Singapore’s Expected Need for Foreign Talent

July 13, 2018 Erik Prado

 

Singapore has long been a prime destination for business and development. The country continues to position itself as an attractive workplace now and in the years to come for foreign talent.

While countries like the U.S., Japan and recently, Mexico, rank as some of the top technology industries, Singapore is the most “technology-ready” country, according to the 2016 Global Information Technology Report from the World Economic Forum. 

But technology isn’t the only reason why foreign talent and Singaporean citizens may enjoy working in Singapore. Here are some reasons why the city-state makes for an appealing choice for workers interested in working abroad:

A Growing Technology Hub

Singapore’s technology sector is one of the most advanced in the world, as evidenced by the World Economic Forum’s 2016 report. Singapore’s government strongly promotes its biotechnology sector, but recently, they’ve has made a big push to build up technology research. In particular, artificial intelligence is a point of emphasis, according to the South China Morning Post. It’s no surprise that artificial intelligence is a focal point. It has recently become even more important in the daily proceedings of large companies, particularly with regards to machine learning.

In late 2017, private investment group Marvelstone Ventures announced it was creating an AI hub in Singapore. The hub has plans to incubate approximately 100 startups annually when it opens in 2018. Furthermore, the Singapore government announced it would be investing nearly Sg$150 million (US $110 million) to AI research. 

While other countries are heavily investing in AI, Singapore may have a leg up on the competition because the country is more accepting to outsiders. The government also plans to provide strong financial backing, the South China Morning Post reported. More so, the publication reported that a “big gap” remains in the number of researchers available in Singapore. This indicates a demand for workers specializing in AI, including foreign talent.

Singapore Skyline

A Strong Economy

Singapore’s economy is one of the strongest and most developed in the world. As of December 2017, the country’s GDP was $297 billion and its GDP is projected to grow 2 percent. Additionally, Forbes listed Singapore as the ninth-best country for business. In the future, companies may set up shop in Singapore and they may require foreign talent to staff offices.

A Safe Country

While foreign countries might be enticing for future work opportunities, individuals moving to a new place will likely consider the country’s safety. 

For those considering working in Singapore, they’ll take comfort knowing that Singapore is the safest country in the world. According to the World Justice Project Rule of Law Index 2017-2018, Singapore is the safest country. The study measured the prevalence of common crimes and the general perceptions of safety throughout the country.

Next Steps for Foreign Talent

If you’re interested working in Singapore, or work for a company seeking to expand operations to the country and need to hire foreign talent, contact the Envoy Global team to get started.  

 

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