With the growth in world businesses, multinationals are going beyond their expectations to expand their clientele base by moving closer to them by all means possible. This can be articulated by the recent move by India's multinational Tata that has moved its functions to Singapore. The move is a mutual benefit to the host state as well as the company itself, as it tries to step up and do things in a different way to conquer the competitive nature of the markets.
Tata international is a parent company that deals with both agricultural related commodities supplies as well as exploration , processing and trade in minerals.
Factors of production are very crucial for the survival and competitiveness of any business. This was one of the highest consideration that Tata international took advantage of when deciding to relocate to Singapore. Singapore well experienced, focused and available traders to do business. The company will also enjoy various incentives from financial institutions and the government in the view of support for the thrive of the business to support the general economy. There are well laid out structures on finances that are offered at a low and affordable schemes for conduct of business.
The availability of shipping in bulk eases congestion thus facilitating fast movement of goods either coming in or going out. There are high costs that are hidden that are saved when a business environment guarantees that a product or raw material will reach its destination without any delays, whatsoever. A state of the art infrastructure is a key reason for thrive and success of businesses being conducted from the heart of Singapore, this was a key interest for consideration by Tata international.
The relocation of the firm to Singapore came as a challenge to all other players in the industry to come and complement the established businesses in Singapore. More global traders in the fields of manufacturing, metals and other unexploited fields are encouraged to anchor or base their business functions and activities in Singapore. Currently, Singapore enjoys a business community comprised of over a hundred and twenty global traders, with more looking at the prospect of also jetting into the business hub of Pacific Asia.
Anyone out there running a metal and minerals enterprise should consider anchoring their business functions at the heart of Singapore. The country has undisputed support of these businesses creating a pool of resources to maximize output, stabilize the market as well as keeping a constant supply of products. There is a strong connectivity of these businesses that facilitates their success and thrive even at hardest of their time. In a view to expound and spread the success, the ministry of trade and industry continually encourages and welcomes all players in the sector to come together and absolutely tap to the good working policies laid out by the government.
To give a clear insight of the nature of the metal and mineral industry, the high profile mineral companies are based in Singapore. The companies compromise of over 70% of the number of the firms around the world. There are over 60% of the world's steel processing and manufacturing companies based in Singapore. This is a showcase of the viability and reliability of the trading in Singapore.
Advantages enjoyed by pulling of all of these business together helps in sourcing of crucial market surveillance systems that will facilitate decision making. This pool of the industry enjoys an organized and well facilitated market research and survey at all times. There are other interconnected and related industries that are influenced by the survival of this industry. These industries have established a healthy working interaction and bonding with other industries providing other forms of logistics and other services, to suit their success.
The government offers a platform for all the firms to a forum to discuss their progress, success and limitations and all together come up with suitable structures for the days ahead. There is an increasing trend in the volumes of contracts derived from iron ore, showcasing a suitable exchange role. Singapore's iron ore products are currently trading at over 1.1 billion tons, that is close to 90% clearing of worldwide iron ore trade.