Singapore has been ranked as the fourth most attractive location in the world for high-flying professionals to relocate to, according to a newly released annual report by the Hydrogen Group.
Although the country has seen a brain drain in recent years, it is eyed by those who left as an attractive place to return.
The nation has now made a name in oil and gas, commodities and banking sectors due to which it is attracting highly skilled workers from across the world.
As the majority (81 percent) of Singaporeans wants to work overseas, the government is taking initiatives to create employment opportunities in the nation so that skilled citizens in the country prefer to remain in their native place.
"Engaging the 200,000 Singaporeans who are studying and working overseas will be an increasingly viable option in view of the tight labour market and long-term business economic restructuring that our companies are going through," said Victor Tay, COO of the Singapore Business Federation.
Benefits of relocating
The report, entitled Global Professionals on the Move 2013 shows that 83 percent of respondents who had relocated agree that the move had accelerated their personal development.
Singapore is now one of the world's top locations for private banking and investing money and boasts one of the world's largest cargo sea ports.
It is now strategically important for global trade and is seen as a gateway to Southeast Asia and the Pacific. Seventy-seven percent of respondents who had relocated said it had benefitted their career prospects and 72 percent agreed that it had enhanced their salaries.
Family is the main potential barrier to relocating for 43 percent of the respondents and 12 percent said there were absolutely no barriers to relocating.
Singapore is also experiencing a steady growth in its technology sector and this too is keeping the highly skilled professionals in the country.
"With an exceptionally well-educated and highly motivated workforce, Singapore is an extremely innovative country," said Simon Walker, Hydrogen's managing director for Asia. "It is producing tech entrepreneurs and engineers who are creating much of the high tech industry of the future, for example in life sciences, medical equipment and biotech. For professionals, it is about wanting to build a career in a busy and cutting edge region."
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