MNCs rush to create innovation outposts in Singapore

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More and more MNCs are setting up their bases in Singapore. In an article recently published by the Economic Development Board of Singapore, Principal at Mercer Singapore, Rahul Mudgal shares why Singapore stands out as the region’s innovation hub.

Amongst factors accredited to Singapore’s attractiveness for MNCs are:

  1. Digital technological advancements: Singapore’s transition towards a digital economy is one of the major contributors to the continuance of its economic success. With upskilling support by the government for its local workforce, upgrading both public and private sectors with technology for better processes and efficiencies, and educating all residents living in the country, Singapore is transforming its economy.
  2. Innovation focus: Established by large multinationals and local companies, there are about 40 corporate innovation systems or innovation labs where companies be more involved in the innovation and commercialisation efforts and can tap into the Singaporean entrepreneurial ecosystem without necessarily disrupting their traditional businesses. Support does not only come from monetary means but also mentoring, networking and a variety of educational programs.
  3. Connectivity to the rest of Asia: Singapore’s strategic location allows physical connectivity to the rest of Asia via its sea and air routes. With the digital transformation, it is now connected digitally as well. It is easier for businesses to access Singapore’s world-class infrastructure, capital, talent, and even test ideas with different consumer segments across the region.

What does this mean for Singapore?

More jobs are created, especially in the sectors such as technology, engineering and manufacturing, and finance sectors. These are the sectors that are directly affected by the growth of innovation and Singapore needs more top foreign talent to fill up the gaps in its local workforce.

More business owners would also look to set up their operations in Singapore, using the MNCs as testament to Singapore’s credibility and financial opportunities.

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