Singapore's port, airport and road systems are among the best in the world. Singapore's major industries include petroleum refining, electronics, oil drilling equipment, rubber products, processed food and beverages, ship repair, entrepot trade, financial services and biotechnology. Singapore is moving to reduce its reliance on the manufacture and export of electrical products by developing its chemical and petrochemical industries. There are few restrictions on merchandise trade and capital flows. Significant import duties are levied on a very limited range of goods, including liquor, tobacco, petroleum products and motor vehicles.
Import licenses are generally unnecessary.
Singapore does not impose import quota restrictions nor does it use export subsidies. The Government has also introduced measures to enhance Singapore's position as a regional hub for financial services, announcing in 1997 a review of all aspects of the financial services sector, including associated legal services. Since late 1999 Singapore has also taken action to strengthen its financial services legal framework in relation to insider trading, money laundering and mutual assistance matters. In April 2000 the Singapore Government brought forward by two years the full liberalisation of public basic telecommunications services. A key factor in Singapore's outstanding economic performance has been the Government's embrace of free trade, which has resulted in full integration with the global economy.