Singapore 1st as World’s Most Competitive Country
Singapore was ranked 1st place in the 2020 Institute for Management Development (IMD) World Competitiveness Ranking. Singapore’s strengths lie in our robust international trade, availability of skilled talents and cutting-edge technology infrastructure. This has given us our strong economic performance to attain the number 1 spot out of all the other countries in the world.
Stable performance in the education system and technological infrastructure (telecommunications, Internet bandwidth speed, and high-tech exports) has given us our sustained economic growth.
Arturo Bris, director of IMD World Competitiveness Center, said: “The benefit of small economies in the current crisis comes from their ability to fight a pandemic and from their economic competitiveness.”
Investments in Tech and people increase Singapore’s resilience amid US-China tussle
The US-China rivalry has produced a lack of trust and their rivalry on trade, cyber security and technology will sharpen. Supply chains may diverge, and 2 different technology standards emerge, resulting in higher running technology costs.
Singapore makes itself more resilient to these problems by investing in technology and people. Having enough tech talent, and research and development talent will help Singapore weather the storm caused by rising tensions between the United States and China.
Singapore will also invest in people to make sure that there are enough tech talents available to contribute to the development of global technology standards.
“Even in a disrupted and divided world, we must remain an open and reliable and trusted centre for data, for information, for ideas,” said Dr Balakrishnan, who is also Foreign Minister.
One golden opportunity is in data centre operations – with data seen as the new oil in the new digital economy.
“One of our fastest-growing phenomena is data centres. It surprised me because data centres in Singapore cannot be the cheapest in the world,” he said.
Yet the Internet majors set them up here on account of Singapore’s scruples in honouring contracts, even during the depths of the Covid-19 crisis.
“This reputation – openness and trust – puts us in a very good position when the recovery comes,” Dr Balakrishnan said.
Covid19 has resulted in a more disrupted and divided world, Singapore continually reconstructs to stay relevant.
Tech Talents Are In Demand
In Singapore, these industries are lacking in local talent and we require the foreign talent pool to supplement our local workforce. The quota for Singapore PR or Singapore Citizenship will vary proportionately according to the need for foreign talent with specialised skills in industries of high demand. These industries for Singapore’s need in the near future, would be: Healthcare, Biotechnology, Digitalisation, IT, AI, Data Science, Cyber-Security, etc.
This does not mean other industries will have less opportunities. We, at The Immigration People have helped countless from across a wide range of industries achieve their Singapore immigration dream.
No change in quota for new PRs/Citizens
The immigration quota for Singapore, in 2020 and 2021, has already been set in advance as the Singapore Government always plans forward. In order to supplement our nation’s falling birth rate, Singapore would still need to meet her long-term goal of admitting new Singapore PRs.
If you are looking to provide for yourself as well as your family members, getting Singapore PR is a good way to achieve that.
Amidst the Covid19 recession, foreign work pass holders were among the earliest to get a wage cut, or even getting retrenched. This is because most government assistance given to employers are only for Singapore Permanent Residents or Singapore Citizens. Employment Passes must now meet a higher minimum salary of $3900. Having to pay higher salaries, without getting support grants for expatriate employees, is worrying, especially for financially strapped employers.
Being a Singapore PR will empower you with employment security as you will be able to stay permanently in Singapore to pursue any jobs freely without worrying about employment passes getting cancelled.
More Affordable Housing
Amidst this uncertainty in 2020, the pay of many expatriates were cut or expected to be cut. This coupled with having to pay high rentals for their Singapore property, have made their lives here difficult.
With a Singapore PR, you can have:
- Better home loan options
- Lower cost property
- Lower stamp duty
- Second hand HDB properties
Don’t waste a good pandemic opportunity in 2020
Many foreigners are hesitant to apply due to the impact of Covid-19 on the Singapore economy, and from uncertainties in their employment. Some work passes are not renewed, some receiving a pay cut, with some even suffering retrenchment. A good handful of potential candidates for Singapore PR have decreased due to COVID-related problems. With less people applying, you would stand a much higher chance of getting your Singapore PR! There is simply less competition for you!
For foreign talents who seek to call Singapore their home, a Singapore PR or Singapore Citizenship status provides much-needed stability during trying times. Don’t wait till too late in 2020 when the full force of the Covid19 recession has hit us fully.
It is of utmost importance that you ensure your application is the strongest it can be, with all key information presented in your documents package so the reviewing ICA officer is able to evaluate your application easily and favourably.
If you want:
- Immigration stability
- Employment stability
- More affordable housing
- More affordable subsidised healthcare
- Provide your family a more affordable standard of living
Speak to TIP’s in-house Immigration Consultants, where we pride ethic and honesty more than anything else. You can be assured of a professional and honest advice on your Singapore PR application. We do not resort to marketing gimmicks, tall claims, or even pressuring clients to engage our services. You may have met unethical salespeople with the title of “immigration consultants”, who may not have your best interests in mind. Have a chat with us and you will see the difference.
Immigration hopefuls will have to be extremely sure-footed in the next/first try in their application. Take the preliminary assessment here
Or you can contact us today