Marina Bay, Singapore from above at the country's celebration of the 50th year of independence (SG50). (Photo: AFP)

Singapore has expanded into a vital commodity trading hub for Asia, said the International Enterprise Singapore (IE) on September 29. 

According to an IE report, the country’s geographic location at the centre of Asian trade routes, excellent financial and trading infrastructure alongside transparent legal, regulatory and tax frameworks have contributed to its strengthened role in global commodity trading.

Statistics show that about 80 percent of the world’s leading companies are operating in Singapore and transnational commodity trading through Singapore hit 1.3 trillion USD last year.

The island nation has supported the development of deeper and more liquid commodity markets with products tailored around Asian needs, which resulted in significant benefits for not only commodity traders but also the needs of growing economies across Asia.

It is estimated that around 10 trillion USD in commodities are produced and consumed globally each year. The number would further increase following the rise of middle-class status across the world.-VNA