Wednesday, September 10, 2008

S'pore Moves Up In World Of Global Business Hubs

Source : The Business Times, September 10, 2008

It pips Chicago, HK to take 4th spot in MasterCard study

Singapore has been ranked the fourth best centre of commerce worldwide, just behind Tokyo, according to a recent study of 75 global cities.

It was also considered the best city for ease of doing business, ahead of Hong Kong, London, Toronto and New York.

The latest Worldwide Centres of Commerce Index published by MasterCard ranks 75 cities, based on seven broad criteria including their legal and political framework, economic stability, ease of doing business, knowledge creation and information flow, and quality of life.

As businesses expand beyond their home market, an understanding of the advantages that different cities have to offer will prove to be an indispensable competitive edge, said the report's authors.

'While many multinational companies may claim to be global businesses today, in the coming decades only those capable of building a globally integrated structure will rise above the competition.'

London, New York, and Tokyo retained the top three spots respectively in this year's ranking, but Singapore moved up two rungs, overtaking Chicago at No 5 and Hong Kong - its main rival in Asia - at No 6.

Paris moved up one spot to No 7, while Frankfurt slid to No 8 from No 7 last year. Seoul stayed at No 9, while Amsterdam moved from No 11 to No 10, displacing Los Angeles, which slid to No 17.

Singapore ranked second only to Stockholm for its legal and political framework, and ahead of more established financial centres such as New York and London.

The cities ranked top for economic stability were all in Western Europe - Vienna in first place, and Barcelona and Madrid tied in second place.

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