Singapore remains most competitive city in Asia for third consecutive year

Singapore has reportedly retained its foothold as the most competitive city in Asia for third consecutive year in World Economic Forum (WEF) with key indicators, like strong performance and focus on innovation along with competitiveness.

The company registration specialist, Rikvin, has revealed that Singapore has also maintained its second position globally after Switzerland.

Rikvin recognized that the event came on the back of the WEF Global Competitiveness Index (GCI) 2013 - 2014, which was released early this month.

According to WEF, 148 countries were judged on 12 pillars of competitiveness, which it thinks how a country creates the best economic, social and environmental conditions for economic development.

Singapore's efficiency in the financial, labour and goods market, as well as its world class infrastructure, strong focus on education and increasingly innovative private sector have earned it a strong position in the overall list.

Finland, Germany and the United States complete the top five list, with Sweden on the sixth position.

Hong Kong moved up to the seventh position, up two rungs from ninth position last year.

Japan moved up one rung to ninth position this year. Netherlands and UK dropped to the eighth and tenth positions respectively.