S’pore ranked 7th among top global cities

Source : Business Times - 29 Oct 2008

THEY are cities that exude power, sophistication, wealth and influence. Most of all, they continue to forge global links despite the intensely tough and complex economic environment.

They are the top global cities. And Singapore is one of them, along with the usual suspects: New York, London, Paris and Tokyo.

Singapore has been ranked seventh on a list of 60 cities compiled by Foreign Policy magazine, consultancy AT Kearney and The Chicago Council on Global Affairs based on five factors - business activity, human capital, information exchange, cultural experience and political engagement.

Singapore is cited for its financial links, along with Hong Kong, which was ranked fifth on The 2008 Global Cities Index.

With Hong Kong and Chicago, Singapore is recognised as a regional gateway - an efficient economic powerhouse ‘with favourable incentives for businesses and easy access to natural resources’ of its region.

It is a magnet for smart, well-trained people worldwide and it often reinvents itself to stay competitive.

Singapore ranked sixth for business activity, seventh for human capital, 15th for information exchange - how well news and information is dispersed about and to the rest of the world - 37th for cultural experience and 16th for political engagement.

While behind Hong Kong overall, Singapore ranked above Seoul, which came in ninth. These three and Tokyo, in fourth place, are the four Asian cities in the Top 10 Global Cities.

Three cities from the US are also in the Top 10 - New York (1), Los Angeles (6) and Chicago (8). Europe is represented by London (2) and Paris (3). Canada’s Toronto is ranked 10th.

‘The Big Apple beat other global powerhouses largely on the back of its financial markets, through the networks of its multinationals and by the strengths of its diverse creative class,’ Foreign Policy says.

London is runner-up largely on account of the cultural dimension, where Paris and New York trail far behind.

Paris, known more for museums than modems, is ranked third - thanks to its world-leading position in information exchange. Tokyo is highly rated for its strong showing in business.

‘As diverse as they are, the most successful global cities have several things in common,’ Foreign Policy says. ‘As New York proves, global cities are those that excel across multiple dimensions.’

Even Shanghai’s staggering, decades-long double- digit economic growth alone can’t make it global, says the magazine. The city must determine how to use that wealth to influence policy, attract the brightest young minds and accurately portray the rest of the world to its citizens.

‘Global cities continuously adapt to changing circumstances,’ Foreign Policy says. ‘London may be the city hardest hit by the global credit crunch, but chances are that it will leverage its abundant global financial ties to bounce back. Singapore, San Francisco (15) and Mexico City (25) will no doubt be taking notes.’