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During the covid pandemic, many people lost their jobs and the economy of Singapore met with a downfall. Debt recovery cases rose. In any economic downturn, the market also expects insolvency cases to rise. However, the Singapore government has largely mitigated this by introducing legislative protections for businesses and individuals whose insolvency is due to the Covid situation, including effectively implementing a moratorium on applications for bankruptcy and winding up.

https://thuraisingam.com/resources/overview-on-dispute-resolution-in-singapore

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In 1979, Malaysia published a map which claimed the island(Pedra Branca) as hers. In response, Singapore lodged a formal protest with Malaysia in early 1980, to assert that Pedra Branca belonged to Singapore.

On 23 May 2008, the ICJ(United Nations International Court of Justice) issued its judgment, in which it decided that sovereignty over Pedra Branca belongs to Singapore, sovereignty over Middle Rocks belongs to Malaysia, and sovereignty over South Ledge belongs to the State in the territorial waters of which it is located.

https://www.icj-cij.org/case/130

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compilation of dispute settlements by singapore

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compilation of dispute settlements by singapore

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https://cil.nus.edu.sg/wp-content/uploads/2017/07/Final-Compilation.pdf

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Agreement between New Zealand SG on a Closer Economic Partnership (ANZSCEP)
- Signed in 2000
- Duty free goods made in New Zealand or Singapore can be traded between the two countries duty-free, where the product meets the Rules of Origin requirements.
- There is better access to Singapore's service sector markets

https://www.mfat.govt.nz/en/trade/free-trade-agreements/free-trade-agreements-in-force/nz-singapore-closer-economic-partnership/cep-overview/

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https://www.google.com.sg/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiWg47X1Mv-AhW4amwGHdPrB-QQFnoECAwQAQ&url=https%3A%2F%2Fwww.aseanbriefing.com%2Fnews%2Fsingapore-introduces-new-work-visa-rules-aimed-at-attracting-foreign-talent%2F&usg=AOvVaw0xCgB9lDzh-Y2EiQlYCrYg

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https://www.google.com.sg/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiWg47X1Mv-AhW4amwGHdPrB-QQFnoECB8QAw&url=https%3A%2F%2Fwww.channelnewsasia.com%2Fsingapore%2Fep-overseas-networks-expertise-pass-work-foreign-talent-policy-2932656%23%3A~%3Atext%3DSingapore%2520will%2520launch%2520a%2520new%2Csports%252C%2520and%2520research%2520and%2520academia.&usg=AOvVaw0H8zU6W0bUzMNCrpZgAzbq

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The island nation of Singapore has long been a powerhouse in the global economy, and its status as a premier destination for top-tier talent is no exception.

According to a new study by Boston Consulting Group (BCG) and The Network, this reputation has been bolstered, as Singapore has risen 10 places to become the 8th most attractive location for global talent.

Welcome news to Singapore's existing business community, the study's release couldn't have come at a more critical time - as the world economy slowly emerges from the shadow of COVID-19.

Singapore Maintains its Lead as a Foreign Talent Hub

The pandemic has led to a dramatic shift in attitudes among professionals globally, with many now reluctant to move abroad for work.

But despite this, the island nation has continued to attract top talent from around the world - thanks in part to its proactive and successful response to COVID-19.

While many of the traditionally attractive destinations such as New York, Barcelona, and Rome have seen their reputations suffer due to the pandemic, Singapore has emerged unscathed - even enhancing its appeal as a business destination.

This is largely due to the fact that Singapore was one of the first countries to implement strict measures to control the spread of COVID-19 within its borders.

These measures, which included a mandatory 14-day quarantine for all incoming travellers and a nationwide mask mandate, proved to be highly effective.

As a result, Singapore was able to avoid the worst of the pandemic. At the time of writing, there are no longer any traveller restrictions beyond a negative Polymerase Chain Reaction (PCR) test.

Why Does Singapore Need Foreign Talent?

Singapore has a lack of its own talent in the local workforce. By getting international talent to live and work here, it can build up its local talent, encouraging them to stay and help foster a dynamic and outstanding nation.

