Possesses economic strengths in finance banking

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possesses economic strengths in finance, banking, logistics, manufacturing, tourism, and oil refinery. The port of Singapore is one of five busiest and largest ports in the world. Today, Singapore is the fourth largest financial center in the world and the second largest in Asia. Additionally, Singapore is ranked among the top three oil-refining centers in the world. It is successful at maintaining a diversified and competitive economy, which is rare for such a small country (White 2012). Due to the limitation of land, Singapore lacks important natural resources. The country, however, has been successful at managing its disadvantages and sustaining its prosperity. Singapore is known for its prudent strategies to overcome the lack of water and non-renewable energy resources, which are the country’s two main resource deficiencies. In response, Singapore has signed a contract to buy a considerable amount of water from Malaysia (Chakra, 2008). In addition, Singapore’s government is taking initiatives to exercise its water strategies. They invest in research to possess more water sources and improve efficiency in handling water to prevent waste. The entire system of the water cycle in Singapore is under strict government control and not privatized. Singapore was also successful in building four wastewater treatment plants to reclaim water for reuse. As for the lack of non-renewable energy, Singapore resolved to import most of its oil and natural gas. In 2001, to lessen its dependency on oil, it switched from oil to natural gas for production of electricity. To secure its supply, the country tries to import natural gas from various suppliers rather than just one. Singapore also invests in construction of their receiving terminals in order to enhance the efficiency and promptness of importing liquefied natural gas. Singapore’s economic success is partly attributed to its identity politics and diaspora groups. Different from most Southeast Asian countries whose national identity relies on ethnicity, Singapore has a civic national identity. Particularly, the country seeks to form an authoritarian civic national identity, based on citizenship and not ethnicity. The country also chose English as the official language for education, government administration, and the business environment. Singapore’s civic national identity helps foreigners to socially and economically assimilate more easily and at a much faster pace than an ethnic national identity. Therefore, more talents and business people from both Asian and the West are attracted to settle in Singapore. Nearly one in three people working in Singapore is a foreigner, which is the highest ratio in Asia. Having a multiethnic and diversified workforce means having a reservoir of different talents, experience, and cultures, which is usually a norm seen in competitive countries. Singapore is ranked among the top five Asian countries for having the best skilled workforce. Singapore’s diaspora groups
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