SINGAPORE - Singapore remains the top Asian hub for commodities because of its strong financial sector and its transport links to the rest of Asia, a new report by trade agency IE Singapore showed.
The report showed that 80 per cent of the top global commodity firms are operating in Singapore, attracted by the advantages the Republic has to offer them.
IE Singapore also said that last year some 14,600 people worked in the sector, which helped produce nearly more than US$1.3 trillion in trading value.
The report, which looked at the critical factors supporting the growth of a commodity hub, found that there are six key elements. These include having strong human capital, an excellent financial and trading infrastructure and a conducive business environment.
Ms Gina Lim, IE's group director for trade services and policy, said that Singapore's core strengths - a robust legal framework, strong financial services and air linkages - are the core ingredients for making the country a global commodities hub.
"Companies want to be where the action is - in Asia," she said at a media briefing on Tuesday.
The report, which was was done by management consultancy group Oliver Wyman and commissioned by IE Singapore, was done over six months this year.