New Scotland Could be Singapore of Europe

An independent Scotland could take marketing lessons from Singapore’s business-friendly, trade-dependent economy, the CEO of the world’s largest advertising group told CNBC.

“From a sort of marketing, trade and investment point of view, I think [an independent Scotland] would mirror Singapore,” Sir Martin Sorrell, CEO of WPP, told CNBC on Thursday.

The Southeast Asian city-state is consistently ranked one of the world’s easiest places to do business. It’s also the city with the best investment potential globally, according to the 2014 Business Environment Risk Intelligence (BERI) report.

Cutting the corporate tax rate to attract companies and compete with Ireland’s tax-haven image is a key pillar of the ‘Yes’ campaign, the organization behind the separatist movement.

In late August, more than 200 business leaders signed a letter stating their support for the campaign, saying that “an independent Scotland will recognize entrepreneurs small and large as the real wealth and job creators of the nation’s economic future.” The country already enjoys a high level of foreign direct investment (FDI). In June, Ernst & Young said FDI stood at a sixteen-year high, with the U.S. accounting for nearly 40 percent.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza