The Economic Powerhouse of Singapore: Foreign Investment

Singapore has transformed into a major hub for foreign investment, particularly in banking, shipping, and oil industries, due to its strategic location, stable government, and favorable taxation laws. The country capitalized on its position as a middleman in global trade, refining oil and serving as a base for financial services. Despite its small size, Singapore has become a key player in the region by focusing on service sectors and leveraging its central location for tourism and international business. This strategic approach has made Singapore a model for economic development.

Discuss the role of Singapore's service sector in its economic development.

What strategies did Singapore employ to capitalize on its geographical location?