The high-quality business environment has strengthened Singapore ’s position as a global financial hub, said Prime Minister Lee Hsien Loong.
Speaking at the grand opening of Marina Bay Financial Centre (MBFC) on May 15, Lee said that Singapore's open economy, deep pool of talent and robust regulatory regime have also contributed to the success of its financial industry, and the banking and services sector will raise its contribution to GDP from 12 percent in 2012 by 15 percent this year.
He added that Singapore will improve its framework for international tax cooperation to combat cross-border tax offences, and participate in international bodies, such as the Basel Committee on Banking Supervision, the IMF Policy Steering Committee and the G-20.
A vibrant financial sector will continue to benefit the Singapore economy by generating better jobs and spurring growth in other sectors like the legal services, industry development and social enterprises, he stressed.
According to the PM, the MBFC, built at a total cost of 4 billion SGD (roughly 3.2 billion USD), was the result of a vision conceived over 10 years ago - the vision of developing a world-class business and financial centre to make sure Singapore stays relevant to the needs of a fast-growing financial sector.
The centre comprises three office towers, offering about three million square feet of office space, two towers of nearly 650 luxury apartments and a retail mall.
It is home to over 20,000 workers and many established companies in the legal services, commodities and financial services sectors.-VNA
Speaking at the grand opening of Marina Bay Financial Centre (MBFC) on May 15, Lee said that Singapore's open economy, deep pool of talent and robust regulatory regime have also contributed to the success of its financial industry, and the banking and services sector will raise its contribution to GDP from 12 percent in 2012 by 15 percent this year.
He added that Singapore will improve its framework for international tax cooperation to combat cross-border tax offences, and participate in international bodies, such as the Basel Committee on Banking Supervision, the IMF Policy Steering Committee and the G-20.
A vibrant financial sector will continue to benefit the Singapore economy by generating better jobs and spurring growth in other sectors like the legal services, industry development and social enterprises, he stressed.
According to the PM, the MBFC, built at a total cost of 4 billion SGD (roughly 3.2 billion USD), was the result of a vision conceived over 10 years ago - the vision of developing a world-class business and financial centre to make sure Singapore stays relevant to the needs of a fast-growing financial sector.
The centre comprises three office towers, offering about three million square feet of office space, two towers of nearly 650 luxury apartments and a retail mall.
It is home to over 20,000 workers and many established companies in the legal services, commodities and financial services sectors.-VNA
