Singapore is one of the most advanced free-market economies within the 10-member Association of Southeast Asian Nations (ASEAN). It is also one of the most politically stable countries in Asia.
While Singapore’s domestic market is relatively small, a high-level of state intervention in the economy has powered the city state’s growth and positioned it as Southeast Asia’s most attractive destination for regional corporate headquarters. This has also been aided by a regulatory environment which is not only pro-business and free trade but also committed to ongoing optimisation.
Singapore is a favourable gateway for Irish exporters into the nine other members of ASEAN – Malaysia, Indonesia, Thailand, Philippines, Vietnam, Myanmar, Cambodia, Laos and Brunei. With a population of 634 million, the scale of ASEAN’s marketplace – almost US$2.6 trillion in gross domestic output in 2016 – is matched only by the diversity of its economies.