In addition, the Lion City is also a highly attractive destination for global companies to invest and expand their businesses here.

These corporations require human talent to assist in their operations as well, which contributes to the ever-increasing demand for capable and skilled workers.
Related Read: Agility and Resilience: Singapore as a Regional Business HQ Destination "
Why is Singapore an Ideal Destination for Foreign Talent?

There are, of course, many existing reasons why talents from around the world have chosen to further their careers in Singapore - including its favourable tax policies for talent, supportive government, and famous liveability.

Let us look at these reasons in greater detail:

A Favourable Income Tax System

Singapore's favourable income tax policies for talent have always been a huge incentive for employees and employers alike.

Under Singapore's tax system, foreign professionals can enjoy a 15% tax rate on their first S$160,000 of taxable income.
Related Read: 14 Strategies to Reduce your Personal Income Tax "
This is significantly lower than the rates in many other developed countries - making Singapore an attractive destination for high-earners and experts in their fields.

One of World's Most Liveable Cities

Singapore is also a highly attractive place to live, as the city-state has consistently ranked as one of the most liveable cities in the world.

It is recognised for its low crime rates, excellent healthcare system, and an extensive array of public spaces.

This makes Singapore an ideal destination for expats and their families who are looking for a safe and comfortable place to call home.

A Supportive Government

The small city-state understands the need to bolster its efforts in attracting global talent to build a world-class talent pool.

Apart from the incentives it has implemented, Singapore also has a variety of work passes that enable foreigners to work here.

During the National Day Rally Speech held on 21 Aug, Prime Minister Lee Hsien Loong first hinted at new initiatives to make leading talent seriously consider coming to Singapore.

On 29 Aug, the new Overseas Networks and Expertise (ONE) Pass, Singapore's newest upcoming work pass aimed at the best international talents, was revealed.

It comes with several benefits, like a 5-year validity and outstanding job flexibility. Foreign workers can also look at the other work passes available, such as the Personalised Employment Pass (PEP) and Tech.Pass.

Singapore is Not Forgetting Its Local Talent Either

Despite its continued efforts to entice foreign talents, Singapore has not forgotten about its local workers.

It has schemes like the TeSA Mid-Career Advance programme and the SkillsFuture Leadership Development Initiative that ensure Singaporeans can develop their talents and upgrade their skills for a competitive local jobs market.

Singapore also introduced the Complementarity Assessment Framework (COMPASS) which will kick in in 2023. This points-based Employment Pass (EP) system is geared towards expertise in short-supply firms with vibrant workers and businesses supporting local employment.

A Continued Push to Attract the World's Best Foreign Talent

The global fight for the world's leading talent is dynamic and an on-going battle, which means that the country has to continue improving its efforts.

With the world slowly returning to normal, it is likely that Singapore will continue to attract global talent from around the globe as it continues to evolve towards its goal of becoming the world's leading city.

So, if you're looking for an exciting and safe place to live and work, Singapore should definitely be at the top of your list.

With its world-class infrastructure, strong economy, and welcoming attitude towards talent, it's easy to see why Singapore is one of the most attractive destinations for global talent.

FAQs About Singapore as a Prime Spot for Talent

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Top-Tier Foreign Talent: Why is Singapore Their Best Choice?

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The island nation of Singapore has long been a powerhouse in the global economy, and its status as a premier destination for top-tier talent is no exception. According to a new study by Boston Consulting Group (BCG) and The Network, this reputation has been bolstered, as Singapore has risen 10 places to become the 8th most attractive location for global talent.

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1)Singapore have bilingual education to attract people from different countries
2) The Singapore Government has introduced initiatives such as SkillsFuture to help our people upgrade their skills or learn new ones
3)Our world-class universities and tertiary institutes are plugged in to the industry’s needs, having established partnerships with leading companies such as IBM, Salesforce, Rolls Royce, Keppel and Applied Materials.

