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Singapore's advantageous geographical position contributes to its importance as a world center for commerce and industry. Blessed with a natural deep harbour on one of the busiest trade routes between West and East, it has a market economy based on the principle of free enterprise.
Its former role as an
entrepôt is diminishing. Emphasis is now placed on
manufacturing and finance and business services, which
are the greatest contributors to its GDP, with Economic
Development Board spearheads the country's
industrialization policy through the promotion of
investment in manufacturing and the encouragement of
business operations. In addition, the Singapore Trade
Development Board was set up in 1983 as a trade promotion
agency to develop and expand international trade. Despite
rapid economic growth, inflation has remained low (2.4%
in 1993). The manufacturing sector concentrates on electronic products and components, while machinery, industrial chemicals, paints, pharmaceuticals, food, printing and publishing are also major contributors.
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