Sri Srinivasa Perumal Temple is the main attraction on Serangoon Street.

Courtesy Singapore Tourism Board

Singapore street scene, circa 1960, and the city skyline today.

Photo Paul Douglass

Constructed in 1928, Sultan Mosque is built on the site of first mosque erected in the 1820s.

Photo Paul Douglass

Singapore, the Lion City. The very name conjures up exotic images of the Far East.

This dynamic island nation, located at the southern tip of the Malaysian Peninsula, has transformed itself from a dirt-poor fishing village and trading post into one of the richest economies in the world in just one generation. This city-state, once best known for giving the world the Singapore Sling cocktail, has become in barely 37 years a global economic powerhouse.

Singapore foresees itself not only as the place where Asia and the West meet but as “the Grand Central Station of the global economy” as George Yeo, Minister of Trade and Industry, puts it.

This country, which harbors the busiest cargo port in the world and handles over half of all ASEAN trade, is rated by The World Competitiveness Yearbook 2000 as number one in quality of life in all of Asia. For foreigners working there, the transition to the rhythm of daily life is an easy one.

“Singapore is a remarkably accessible society,” notes Michael Dee, CEO of Morgan Stanley’s Singapore office, who moved there with his family about a year ago.

Singapore’s diverse population of four million - consisting mainly of descendants from China (77 percent), India, Arabia and Europe – is among the world’s best educated. Since its independence from Malaysia in 1965, Singapore has invested heavily in its human capital - its people - to keep its economy competitive and prosperous.

But besides its highly talented work force, Singapore’s phenomenal success during the first four decades of its existence has been built on creating a harmonious, politically stable and well-regulated place to do business. Singapore is consistently rated as one of the top 10 business environments in the world.

For Morgan Stanley’s Dee, the country’s robust legal system is a huge draw. “Where can you enforce contracts in the region? Japan, Australia, Hong Kong Taiwan and Singapore,” he says.

Investors are always concerned about their bottom line. According to the BERI Report (December 2000), Singapore is the second most profitable place for investors worldwide after Switzerland.

For Americans, Singapore provides a seamless introduction to the Far East, a sort of “Asia 101.” Or, as U.S. Ambassador to Singapore Franklin L. Lavin puts it, Singapore is Asia “without risk,” noting the current political instability of some other countries in the region.

Naturally, the country differs in many ways from the rest of Asia too. Singaporeans are well-off, and they go about their business in air-conditioned comfort. Transportation and communication systems are up-to-the minute. Singapore is fully wired to satellite channels like MTV Asia, HBO, CNN and the Discovery Channel. American television shows, such as “Ally McBeal,” “The Price is Right,” and “Friends” are all available. Everyone in Singapore speaks English.

Singapore today can claim wide-open product markets, squeaky-clean commercial courts, a government that is free of corruption, favorable tax laws, a legal system based on British common law, and a world-class infrastructure.

“If you can do business in Canada,” says Ambassador Lavin, ”you can do business here in Singapore.”

These factors help explain why Singapore is host to about 6,000 multinational companies, more than 1,300 U.S. businesses, and about 17,000 American ex-pats. American business has invested over $23 billion here, more than any other country. About 330 American businesses maintain regional headquarters in Singapore.

Equally remarkable is the fact that this city-state, which has barely three and a half times the land area of the District of Columbia and with almost no natural resources of its own, has become a wealthy country. Singapore now ranks as America’s tenth largest two-way trading partner ($33 billion in 2001). No wonder then that Singapore’s per capita income is among the highest in the western world.

Economic Development Board Chairman Teo Ming Kian says Singapore strives to stay flexible so that it can respond to competition from much larger countries in the region, such as China and Japan. An important part of its strategy is to form global partnerships with attractive companies in the United States, China and other countries around the world. In so doing, Singapore seeks to perpetuate its historic role as a trading center and as a global hub in areas such as shipping, financial services, high technology, biomedicine, tourism and high-value manufacturing.

One example of Singapore’s interlocking network of global investing is Raffles Holdings, a subsidiary of Singapore Technologies Holdings, which acquired the international hotel chain, Swissotel Holdings, in June 2001. Among the properties in Swissotel’s management portfolio is the Watergate Hotel in Washington, D.C.

Besides being a business hub, Singapore is making a strong bid to become a global city of the arts. Later this month, the city’s new $600 million Esplanade performing arts center opens its doors for an inaugural performance by the London Philharmonic Orchestra.

For tourist and businessman alike, Singapore offers an attractive quality of life. Any short list of the world’s great food cities has to include Singapore. The cuisine available there reflects both the diversity and richness of its culture and the veritable fusion that is taking place between East and West. Though densely populated, Singapore is filled with trees, parks and gardens, giving the city a relaxed feel.

Owning a car in Singapore is an expensive proposition, but often it’s not needed. The public transportation system is state-of-the-art and inexpensive. (Imagine taking a taxi from Reagan National Airport to the Capitol and paying less than three dollars.) There are 150 shopping malls. Nearly 90 percent of all Singaporeans own their own apartment thanks to a government savings program. Unemployment averages around four percent today and the economic growth rate this year is expected to be between three and four percent. The list of pluses could go on.

But perhaps Singapore’s greatest appeal is the friendliness of its people. Though it may be true that friendliness can’t be measured, in Singapore it can be found in abundance.