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1. Job opportunities
Foreign talents are attracted to come to Singapore to work because of the various job opportunities available to them be it white collar or blue collar jobs. (Social studies)

2. Work visa
New work visa allow high earners and achievers to live in Singapore without the need to secure employment first. It is applicable to top talents in all sectors.  It also allows their spouse to be able to work through a letter of consent with Ministry of manpower, therefore it is very appealing to foreign talent. (https://www.aseanbriefing.com/news/singapore-introduces-new-work-visa-rules-aimed-at-attracting-foreign-talent/)

3. Global connectivity
Singapore is very connected to all parts of the world, strategically located along the world’s major trading route. (https://www.edb.gov.sg/en/why-singapore/global-connectivity.html)

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singapore is well connected due to its strategic location and many trade connections being a global trading hub.

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singapore is well connected due to its strategic location and many trade connections being a global trading hub.

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https://www.edb.gov.sg/en/why-singapore/global-connectivity.html#:~:text=Singapore%20is%20one%20of%20the,100%20countries%20and%20territories%20globally.

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https://www.jri.co.jp/MediaLibrary/file/english/periodical/rim/2015/56.pdf

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Singapore created the infrared fever screening system. It indentifies infected individuals in a crows who might have a fever and are potentially disease carriers. The infrared fever screening system is able to detect heat emissions from the body and make use of a colour-coded thermograph to identify those with a fever. The system was named one of the best inventions of 2003 by Time magazine. Such a system was very useful during the Covid-19 pandemic.

Source: https://thebrilliant.com/case-studies/10-inventions-from-singapore-that-solve-global-challenges/

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Singapore and Malaysia signed a second contract to import from Johor to Singapore. The current contract expires in 2061. The imported water is one of our 4 National Taps. It entitles Singapore to draw and use 250 million gallons of raw water per day from the Johor River.  In return, we are obliged to provide Johor with treated water up to 2% of the water we import.

There are terms whereby both countries have to honour. Neither Singapore nor Malaysia can unilaterally change them. Any breach of the Water Agreements would call into question the sanctity of the Water Agreements and the Separation Agreement, and can undermine Singapore’s very existence.

https://www.mfa.gov.sg/SINGAPORES-FOREIGN-POLICY/Key-Issues/Water-Agreements

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Find websites to show how Singapore encourage talents to come here and work and how Singapore is very connected to Asia and the world despite its very small size.

Include the website address where you get the source.

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Find examples of mediations and its issues that was discussed either in Singapore or between Singapore and another country involved in a dispute with us. Usually, such mediations end up in a peaceful resolution.

Include the website address where you get the source.

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Find examples where the country shows recent innovations in any field and how it has brought us to a newer era or more business opportunites.

Include the website address where you get the source.

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Find out any trade agreements signed between Singapore and any other countries.

Also, include other discussions which can be found online too.

Include the website address where you get the source.

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Free Trade Agreements

Free Trade Agreements (FTAs) are treaties which make trade and investment between 2 or more economies easier. Singapore has an open economy which is driven by trade in goods and services. Over the years, it has forged an extensive network of 27 implemented agreements. With FTAs, Singapore-based exporters and investors stand to enjoy a myriad of benefits like tariff concessions, preferential access to certain sectors, faster entry into markets and Intellectual Property protection.

https://www.mti.gov.sg/Trade/Free-Trade-Agreements

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Over the years, Singapore has forged an extensive network of 27 implemented agreements.

Free Trade Agreements (FTAs) are treaties which make trade and investment between 2 or more economies easier. Singapore has an open economy which is driven by trade in goods and services. Over the years, it has forged an extensive network of 27 implemented agreements.

With FTAs, Singapore-based exporters and investors stand to enjoy a myriad of benefits like tariff concessions, preferential access to certain sectors, faster entry into markets and Intellectual Property protection.

Click here for more information on Free Trade Agreements and Digital Economy Agreements.

Click here to find out more information on the upgrade of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) and provide your feedback by 14 January 2022.

Over the years, Singapore has forged an extensive network of 27 implemented agreements.

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Over the years, Singapore has forged an extensive network of 27 implemented agreements. Free Trade Agreements (FTAs) are treaties which make trade and investment between 2 or more economies easier. Singapore has an open economy which is driven by trade in goods and services.