Singapore's New Growth Engines An Encouragement To Lifestyle Industry

The global financial predicament has changed the dynamics of many export oriented economies. Singapore has preemptively been altering its economic landscape by striving to seek a balance by installing new engines of growth. It has very efficiently fine-tuned the manufacturing sector which was heavily skewed towards electronics by nurturing other clusters such as chemicals, pharmaceuticals, Bio technology etc. It has also widened the service spectrum by encouraging telecommunication sector and financial services industry, while there is also an accelerated efforts to strengthen the country's position in new age industry such as digital media.

The strategic move of the government, to tap on unconventional means to establish new growth engines in order to stimulate, a seemingly insignificant industry such as, lifestyle industry and its outcome is highly laudable. The tiny little red dot attracted the global attention and appreciation when it successfully hosted the world's first ever Formula One night race. It has witnessed a resounding success this year too. The race has reaped significant economic spin offs for various trades of the country, in the form of increased tourist influx and swelling patronage for track-side entertainment and other associated events.

Come 2010, two integrated resorts (IR) namely, Marina Bay Sands and Resorts World, will be launched in Sentosa. IR will contribute significantly to Singapore's overall positioning as a premium must-visit destination offering a wide range of entertainment experiences for the leisure and business visitors thus enhancing the tourism receipts. The resorts will promote Singapore's status as a convention hub in Asia and thereby positively impact the supporting industries, such as hospitality, entertainment, F&B, Media, travel, transport & communication etc, apart from attracting huge investments and opening up employment opportunities directly and indirectly.

By 2012, the City state will also have a state-of-the-art Sports Hub, and a year later, a new National Art Gallery - a groundbreaking arts institution dedicated to the display, promotion, research and study of Southeast Asian art. Apart from the world class infrastructure that the lifestyle businesses get to leverage by setting up their base in Singapore, they also stand to benefit from the opportunities revved up such new and unconventional growth engines which are targeted towards resurgent Asia. At the same time, the country is very advantageously located in the Asian region which, is home to the burgeoning middle class demanding quality lifestyle products and services and also incessantly growing High Net worth Individuals. Thus, Singapore being rated by Mercer Human Resource Consulting as Asia's top city for quality of life, offers many opportunities for lifestyle ventures.