Paul Bragiel who is a renowned San Francisco based investor said that he needed to be asked more than twice before he willingly accepted an invitation from Singapore to come and examine the technology scene over there.
He had a journey of 8 thousand miles, but he told that if you look back in 2010, the prospects of the state of the city to become the prominent Asia technology hub were totally bleak, to say the least.
However, he did see some promising future, and like several other investors and technology-related companies since then, he was attracted by the liberal terms from the government agencies.
Bragiel who had considered Tokyo as well as Hong Kong for the expansion of Asia before co-founding the venture with a capital firm in Singapore in 2011. He refused to tell what the terms of the deal were but mentioned that the government agencies offered a very aggressive deal and that only some countries would have matched it.
Insurance, manufacturing, and finance constituted more than a third of Singapore’s economy of $356 Billion in the last year. The sectors related to the information and communication, into which the technological firms would mostly fall was about 4 percent.
However, it is expanding faster than the rest sectors, this what the data revealed. Information-communication grew at an annualized 6.6 percent in the first quarter of the current year, while the other fastest nine sectors tracked by Singapore was insurance and finance which expanded at an annualized 3.2 percent in the first quarter.
The few challenges which still remain and need to be tackled are that some companies have shown concern about the recently leaked fake news law in the country, which according to the critics might provide hindrance in the free speech.