Foreigners flock to Singapore despite high living cost
Quality of life, education facilities, and a transparent and professional business environment are elements making Singapore attractive to foreigners despite its high living cost.
Singapore's iconic Marine Bay (Photo: New Straits Times)Singapore (VNA) – Quality of life,
education facilities, and a transparent and professional business environment
are elements making Singapore attractive to foreigners despite its high living
cost.
The finding was part of the latest annual
report recently published by the Economist Intelligence Unit (EIU) under The
Economist magazine.
According to the report, Singapore was ranked as
the most expensive city for expatriates and business travelers for the fourth
time in a row.
However, living cost is only one of many factors
for an individual to make decision for a work destination, said human resources
specialists.
In addition, the transparency of governance and
ease of doing business, combined with government efforts to create a positive
environment for start-ups and innovation makes Singapore a highly attractive
business hub for people to grow their careers.
It is also an ideal place for FinTech (finance
and technology combination) or research and development (R&D), which is why
more European and Asian nationals move to Singapore recently.
The EIU survey compares prices of 160 products
and services, including food, clothing, household supplies and personal care
items, home rents, transport, utility bills, private schools and recreational
costs, between 133 cities across the world with New York city (the US) as the
baseline.- VNA
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