Singapore and ASEAN
Singapore is an island city-state in maritime Southeast Asia. The country has a population of 5.6 million and comprises 63 islands covering 710 square kilometers. Singapore ranks among the most competitive economies in the world, known for strong economic performance and government efficiency.
As one of ASEAN's leading business and trade hubs, Singapore has strong international connections. The city-state has a large, highly skilled workforce and one of the most business-friendly regulatory environments in the world. The country has signed multiple free trade agreements and double tax treaties.
Singapore is an ideal regional hub for its corporate, financial and tax system, so it is often chosen as the Asia-Pacific base for multinational groups.
In 2021, Singapore's GDP reached USD 374 billion with an increase of 7.1% compared to the previous year, while the GDP per capita was USD 72,729, an increase of 20% compared with a year earlier.
Singapore has been a very active player in international trade. The economy is heavily reliant on exports, especially IT products and pharmaceuticals, as well as tourism, retail and financial services. Its main trading partners are China, the United States, Malaysia, Indonesia and Japan.
The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2, and is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 3.6 trillion according to estimates for 2022.