Singapore most competitive city in Asia and third globally: Report

Singapore has been ranked the most competitive city in Asia and third globally out of 120 of the world's major cities, according to a report by the Economist Intelligence Unit (EIU) released on Wednesday.

The report ranked cities based on their ability to attract capital, business, talent and tourists by using eight categories of competitiveness and 31 individual indicators.

Singapore performed well in most of the eight categories, coming out tops in terms of physical capital and financial maturity. It is also ranked fourth for global appeal and sixth for institutional effectiveness.

The report, which was commissioned by Citi, attributed Singapore's strong ranking to its efficient transport system, lean bureaucracy, safe and clean environment and its increasingly highly regarded reputation internationally.

In addition, Asian cities dominated the economic strength category, with 15 of the top 20 cities for economic strength hailing from Asia.

However, American and European cities were ranked the most competitive overall despite somber economic growth outlooks, as they were able to attract and develop talent despite concerns over ageing infrastructure and large budget deficits.

Said Singapore Economic Development Board (EDB) chairman Leo Yip: "Our strong attributes of trust, knowledge, connectivity and liveability have underpinned our ability to attract investments, business, talent and ideas."

He added that Singapore's competitiveness has made it "attractive as a strategic location for MNCs and global mid-sized companies to manage their business, innovation and talent, in order to pursue growth in Asia".

Yip also said that Singapore is developing into a strategic location for Asian companies to break into international markets.