Singapore amongst world's rising stars in trade potential: StanChart

It ranked 16th in the Trade20 index.

Singapore displayed strong trade potential in the past decade, ranking 16th at Standard Chartered (StanChart) Bank’s Trade20 index that identifies the rising stars of trade.

The Lion City was noted for “still improving its trade potential strongly” despite being a developed country.

“Singapore’s economic dynamism is particularly strong. Even from its existing position as a developed economy at the forefront of global trade, it is still making substantial progress to improve its trade growth potential, increasing inward FDI to consolidate its position as a key financial hub,” the StanChart report said.

Also read: Singapore could come off worse than regional neighbours in next global downturn

Africa’s Côte d'Ivoire topped the list as an “emerging market fast improving its trade readiness.” India followed at second place and was hailed as “a future giant of world trade” by StanChart.

Rounding out the top five are Kenya, China, and Ireland. Fifth-placer Ireland was named the “outlier of the European Union,” having been the only EU market to appear in the overall index. Its position is largely based on its success in attracting increasing amounts of foreign investment, with corporates encouraged by its low corporate tax rates and its status as a ‘launch pad’ to the rest of Europe, said StanChart

Asian countries dominated the index, with ten nations from the region making it into the top 20 list. Vietnam (6th), Indonesia (7th), and Thailand (8th) joined the top 10, whilst Hong Kong (11th), Sri Lanka (14th), Bahrain (15th), and the Philippines (20th) also counting amongst the top 20 countries with the best trade potential out of the 66 global markets in the study.