Capitalist Mixed Economic Policy Make Singapore Tenders a Lucrative Prospect
Highly developed economy based on capitalist mixed economic policy, Singapore has the unique distinction of being rated as a near corruption-free country. Such features of the economy added with minimum government intervention make Singapore tenders one of the most lucrative business offers for both overseas and inland traders.
Open Business Environment
Singapore tenders truly reflect the open business environment in the country. Some of the features of the economic scenario are –
- Transparent and open business environment. Bidding and winning Singapore tenders therefore pass through relatively corruption free process.
- Main source of revenue for the economy are electronics, chemicals, and services. Most of the Singapore tenders are generated in these particular fields.
- Purchase of resources as well as raw goods that the country requires for its purposes of industrial productions are also one of the main sources of Singapore tenders.
Substantial Opportunities in Export and Import Fields
Flourishing import and export trades in the country offers numerous opportunities and many Singapore tenders are floated on such import and export transactions. Singapore is one of the strategic ports across the globe that makes Singapore tenders even more plausible for the businessmen overseas. Busiest in the world, Singapore port offers substantial opportunities in the following areas and most Singapore tenders are related to these fields.
- Requisitioning of skilled workforce.
- Products and services relating to imports and exports.
- Construction and maintenance works relating to ships and shipyard.
Globalization of Economy and Singapore Tenders
Singapore economy is marked by increasing globalization. Singapore tenders therefore offer some of the best opportunities for overseas entrepreneurs. More than 3,000 multinational corporations from United States, Europe, and Japan have investments in Singapore. A number of Singapore tenders come up from these multinationals. Multinational corporations account for over two thirds of manufacturing outputs in the country as well as of the direct export sales. Singapore tenders related to such operations in public and private sectors open up several avenues of profitable business for all types of enterprises.
Major Scope for Singapore Tenders
Some of the major scopes for Singapore tenders are as follows:
- Manufacturing industry.
- Telecommunication industry.
- Power generation and retailing sectors.
- Biotechnology industry where millions of dollars are invested for building up infrastructure.
- Aircraft, crude oil and petroleum products industry.
- Electronic components, radio, and television receiver parts.
- Automobiles and auto parts.
- Chemicals and fertilizers.
- Foods and Beverages.
- Textile yarns and fabrics.
- Iron and steel industries.
Since the objective of the government is open trade and attracting foreign investments on large scale, Singapore tenders are the medium for large, small and medium business enterprises to make good in business and earn more profits.
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