Singapore: A Lesson in Foreign Competition for U.S. Business Investment

Exactly how aggressive are our countries in luring U.S. business investment? For some insight into this issue, take a look at the infrastructure of people and activities that Singapore has installed across the United States. Go here to access the Singapore Economic Development Board's office network in the US and other countries.

I spent some time studying the Singapore Economic Development Board (EDB) website. It is very impressive. I have been monitoring knowledge economy development strategies across the world. The EDB tells me clearly that Singapore is a rapidly emerging player in the knowledge economy, as is China, Korea and many other Asian nations. And yes, SARS has created a setback for many Asian countries at the moment, but don't count on that as a reason why you shouldn't take these formidable foes very seriously.

This is a wake-up call for all American states, regions and communities that think they do not have to work quite so hard at economic development. While many states are arguing whether to keep their existing incentive programs, places like Singapore are adding new programs on a regular basis. It is well worth your time studying the economic development network that has been built across the world. It not only tells us that we need to work harder, but much smarter.