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Need help with my writing homework on Analysis of Singapores Open Cross-Border Transaction Conditions. Write a 2000 word paper answering;
Need help with my writing homework on Analysis of Singapores Open Cross-Border Transaction Conditions. Write a 2000 word paper answering; In its essence, Singaporean economy concentrates on “port, oil processing, multinational corporation manufacturing, some science-based high-tech, a service sector, and a growing financial sector” (Preston, 2007, p. 15). In general, Singapore has one of the highest trade to GDP ratio in the world and relies heavily on imported goods like food, energy, and industrial raw materials (Selvam, 2003, p. 69). According to the recent statistics, Singapore is in top-15 of the largest merchandise exporter in the world and has a trade to GDP ratio of 404.9 (“Starting a Trading Company,” 2015). Thus, global business scenario depends on the ability of this country to involve foreign investments effectively. In this context, it is evident that Singapore imports all the basic goods. As for the resource base of Singapore, it is similar to Japan in the inability to rely on natural resources. As Dunning (1997) noticed, since the nineteenth century, when natural resources were the foundation of development, passed, the key to economic prosperity in the twenty-first century is in the ability to create the new knowledge (p. 54). .And this was the chance for Singapore to become important on the global business arena. In addition, the small size of this city-state made it necessary to develop a business strategy based on openness and active trade in order to sustain its economic growth (Lin and Ewing-Chow, 2014, p. 8). In the given circumstances, the economy of Singapore got the chance to develop into the global actor. .Along with developing economies of Hong Kong, Taiwan, and South Korea, Singapore is considered as the part of “Four Tigers” group in the contemporary global business world (Peng, 2014, p. 19). As for the factors of Singapore’s success, the reliance on open cross-border transactions is determining among them.
