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Singapore, officially the Republic of
Singapore, is an island city-state off the southern tip of the Malay
Peninsula, 137 kilometres (85 mi) north of the equator, south of the
Malaysian state of Johor and north of Indonesia's Riau Islands.
Singapore is the world's fourth leading financial centre and its economy
is often ranked amongst the world's top ten most open, competitive and
innovative. The country is also a highly cosmopolitan World City, with a
key role in international trade and finance.
Singapore has a diverse populace of 5 million people made up of Chinese,
Malays, Indians, Asians and Caucasians of different ethnic origins.
The populace of Singapore has the sixth highest percentage of foreigners
in the world. 42% of the population in Singapore are foreigners and
foreigners make up 50% of the service sector. The country is also the
second most densely populated in the world after Monaco. A.T. Kearney
names Singapore as the most globalised country in the world in its
Globalization Index.
Even before independence in 1965, Singapore was already one of the
richest states in East Asia due to its strategic location as a port.
Singapore's GDP per capita in 1965 was $511, third highest in East Asia
after Japan and Hong Kong. After independence, Foreign direct investment
into Singapore and a state-led drive for industrialization based on
plans by Dr Goh Keng Swee created a modern economy focused on industry,
education and urban planning.
Singapore is a popular travel destination, making tourism one of its
largest industries. About 7.8 million tourists visited in 2006. Total
visitor arrivals were 10.2 million in 2007. To attract more tourists,
the government decided to legalise gambling and to allow two casino
resorts (euphemistically called Integrated Resorts) to be developed at
Marina South and Sentosa in 2005. To compete with regional rivals like
Bangkok, Hong Kong, Tokyo and Shanghai, the government has announced
that the city area would be transformed into a more exciting place by
lighting up the civic and commercial buildings. Food has also been
promoted as an attraction for tourists, with the Singapore Food Festival
held every July to celebrate Singapore's cuisine.
Singapore is also promoting itself as a medical tourism hub: about
200,000 foreigners seek medical care in the country each year, and
Singapore medical services aim to serve one million foreign patients
annually by 2012 and generate USD 3 billion in revenue. The government
states that this could create some 13,000 new jobs within the health
industries. |
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