SINGAPORE: Singapore has been ranked the most competitive city in Asia, according to a report by the Economic Intelligence Unit.
The "Hot Spots: Benchmarking Global City Competitiveness" report also identified Singapore as the third most competitive city in the world, after economic and financial hubs New York and London.
The report covered a total of 120 global markets, assessed on the basis of 21 qualitative and 10 quantitative indicators.
Singapore
rated highly in categories of physical capital (joint 1st), financial
maturity (joint 1st), institutional effectiveness (6th) and global
appeal (4th).
Mr Leo Yip, chairman of the Singapore Economic
Development Board (EDB), said in a statement: "Singapore's favourable
ranking is testament to our appeal as a global business location,
plugged into the heart of a growing Asia.
"Our strong attributes
of trust, knowledge, connectivity and liveability have underpinned our
ability to attract investments, business, talent and ideas."
He
added that Singapore's competitiveness has made it an attractive
location for MNCs and global mid-sized companies to manage their
business, innovation and talent, in order to tap growth opportunities in
Asia.
He said Singapore is also becoming a strategic location
for Asian companies to build capability to grow in international
markets.
Mr Michael Zink, head of ASEAN and Citi country officer
for Singapore said: "The report comes under our Citi for Cities
strategy, which aims to enhance prosperity in cities around the world."
"We
hope the report will help enhance understanding of market
competitiveness and enable Singapore to identify ways to strengthen its
reputation as a world-class financial and business hub and a great place
to live," he added.
The report defines competitiveness as the "demonstrated ability to attract capital, business, talent and visitors".
- CNA/al