Trade and Commerce in Singapore
From SgWiki
Singapore Centre of Trade and Commerce
The history of Singapore is related the Island as a hub of trade and commerce. From the early days when sailing vessels were plying the world for spices and exotic items for profits and gains, the position of the little Island in the South Sea<Nan Yang>was known and but unexploited until...
- when in 1819, Sir Thomas Stamford Raffles arrived as an agent of the British East India Company. In 1824, the British purchased Singapore Island, and by 1825, the city of Singapore had become a major port, with trade exceeding that of Malaya's Malacca and Penang combined. In 1826, Singapore, Penang, and Malacca were combined as the Straits Settlements to form an outlying residency of the British East India Company; in 1867, the Straits Settlements were made a British Crown Colony, an arrangement that continued until 1946.
- The opening of the Suez Canal in 1869 and the advent of steamships launched an era of prosperity for Singapore as transit trade expanded throughout Southeast Asia. In the 20th century, the automobile industry's demand for rubber from Southeast Asia and the packaging industry's need for tin helped make Singapore one of the world's major ports.
- In 1921, the British constructed a naval base, which was soon supplemented by an air base. But the Japanese captured the island in February 1942, and it remained under their control until September 1945, when the British returned.
- In 1946, the Straits Settlements was dissolved; Penang and Malacca became part of the Malayan Union, and Singapore became a separate British Crown Colony. In 1959, Singapore became self-governing, and, in 1963, it joined the newly independent Federation of Malaya, Sabah, and Sarawak--the latter two former British Borneo territories--to form Malaysia.
However, when Indonesia adopted a policy of "confrontation" against the new federation, charging that it was a "British colonial creation," and severed trade with Malaysia. The move particularly affected Singapore, since Indonesia had been the island's second-largest trading partner. After the political dispute was resolved in 1966, and Indonesia resumed trade with Singapore.
- Then after a period of friction between Singapore and the central government in Kuala Lumpur, Singapore separated from Malaysia on August 9, 1965, and became an independent republic.
- Today Singapore still ranks amongst one of the best places in the world to start or grow your business.
Credited as the top business environment in Asia by the Economist Intelligence Unit (EIU) in 2003, Singapore is fast becoming the strategic base to access the 500-million-people in the Southeast Asian market and the 2.8 billion strong Asian market.
<Singapore stub needing expansion>
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