Multinational corporations (MNCs) have long favoured Singapore and/or Hong Kong to establish their Asia regional or global headquarters (HQ). While both countries continue to attract investments from MNCs across various industries, Singapore’s reputation as a gateway to the rest of Asia is gaining strength. Moreover, Singapore’s resilience in managing the pandemic has paved the way for MNCs to push forward plans to improve their accessibility to Asian markets as these markets are making steady progress towards economic recovery.
(image source: Ministry of Finance, Singapore: Budget 2022)
Singapore’s Finance Minister Lawrence Wong delivered his Budget 2022 last month, and while the focus was mainly around the tax system, he highlighted that the government will be rolling out major support packages to help businesses transition into post-pandemic recovery, one that is increasingly digital and globalized.
Minister Wong also predicted a steady economic recovery in 2022 as projections grow to 5%, due to global pick-up in vaccination and booster efforts. But recovery is expected to remain uneven, especially for the aviation and tourism industries, as concerns over the virus and new variant emergence remain.
In this latest blog post, we will identify key areas that businesses should talk note of.
Singapore has been lauded for its management of COVID-19, with a very low number of deaths from the virus. Evidently so, the city-state has been ranked among the top 20 countries in the world as of December 2021 in Bloomberg’s COVID-19 resilience ranking. There was even periods during the pandemic that Singapore was ranked first. This can only be made possible by the government’s continuous efforts to cope with the economic slowdown by introducing various safety and financial support measures, in addition to the people’s resolute aim to adhere to safety measures towards endemic living with the virus.