Singapore is a parliamentary republic and a highly developed city-state. Its free-market economy is known for being one of the world's most business-friendly and competitive, serving as a major global financial center and trading hub. The country's economic success is built on international trade, financial services, manufacturing (especially electronics and biomedical), tourism, and its strategic position as a port. Singapore is renowned for its efficient governance, low corruption, highly educated workforce, and role as a gateway between Asian markets.