Singapore: “most competitive IT market”

Singapore has risen six places to become the most competitive IT market in Asia Pacific.

The two-year study by the Economist Intelligence Unit, ranks Singapore third worldwide, after traditional heavyweights the United States and Finland.

Its latest IT Industry Competitiveness 2011 Index said Singapore scored well in its R&D environment, where it is ranked fifth in the world.

Two-thirds of the world's biggest 100 IT firms having a presence in Singapore.

The republic also scored well in its support for IT industry development, where it is ranked fourth in the world.

And it showed vast improvement in its human capital environment.

This is Singapore's highest ranking since the Index was launched in 2007.

Singapore was ranked ninth in the world and second in Asia Pacific in the 2009 Index.

In claiming third spot, it vaulted Australia, the United Kingdom, Canada, Sweden, the Netherlands and Denmark.

The index scores 66 countries around the world on six key indicators: overall business environment, technology infrastructure, human capital, legal framework, public support for industry development, and research and development landscape.