Education / Training Services
Sinapore
Overview
With a high per capita income of more than US$30,000 (highest in Asia after Japan) and a relatively high standard of English, Singapore offers an attractive market for U.S. universities and colleges. In addition, Singaporeans regard the U.S. as the leader in technology and management so they value opportunities to pursue undergraduate and graduate degree programs at U.S. educational institutions. The table below shows number of student visas issued over the past five years based on press reports.
Year Ending September '01 September '02 September '03
Number of visas issued 1632 1451 1617
% increase / decrease from previous year - (12.5) 11.4
September '04 September '05 September '06
Number of visas issued 1744 1944 2352
% increase / decrease from previous year 7.9 11.5 21
As a city-state with no natural resources and a small domestic market, Singapore emphasizes, supports, and values higher education and human resource development as an economic imperative. There is a strong lifelong learning and continuing education culture. Asian parents including Singaporeans place a premium on their children’s obtaining a good education and many of them strive to send their children to top universities and colleges. Branding and ranking of educational institutions are very important. Many government agencies and private sector companies also offer full scholarships for top students to pursue their undergraduate and graduate studies at foreign universities, including those in the United States.
Best Products/Services
Singaporean children understand the importance of a good quality education and therefore approach it with seriousness and dedication to achieve the best possible results. There are presently close to 5,000 Singaporeans pursuing their education in the United States; two-thirds are undergraduates while a third are graduate students. This is a relatively small part of the estimated total market potential of 30,000 students for undergraduate and16,000 for graduate programs.
U.S. universities and colleges will find a receptive market in Singapore, provided they are willing to invest in long-term branding / marketing with accredited programs in disciplines that offer strong career growth and high income potential. The following degree courses are becoming increasingly important and are expected to see an increased demand from Singaporean and foreign students. These disciplines will be key to the development of the local economy in the future.
a) Life sciences/Healthcare
Life sciences, which include biotech, are now a key growth engine for the Singapore economy.
b) Wealth Management / Financial Planning
With more than 600 financial institutions in Singapore, the financial services industry is an important component of Singapore’s economy and makes the country one of the top ten most sophisticated financial markets in the world, according to the World Economic Forum. Singapore is now the sixth largest offshore private banking center in the world.
c) Hospitality & Tourism
In recent years, the Singapore Government has relaxed a number of rules to make the country more attractive to tourists in the face of aggressive competition from other countries in the region.
d) Supply Chain Logistics
To a large extent, Singapore’s geographical location has been an advantage in terms of trade and trans-shipment. The country is the premier air, sea and land hub in the region.
e) Media & Animation
The creative industries and the arts are very important in enhancing Singapore’s overall economic competitiveness as this will also attract foreign investments.
f) Sports Science & Medicine
A new Sports Hub will likely include a Sports Institute, which will focus on sports science, sports medicine and sports management.
Opportunities
The Government of Singapore is developing the country into the “global schoolhouse” for Asia. The education system is well known for its quality and excellence, which is why there is a strong demand from students in regional countries to study here. In addition to full-time students (both local and overseas), U.S. universities may be able to tap viable opportunities by offering their external degree and executive education programs to Singaporeans and international executives working in the region.
Ranking of universities is important as most Asian students and their parents inquire about the reputation of the university or college. Government scholarships are usually awarded to students who have good grades and they are sent to the top universities worldwide.
U.S. universities and colleges should also take into consideration the large number of foreign students in Singapore. Today, the number of foreign students in Singapore is nearly 70,000 and the target in five years time is 150,000 foreign students. Chinese students - numbering an estimated 33,000 – followed by Malaysians (8,000), Indonesians (8,000), Vietnamese (4,000) and students from other countries are studying at various universities and specialty schools in Singapore.
Many foreign universities in recent years have established a presence in Singapore either by themselves or in collaboration with a local institution / organization to offer degree programs. This helps reduce the costs since students can study in Singapore rather than going to the U.S. or Europe.
Resources
Trade Shows
USEIC U.S. Education Fairs
Linden Education Fairs
Experiences University Fair
http://www.experiences-sg.org/intro.html
Singapore Government Offices
Singapore Economic Development Board
Ministry of Education
U.S. Commercial Service, Singapore Contact
CHAN Yiu Kei, Commercial Specialist
Email: yiukei.chan@mail.doc.gov