The high-quality business environment has strengthened Singapore ’sposition as a global financial hub, said Prime Minister Lee Hsien Loong.
Speaking at the grand opening of Marina BayFinancial Centre (MBFC) on May 15, Lee said that Singapore's openeconomy, deep pool of talent and robust regulatory regime have alsocontributed to the success of its financial industry, and the bankingand services sector will raise its contribution to GDP from 12 percentin 2012 by 15 percent this year.
He added thatSingapore will improve its framework for international taxcooperation to combat cross-border tax offences, and participate ininternational bodies, such as the Basel Committee on BankingSupervision, the IMF Policy Steering Committee and the G-20.
A vibrant financial sector will continue to benefit the Singaporeeconomy by generating better jobs and spurring growth in other sectorslike the legal services, industry development and social enterprises, hestressed.
According to the PM, the MBFC, built ata total cost of 4 billion SGD (roughly 3.2 billion USD), was the resultof a vision conceived over 10 years ago - the vision of developing aworld-class business and financial centre to make sure Singaporestays relevant to the needs of a fast-growing financial sector.
The centre comprises three office towers, offering about three millionsquare feet of office space, two towers of nearly 650 luxury apartmentsand a retail mall.
It is home to over 20,000workers and many established companies in the legal services,commodities and financial services sectors.-VNA
Speaking at the grand opening of Marina BayFinancial Centre (MBFC) on May 15, Lee said that Singapore's openeconomy, deep pool of talent and robust regulatory regime have alsocontributed to the success of its financial industry, and the bankingand services sector will raise its contribution to GDP from 12 percentin 2012 by 15 percent this year.
He added thatSingapore will improve its framework for international taxcooperation to combat cross-border tax offences, and participate ininternational bodies, such as the Basel Committee on BankingSupervision, the IMF Policy Steering Committee and the G-20.
A vibrant financial sector will continue to benefit the Singaporeeconomy by generating better jobs and spurring growth in other sectorslike the legal services, industry development and social enterprises, hestressed.
According to the PM, the MBFC, built ata total cost of 4 billion SGD (roughly 3.2 billion USD), was the resultof a vision conceived over 10 years ago - the vision of developing aworld-class business and financial centre to make sure Singaporestays relevant to the needs of a fast-growing financial sector.
The centre comprises three office towers, offering about three millionsquare feet of office space, two towers of nearly 650 luxury apartmentsand a retail mall.
It is home to over 20,000workers and many established companies in the legal services,commodities and financial services sectors.-VNA
