Dealing with shortage of business leaders in S'pore

Dealing with shortage of business leaders in S'pore

SINGAPORE - Singapore is fast becoming a leading global finance hub.

By last year, almost 3,000 financial institutions had registered with Singapore's monetary authority for one activity or another.

The Economist reported that trading of foreign exchange-related products had jumped exponentially since 2005 - 29-fold in retail market and 43-fold for interest rate-related ones.

Progress shows no sign of slowing.

Financial consultancy Wealth Insight predicted at the beginning of this year that Singapore could surpass Switzerland as a financial centre by 2015.

It is not a far-fetched idea; uncertainty in the eurozone continues unabated while Switzerland is the subject of constant investigations into its offshore accounts.

Meanwhile, Singapore is already the finance hub for Asean and last year US$80 billion of foreign investment flowed into Asean nations, chasing the Chinese figure of US$105 billion.

Moreover, it is not just finance.

A World Bank study last year ranked Singapore the best country in the world to do business for the seventh consecutive year, and a NatWest study named it the best place for entrepreneurs to start up.

It is therefore little surprise that there are reports of a shortage of business leaders in Singapore.

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