Singapore is the best place for business

Singapore is the best place for business

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The city of Singapore has once again garnered attention as it basked in the glory of being ranked as the No. 1 place to do business in the world. The study which was conducted by the Economist Intelligence Unit, ranked it as number one. The second spot was occupied by Switzerland , followed by competitor Hong-Kong.

Singapore battled it out for the first spot with 82 different locations across the globe that the EUI sampled.

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The study was conducted for a period of five years in which Singapore was in the first place. Malaysia stood at number 19 , a marked improvement from the 24th place in 2013.

Other countries which landed in the top ten list, included Sweden in the 6th place, United States in the 7th place and New Zealand in the 8th place. Germany which was ranked at 10th position had slipped to 12th position.

The report added that the Asian countries which did well had similar characteristics like competition policies to encompass the international best practice, and favourable policy environment for finance and foreign investments. However, the report has also highlighted that the infrastructure has remained a weak point for the region.

Singapore ranked seventh for infrastructure and the only Asian country in the top ten in the category.