes under our Citi for Cities
strategy, which aims to enhance prosperity in cities around the
world."
"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," he added.
The report defines competitiveness as the "demonstrated ability to
attract capital, business, talent and visitors".
- CNA/al